Do you know about the report of foreign bank and financial Accounts (FBAR)? This is an act which requires US citizens to file tax returns on all offshore accounts which they hold in their name. It does not matter where you account is or what type of account you have. This law requires that you provide all the necessary details which are needed by IRS. IRS offshore voluntary disclosure program is the umbrella under which you can file these returns.
IRS offshore voluntary disclosure gives you a grace period of up to June 30th with a possibility of extension till October, if you request for it. Offshore voluntary disclosure program should not be taken lightly because there are various parties which are involved, should you fail to make your submissions. In addition, false information and returns will not be treated lightly as well.
Law Offices Of Jeffrey B. Kahn, P.C. has the right professional expertise to help you manage such returns. As a US account holder, you are likely to be followed up regardless of where your accounts are because IRS is establishing new partnership with other foreign banks in Asia, Israel, Middle East, and India. The progress of such partnerships has lead to convictions and arrests. Using attorneys is one way of avoiding such harsh repercussions of the authority. You can call their office or visit them for an in-depth discussion into the issues of tax returns. They will be glad to share their skills and expertise regardless of your situation.
