FBAR Attorneys | You Missed June 30th Deadline, Now What?
Whether it was because you only recently learned of your requirement to file an FBAR (otherwise known as a FinCEN 114) or because life got in the way and you lost track of time – it is crucial that you resolve the matter as quickly as possible.
Can I obtain an Extension to File my FBARs?
No. Unlike a tax return in which a taxpayer can automatically receive a six-month extension to file, there is no extension in filing an FBAR. Thus, if you missed the deadline to file them technically you are late. Moreover, if you have additional FBARs that need to be filed for prior years and/or failed to report income for prior years, it is even more important that you get into compliance as soon as possible.
If I Missed the Filing Deadline, What Should I do?
If you missed the time to file an FBAR, it is important that you speak with an experienced international tax attorneys to assess the best strategy for you in moving forward. Please do not let tactless attorneys, CPAs and/or enrolled agents scare you that you are now going to go to jail or suffer extensive criminal tax liability.
*The best option for you in terms of moving forward and getting into tax compliance with the IRS depends on the specific facts and circumstances of your situation.*
- Do you have unreported foreign income for this year?
- Do you have unreported for an income for prior years?
- Did you file your FBARs in prior years?
- Did you report all of your foreign accounts on your prior years FBAR?
- Did you disclose your foreign accounts on your tax return (Schedule B, 8938)
These are just some of the introductory questions and experienced international tax attorney would review with you before making any rush to judgment as to what your strategy should be.
Other attorneys told me I’m going to jail for that the IRS is going to initiate an criminal investigation of me?
Unfortunately, many of today’s attorneys are struggling for business and therefore are trying to jump on the international tax bandwagon, claim they are international tax attorneys, and then use a one size fits all scare technique to scare taxpayers with overseas accounts. Our firm’s practice is focused on two main areas of law: international tax and business tax. We have represented numerous taxpayers with international tax issues and none of them have become subject to criminal tax liability.
The IRS does not just go around implicating international taxpayers as criminals. Whether or not the IRS is going to initiate a criminal investigation is dependent on a laundry list of different factors, which would have to be vetted out through a comprehensive interview an investigation by the attorney you retain.
Please try not to be scared if an attorney or CPA/EA automatically tells you you’re subject to criminal liability. Moreover, when it comes to selecting an international tax attorney it should be either through a referral or an organic search online. If you’re picking an attorney because they’re using Google ad words or other advertising technique to get your attention – chances are you’re going to receive the scare tactic presentation from the attorney.
We can assist you with all of your International Tax Law needs and Audit representation needs.