- 1 FBAR Tax Lawyer
- 2 What is an FBAR Tax Lawyer?
- 3 Are You at Risk for Offshore FBAR Penalties?
- 4 Civil Foreign Bank Account Penalties
- 5 Criminal Foreign Bank Account Penalties
- 6 FBAR Tax Lawyer Attorney’s Fees
- 7 Are there Fees to File the FBAR?
- 8 How Much are Attorney’s Fees for FBAR Non-Compliance?
- 9 Researching FBAR Attorneys?
- 10 Flat-Fee & Full-Service Attorneys for FBAR Representation
- 11 Schedule a Reduced-Fee Consultation to Discuss FBAR
- 12 Need a Second Opinion on Your FBAR Case?
FBAR Tax Lawyer for Offshore Assets & Accounts – Global Clientele
FBAR Tax Lawyer: Sometimes you may need an FBAR Tax Lawyer for assistance, and other times, it may not be necessary. It depends on a Taxpayers facts and circumstances, and the nature of their non-compliance with FBAR filing requirements.
FBAR Tax Lawyer
The two most important aspects to purchasing a service, are usually the following:
Do I need the service?
What will it Cost Me?
What is an FBAR Tax Lawyer?
An FBAR Tax Lawyer is Lawyer who specializes in both Tax, and Foreign Bank and Financial Account Reporting penalty defense, mitigation and abatement.. FBAR compliance is very complex, since it may include related issues such as FATCA, PFIC, GILTI, and more. At Golding & Golding, we are the only firm worldwide that focuses exclusively in this area of law, in which each case is led by a Board Certified Tax Law Specialist (Less than 1% of Attorneys nationwide).
Are You at Risk for Offshore FBAR Penalties?
The spectrum for FBAR Fines and Penalties is extremely divergent. Our FBAR Tax Lawyers can help.
In some circumstances, the IRS penalties for unfiled or late FBARs are bad, and sometimes, well…they’re not so bad. You may even receive a Warning Letter in Lieu of Penalty. It jut depends on the different facts and circumstances of your situation
FBAR Penalties can be Civil or Criminal. They can then be broken down further, but the threshold question, is whether the IRS will get you for Civil (money) or Criminal (money, and worse).
Civil Foreign Bank Account 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.
|U.S. Code citation||Civil Monetary Penalty Description||Current Maximum|
|31 U.S.C. 5321(a)(5)(B)(i)||Foreign Financial Agency Transaction – Non-Willful Violation of Transaction||$12,921|
|31 U.S.C. 5321(a)(5)(C)||Foreign Financial Agency Transaction – Willful Violation of Transaction||Greater of $129,210, or 50% of the amount per 31 U.S.C.5321(a)(5)(D)|
|31 U.S.C. 5321(a)(6)(A)||Negligent Violation by Financial Institution or Non-Financial Trade or Business||$1,118|
|31 U.S.C. 5321(a)(6)(B)||Pattern of Negligent Activity by Financial Institution or Non-Financial Trade or Business||$86,976|
Penalties for Civil FBAR can be Broken down into two (2) categories:
- Willful FBAR Penalties
- Non-Willful FBAR Penalties
Non-Willful FBAR Penalties
These FBAR Penalties are typically the least severe penalties. An FBAR non-willful penalty is a “lower-level” penalty for not filing the FBAR. The non-willful penalties can be high, BUT, typically they are not as high as willful penalties.
Willful FBAR Penalties and (Reduced) Willfulness
The Willful FBAR Penalty is typically more severe. An FBAR Willful Penalty is penalty for acting willful, willfully blind, or with reckless disregard in not filing the FBAR. We have provided detailed explanations and analyses in our free International Tax Law library about these different terms, and what they mean.
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
Criminal Foreign Bank Account 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.
|U.S. Code citation||Criminal Violation & Description||Criminal Penalty|
|31 C.F.R. §103.59(b)||Willful – Failure to File FBAR or retain records of account||Up to $250,000 or 5 years or both|
|31 C.F.R. §103.59(c)||Willful – Failure to File FBAR or retain records of account while violating certain other laws||Up to $500,000 or 10 years or both|
|31 C.F.R. §103.59(c)||Knowingly and Willfully Filing False FBAR||$10,000 or 5 years or both|
|Civil and Criminal Penalties may be imposed together. 31 U.S.C. § 5321(d).||See Statutes||See Statutes|
FBAR Tax Lawyer Attorney’s Fees
In general, Attorney’s fees will vary based on the facts and circumstances of each case. Sometimes, an FBAR Attorney is not needed, but more often than not, the client benefits from hiring an Attorney for FBAR.
There is no, one-sized, flat-fee for FBAR cases.
Why? Because FBAR cases are so divergent and individualized, that it would be impossible for a one-size-fits-all fee.
Are there Fees to File the FBAR?
No, there is no fee to file an FBAR.
You get to report and disclose your foreign and financial account information to the IRS, free of charge.
How Much are Attorney’s Fees for FBAR Non-Compliance?
As in life, you get what you pay for.
Attorney’s fees will range, based on:
- Type of matter
- Complexity of matter
- Number of years of non-compliance
- How many accounts or assets
- Value of unreported
- How much unreported income
- Were taxes paid overseas on the income (if required)
- Willful vs. Non-willful
- Your goals and expectation for representation
Researching FBAR Attorneys?
Understanding how Attorneys charges for representation in Foreign Account matters is important. We are the Attorneys that other attorneys, CPAs, Enrolled Agents, Accountants and other professionals turn to when they need help.
We practice exclusively in the area of Foreign Bank and Financial Account compliance.
If you are interested in learning about when you may need an Attorneys please visit — What do Attorneys for FBAR do, and when you may need to hire one.
Golding & Golding – Board Certified Specialist
Our IRS FBAR Team is led by a Board Certified Tax Attorney Specialist, who specializes in FBAR Penalty Defense, Mitigation and Abatement.
To get the best representation possible, you need an experienced Board Certified Tax Law Specialist, with advanced tax law degrees and advanced certifications.
If you want to hire a newer private-practice attorney that just opened shop a few years ago, hoping to save a little money on fees, where they sold you on some “over-hyped” Kovel Letter – you’re putting yourself at risk.
Those cases usually end up on our doorstep down the line after the attorney made significant mistakes on the submission (sometimes costing the client significant amounts of time and fees that could have been avoided)
Flat-Fee & Full-Service Attorneys for FBAR Representation
All Non-Willful FBAR cases should be Flat-Fee, Full-Service for both Tax and Legal.
*If you were willful in not submitting the FBAR, the submission and analysis is much different and you need to discuss the specifics with you counsel such as whether you are already under investigation, have you been contacted by the Special Agents, etc.
Schedule a Reduced-Fee Consultation to Discuss FBAR
We have handled more than 1000 disclosures, and have spoken with thousands more people regarding reporting foreign assets, accounts, investments and income to the IRS (OVDP, Traditional Voluntary Disclosure, Streamlined and Reasonable Cause).
Scheduling a reduced-fee consultation with our team is a highly-effective way for you to determine what your potential liability, strengths, and weaknesses will be when you decide to move forward with a streamlined disclosure to the IRS.
In addition, we help you weed out the online marketing scams, false advertising, and unnecessary fear mongering and scare mongering.
Need a Second Opinion on Your FBAR Case?
Lately, with rumblings of the Streamlined Disclosure Program, aka Streamlined Voluntary Disclosure aka Streamlined Filing Compliance Procedures coming to an end, some younger and inexperienced attorneys are in disarray — and handing out terrible advice to make a quick buck — and putting clients at risk.
We know how the bad the information is you are receiving.
Because those cases usually end up on our door-step, and it is getting worse than ever.
Contact Golding & Golding Today, We Can Help You.
Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver, and has also earned the prestigious Enrolled Agent credential. Mr. Golding is also a Board Certified Tax Law Specialist Attorney (A designation earned by Less than 1% of Attorneys nationwide.)