Frost Law
Don’t feel alone if you’re dealing with FBAR obligations.
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Don’t feel alone if you’re dealing with FBAR obligations.
FBAR filing requirements are a constant challenge. Even with the best of intentions, you could find yourself in a dispute with the IRS or another revenue agency that carries serious consequences.
Get the help you need by working with the skilled attorneys at Frost Law, led by Glen Frost (Esq., CPA, CFP®, and LLM in taxation). His team of attorneys has helped clients from around the world resolve their FBAR tax reporting issues.
Call 410-497-5947 or fill out our brief form for a confidential consultation.
During your initial consultation, we’ll examine:
FBAR stands for “Foreign Bank Account Report,” and refers to FinCen Form 114, Report of Foreign Bank and Financial Accounts.
FBAR added new obligations for some U.S. taxpayers who have ownership or control (for example signature authority) of foreign accounts with an aggregate value of over $10,000 in the calendar year: typically, taxpayers in that situation might have an FBAR filing required.
If you’re uncertain about how the disclosure requirements apply, we can help you identify your options and make a decision on the best course of action going forward.
After a foreign bank reports the non-compliant taxpayer’s account information to the foreign taxing authority, the information is then provided to the U.S. Dept Treasury. For those countries without intergovernmental agreements (IGAs), the account holder’s information will be sent directly to the U.S. Dept of Treasury. Or the IRS may have discovered the non-compliance based on stated or implied sources of foreign income on filed tax returns or information forms. Regardless of how the IRS obtains the information, what could follow is an investigation by an IRS examiner of the potential FBAR violation(s).
FBAR violations lead to civil and/or criminal penalties. The monetary penalty may not exceed $10,000 per violation; however, where the violation is willful, the penalty is the greater of $100,000 or 50% of the balance in the account on the date of the violation.
Get your free consultation from our attorneys who will guide you on how to navigate FBAR issues and protect your investments while ensuring legal compliance.
The Delinquent FBAR Submission Procedures are one of the programs available under the Offshore Voluntary Disclosure Program (OVDP) for taxpayers with unreported foreign financial accounts to come into compliance.
Protect your investments and gain clarity into the disclosure requirements that are causing you undue frustration by letting the team of dual-licensed tax attorneys and CPAs at Frost Law help you today.
Frost Law can help you with common international tax problems such as:
No matter how the dispute arose with the IRS or another agency, what’s important now is to assert your interests and find a solution that makes sense for your situation. Let us help.
Complete the form or call 410-497-5947 today to arrange a confidential consultation with experienced, dual-licensed tax lawyers and CPAs.
Frost Law serves clients across the country and around the world.
When you are having an issue with the IRS, you need professional help to communicate with the right person within the IRS that can help you with your situation. Unfortunately I was not able to find that person and my situation continued to drag on for months. I would communicate by letter and also attempted to use the phone but to no avail. The IRS did not quit working my case and their letters indicated they were getting stronger in demands.
I found Frost Law Firm paid a reasonable retainer, and they were working my case within days. I was very impressed with their contacts within the IRS and how they represented me. Lauren Mata was my attorney and she was very diligent, great at follow up and did everything she said she would do.
My case was settled not long ago, to my benefit as we were able to prove that our position was correct. Whereas I did not have the credibility with the IRS, Frost and Lauren Mata did. I believe I received good value for what I was charged.
Attorney Zoha Sohail really poured her passion, experience, and knowledge into a tax situation for our dental office. The issue was multi-faceted and complicated. We did not expect such high level of service we ultimately received. We were gratified that the revenue officer on the case was impressed with her diligence and tenacity. Our experience with Attorney Sohail has raised the bar for the legal profession.
Zoha Sohail is an AMAZING tax lawyer who actually cares about her clients. She is a very good listener and non-judgmental. She helped me resolved a longstanding tax issue with the state of Maryland. I would recommend her to anyone with tax problems. Thank you for all your help and support.
