FBAR Problems and why Due Diligence Does not Mean Perfection

FBAR Problems and why Due Diligence Does not Mean Perfection

Did You Make a Mistake on your FBAR

FBAR Problems: The FBAR is the Foreign Bank and Financial Account Form aka FinCEN Form 114. The form is not incredibly difficult to prepare, but it must be completed timely and complete. Otherwise, U.S. account holders face potential IRS fines and penalties — which can be significant.

As International Tax Lawyers who specialize in Foreign Bank Account Reporting, we have consulted thousands of taxpayers on FBAR issues.

Then most common misconception, is that due diligence means it must perfect.

It doesn’t.

Due Diligence Does not Mean Perfection

Due Diligence does not mean perfection. It means you have to put your best foot forward with compliance. Not filing just because you do not have all the information you need is not a sufficient reason. This is especially because the FBAR allows taxpayers to mark highest balance unknown.

If you believe you have some complications, it is important to consult with a specialist before making an incomplete submission or avoiding filing altogether.

Golding & Golding: About Our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.

Each case is led by a Board-Certified Tax Law Specialist with 20 years of experience, and the entire matter (tax and legal) is handled by our team, in-house.

*Please beware of copycat tax and law firms misleading the public about their credentials and experience.

Less than 1% of Tax Attorneys Nationwide Are Certified Specialists

Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.

Recent Golding & Golding Case Highlights

  • We represented a client in an 8-figure disclosure that spanned 7 countries.
  • We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
  • We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
  • We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
  • We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.

How to Hire Experienced Offshore Counsel

Generally, experienced attorneys in this field will have all the following credentials/experience:

  • 20-years experience as a practicing attorney
  • Extensive litigation, high-stakes audit and trial experience
  • Board Certified Tax Law Specialist credential
  • Master’s of Tax Law (LL.M.)
  • Dually Licensed as an EA (Enrolled Agent) or CPA

Interested in Learning More about Golding & Golding?

No matter where in the world you reside, our international tax team can get you IRS offshore compliant. 

Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.