Pleasanton, California, Offshore Bank Account Lawyer
Reduce Tax Penalties for Undisclosed Offshore Bank Accounts or Assets
The Internal Revenue Service (IRS) places high priority on fighting international tax evasion. Individuals with undisclosed offshore bank accounts and/or assets can face serious penalties for tax evasion. However, taxpayers can minimize the tax penalties and avoid criminal penalties by voluntarily disclosing offshore bank account assets through the 2011 Offshore Voluntary Disclosure Initiative (OVDI), which is available to taxpayers through August 31, 2011.
The Law Offices of Connie Yi, P.C. provides assistance to individuals, business professionals, trustees and companies with offshore asset reporting and foreign bank account reporting. Clients can benefit from having an experienced tax lawyer and certified public accountant (CPA) to help them get back in compliance with U.S. tax laws.
San Francisco attorney: foreign bank account reporting (FBAR)
I am Pleasanton, California, offshore bank account attorney Connie Yi. I have years of experience in helping individuals and business professionals throughout the Bay Area with tax law matters, from preparing tax returns to defending clients facing tax audits and assisting clients with foreign bank account reporting.
The IRS has provided opportunity for taxpayers to avoid criminal prosecution for tax evasion by voluntarily disclosing foreign bank account information. Under the 2011 Offshore Voluntary Disclosure Initiative, taxpayers who disclose their foreign bank accounts to the IRS, pay a penalty fee of 25 percent of the highest account balance in the last eight years, pay back taxes and comply with other aspects of the program can avoid criminal prosecution and federal criminal penalties.
Too late? Tax attorney Connie Yi may be able to help.
Even if the deadline has lapsed for the volunteer disclosure program, it is important to work with an experienced tax attorney as soon as possible to get back in compliance by accurately reporting all offshore bank accounts with a value of more than $10,000. While current laws only require foreign bank accounts with a value of more than $10,000 to be reported, it is largely suspected that in the near future, offshore assets, such as corporate stock, property and other assets will also need to be reported to the IRS — even if these assets do not provide you with income.
As a knowledgeable tax attorney and CPA, I have the experience necessary to handle all aspects of foreign bank account reporting for clients in the San Francisco Bay Area. I calculate penalties, amend tax returns, and handle tax audits and all other documents on behalf of clients. I also assist clients who have received Information Document Requests (IDR) with regard to offshore bank accounts or foreign assets.
Tax reporting is complex. I can help.
Contact my law firm to schedule a confidential consultation at one of my convenient Bay Area offices to discuss your individual, business or trust-related tax law needs.
