Houston FBAR Attorney
FBAR Lawyer Houston: Our FBAR Lawyer Houston tax team has represented hundreds of clients throughout Texas. The IRS has increased enforcement of FBAR Reporting of offshore accounts, assets, and investments. The FBAR is a “federal” filing. It is required by the Internal Revenue Service. When a Foreign Account holder is out of compliance for reporting accounts, they may become subject to FBAR fines and penalties. We represent many clients throughout Houston, Sugar Land, and the neighboring Houston communities.
Our FBAR Lawyer Houston team at Golding & Golding is based out of Irvine, California, but we are often retained to help represent clients when they need an international tax law specialist firm that specializes exclusively in offshore tax matters.
Who Needs a Houston FBAR Attorney?
The following summary details when and why you need an FBAR Attorney.
A. You Filed the FBAR Timely, But…
But, maybe you forgot a few accounts or assets and are not sure, or did not also include them on the FATCA Form 8938, 3520, 8621, etc. — you may want to speak with an FBAR Attorney to discuss willful vs. non-willful, etc. but if there is no unreported income, you should be fine.
B. You Missed the FBAR Filing Deadline
The deadline for filing the FBAR is the date your taxes are due (usually April 15th), but is currently on automatic extension to October.
If you missed the FBAR Deadline, you may be subject to fines and penalties and will want to speak with an experienced FBAR Attorney.
C. You are Worried about FBAR Penalties
FBAR Penalties can be Civil or Criminal.
They can then be broken down even further, but the threshold question, is whether the IRS will get you for Civil (money) or Criminal (money, and worse).
i. Civil FBAR Penalties
Civil FBAR Penalties are limited to monetary penalties. A civil FBAR Penalty is a penalty that is focused on monetary fines or warning letters (waivers) — without any risk of criminal investigation or prosecution.
A few important considerations:
– Most courts have held that the maximum annual FBAR willful penalty is not limited to $100,000.
– If the court believes you acted with Reckless Disregard, they can still penalize you full Willful FBAR Penalties.
– If the court believes you acted with Willful Blindness, they can still penalize you full Willful FBAR Penalties.
– Even in a non-willful setting, the court can issue $10,000 per account, per year penalty
ii. Criminal FBAR Penalties
Criminal FBAR Penalties may include monetary penalties and incarceration.
This is when the IRS refers the matter to the Department of Justice (DOJ) or other 3 letter government faction for criminal investigation and possible prosecution. These are not very common, but unfortunately they are on the rise.
What are the Fees for Hiring an FBAR Attorney?
Golding & Golding: About Our International Tax Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure.
Contact our firm today for assistance.