Culp Elliott & Carpenter, P.L.L.C. Announces Expansion of Offshore Foreign Bank Account Reporting (FBAR) Practice Area.
On February 8, 2011, the IRS announced a second opportunity for owners of foreign bank accounts to participate in a voluntary disclosure initiative. The new program, known as the 2011 Offshore Voluntary Disclosure Initiative (OVDI), allows taxpayers to voluntarily report their previously undisclosed offshore accounts to the IRS to potentially avoid the harshest penalties and criminal prosecution.
Though a common misconception, it is not illegal to have offshore bank accounts. U.S. taxpayers have numerous valid reasons for maintaining foreign bank accounts. Issues may arise, however, if taxpayers fail to disclose the existence of these accounts or fail to report any income derived from them. In recent years, the IRS has been aggressively pursuing taxpayers suspected of hiding income in offshore accounts and is currently investigating a number of banks in Switzerland, India, the Caribbean and around the world. It is likely the increased scrutiny will persist as the IRS continues their pursuit of U.S. taxpayers with undisclosed foreign accounts.
The Offshore Voluntary Disclosure Initiative provides taxpayers an opportunity to report their foreign bank accounts before they are discovered by the IRS, but all original or amended returns and payments must be filed with the IRS by August 31, 2011. This may be the final opportunity for taxpayers to resolve unreported foreign income issues without criminal prosecution.
The attorneys and CPAs at Culp Elliott & Carpenter have the ability and experience to support and guide taxpayers as they navigate the complex regulations related to offshore and foreign bank accounts. Our professionals can assist with the process of analyzing foreign account income, preparing and filing the appropriate paperwork, including amended returns, to ensure our clients are in compliance with IRS regulations. For more information, please contact Richard A. Pelak at email@example.com or (704) 973-5331 or William R. Culp, Jr. at firstname.lastname@example.org or (704) 973-5333.
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|Date:||Apr 26, 2011|
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