BNP Paribas
Former IRS attorneys successfully helping taxpayers with accounts at BNP Paribas resolve Foreign Bank Account Reporting (FBAR) issues
With more than 30 million customers, BNP Paribas is one of the largest banks in the world. The bank ranked second in the euro zone in 2016 and eighth internationally. Today, the Group has offices in 75 countries, with headquarters in Paris, France. If you have an account at BNP Paribas and are looking to disclose information about your assets, our tax lawyers can help.
We are acclaimed former IRS attorneys helping businesses and individuals with offshore bank accounts at BNP Paribas successfully come into compliance with Foreign Bank Account Reporting (FBAR) regulations, including the Foreign Accounts Tax Compliance Act (FATCA), IRS Voluntary Disclosure policies, the Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Offshore Disclosure Program.
Our tax attorneys will determine the disclosure program that best suits your unique tax situation to avoid IRS penalties and charges. Thorn Law Group is committed to protecting your rights and fights to resolve FBAR issues as quickly and discretely as possible. Our goal is to save you money and get the IRS off your back.
OVDP VERSUS STREAMLINED – WHICH FOREIGN ACCOUNT DISCLOSURE PROGRAM IS RIGHT FOR YOU?
The Offshore Voluntary Disclosure Program (OVDP) came into effect on January 9, 2012. This program is exclusively for individuals with offshore accounts who have decided to voluntarily disclose their assets. Due to the complex and sensitive nature of voluntary disclosures, it’s important for individuals pursuing this option to carefully adhere to the strict regulations. Being accepted into OVDP requires taxpayers to comply fully with the IRS during their case’s review process.
However, it’s important to note that OVDP only applies to taxpayers who have not yet been investigated by the IRS. Those taxpayers into whom the IRS has already opened an investigation are not eligible for this program.
Streamlined Offshore Disclosure filing is also limited to taxpayers who are not under investigation. However, the main difference between the Streamlined program and the OVDP is the fact that under Streamlined filings, taxpayers have to certify that the failure to comply with tax reporting rules was not willful, and instead, happened because of negligence or a mistake.
Another difference between OVDP and Streamlined programs is that Streamlined rules don't limit potential civil penalties that may arise from reporting U.S. income. In addition, Streamlined Compliance does not necessarily protect taxpayers from being criminally prosecuted if their actions are found to be in violation of the tax law. On the other hand, OVDP Compliance can provide protection from criminal prosecution but taxpayers may face substantial financial penalties.
Oftentimes, taxpayers may be able to choose between either Foreign Bank Account Reporting program. Yet, these programs are complex and just one small mistake can lead to severe financial and personal consequences, including civil and criminal penalties. For these reasons, it’s important to hire an experienced tax lawyer when attempting to disclose offshore account information.
At Thorn Law Group, we carefully evaluate which program is best for your circumstances and handle all the complex paperwork and processes required for you so you won’t ever have to worry about anything. Our team is comprised of former IRS attorneys so we know exactly what the IRS is looking for and how to successfully get you into compliance so you can avoid serious penalties and fees.
ADDITIONAL ASSISTANCE WITH OFFSHORE ACCOUNTS & INTERNATIONAL TAX MATTERS
When it comes to offshore accounts and international tax cases, there are endless procedures you may need to go through in order to comply with IRS rules and regulations. Our attorneys counsel taxpayers across the United States and abroad with a wide variety of complex foreign bank account and international tax matters, such as:
- IRS Voluntary Disclosure
- International Trusts
- Repatriation of Income
- Foreign Bank Account Reporting (FBAR)
- Foreign Accounts Tax Compliance Act (FATCA)
- IRS Amnesty Program
- IRS Criminal Investigations
- Tax Penalty Relief
CONTACT OUR TAX LAWYERS TO PROTECT YOUR FOREIGN ASSETS & AVOID IRS PENALTIES
Working through the disclosure process can be tough. With strict regulations and a required attention to detail, you owe it to yourself to place your case in trustworthy hands. Our team is ready to resolve all your tax compliance issues quickly and confidentially. For more information on BNP Paribas foreign account matters, schedule a consultation with our tax attorneys today by calling (202) 349-4033 or submitting our online contact form.
