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202-349-4033


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Get Help Now: 202-349-4033

News & Events

Category: Offshore Account Update

Things to Look for in an FBAR Attorney

Offshore Account Update

Posted in on July 31, 2019

If a U.S. taxpayer has any offshore bank accounts, they must be familiar with the Foreign Bank Account Report (FBAR) required under U.S. tax law. And if that taxpayer has failed to file FBARs in the past, they must know how to come into FBAR compliance. This is when they must seek out a highly qualified FBAR attorney.Read More

How a Washington DC Tax Attorney Can Help You Select the Right Offshore Voluntary Disclosure Option

Offshore Account Update

Posted in on July 23, 2019

When taxpayers want to come into legal compliance on their offshore bank accounts, the IRS provides several options. These options are designed to give an incentive to taxpayers by providing them with protection against criminal prosecution and other penalties. However, choosing the appropriate option for any particular taxpayer’s situation is no easy matter.Read More

Unreported Offshore “Bad Bank” Accounts: How a Washington DC Tax Lawyer Can Help

Offshore Account Update

Posted in on June 26, 2019

With potential tax penalties and civil or criminal prosecution for failure to report accounts at foreign financial institutions, offshore account holders must be wary. The dangers could be even worse when the offshore account is at a “bad bank” – a bank designated by the IRS as helping its account holders to evade U.S. taxes.

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Foreign Bank Accounts: Penalties for Tax Reporting Violations

Offshore Account Update

Posted in on May 6, 2019

U.S. taxpayers with foreign bank accounts must be aware of IRS reporting requirements for these “offshore” accounts. For offshore bank accounts or other foreign financial accounts, the taxpayer will likely need to file a Foreign Bank Account Report (FBAR). Please note that the penalties for failing to file an accurate FBAR can be extremely steep.

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Impact of FATCA on Accidental Americans

Offshore Account Update

Posted in on March 29, 2019

Around the world, “accidental Americans” living abroad are facing unexpected U.S. tax bills. Accidental Americans are people living abroad without any real ties to the United States, but who still have U.S. citizenship. America follows a citizenship-based taxation system, meaning U.S. citizens are subject to U.S. taxes on worldwide income, no matter where they live. This is resulting in many accidental Americans owing U.S. taxes on income earned in the countries where they live, often without even knowing they were American citizens.Read More

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