The US government has dramatically stepped up enforcement of international bank and financial account compliance during the last few years. Foreign bank account reporting lawyers are among the most in-demand legal specialists in the United States. An FBAR form must be filed annually by US citizens who have foreign accounts and assets that meet the threshold requirements for reporting. Let’s get started and learn about foreign bank account reporting lawyers.
An Introduction To FBAR Attorneys
An FBAR attorney is a lawyer who helps taxpayers file FBARs when the foreign account holder is late or dilatorily or during penalties. The assistance of a lawyer is not necessary for all filers. Instead, when a citizen has unreported overseas accounts and wishes to get into compliance, they may need an FBAR attorney to represent them before the IRS or Federal Court.
There are a few international tax lawyers worldwide who are Board-Certified Tax Law. Specialists with advanced degrees and +20 years of legal experience in tax/law exclusively in offshore account and asset compliance.
Why Should We Hire A FBAR Lawyer?
- Tax Issues: Working with a lawyer who focuses on FBAR concerns can prevent you from facing several major tax troubles. They may be able to save you from having to pay expensive fines for incorrect tax filing. Additionally, they might be able to assist you in keeping hold of your possessions, particularly any that are maintained in offshore or foreign accounts.
- Court Representation: It’s unsafe to attempt to manage legal concerns relating to your offshore accounts yourself if you’re already dealing with them. You lack the knowledge necessary to effectively represent yourself and keep yourself out of trouble. In these situations, it is nearly always preferable to have legal and tax professionals on your side.
- Comply with Law: It’s a good idea to hire a tax attorney who is familiar with FBARs even if you don’t currently have any issues with the IRS. They can assist you with FBAR filing and setting up your offshore accounts in a way that complies with the most recent tax regulations. By doing this, you’ll comply and eliminate the risk of legal problems spoiling your plans.