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Foreign Bank Account Reporting (FBAR)

Whether you’re a U.S. citizen residing abroad and just learning about your obligation to file U.S. tax returns or foreign bank account reporting forms (FBAR forms, or Forms TD F 90-22.1), or a U.S. resident who is a citizen of foreign countries and just discovering the need to report accounts from your “home” country, we can assist.

Our attorneys understand the complex array of reporting requirements, the potential scope of penalties and criminal consequences, and the methods for effectively “coming clean.” This includes, where appropriate, formal voluntary disclosure, such as the Offshore Voluntary Disclosure Program (OVDP), or potentially the streamlined filing procedure.

While we understand the intent of the administration in pursuing undisclosed assets, we have found that in the vast majority of “FBAR” cases, persons with reporting problems were simply unaware of their reporting obligations, and had no intent to hide assets or evade taxes.  Our goal in such cases (as well as in the rare cases of willful failure to report) is to assist clients in disclosing, to minimize the financial impact of disclosure, and to manage the risks associated with a past failure to report.

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