Abusive Tax Shelters & 419 Plans Lawsuits: FBAR/OVDI LANCE WALLACH: FBAR-What are You Hiding

Abusive Tax Shelters & 419 Plans Lawsuits: FBAR/OVDI LANCE WALLACH: FBAR-What are You Hiding: FBAR/OVDI LANCE WALLACH: FBAR-What are You Hiding : The collapse of Swiss bank secrecy, the IRS settlement with UBS, the criminal investiga...

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Reporting by U.S. Persons Holding Foreign Financia

Contact Information

Email :

LanWalla@aol.com

Phone :

516-983-5007

Address :

Lance Wallach

www.taxaudit419.com

www.vebaplan.org

IRS Form 8938

FATCA requires any U.S. person holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to the taxpayers annual tax return.  Reporting applies for assets held in taxable years beginning on or after January 1, 2011.  Failure to report foreign financial assets on Form 8938 will result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification).  Further, underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional substantial understatement penalty of 40 percent. Under FATCA, U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on a new form attached to their tax return.  Penalties apply for failure to comply with this new reporting requirement.  Reporting is required for assets held in taxable years beginning on or after January 1

412i-419 Plans: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Accoun...

412i-419 Plans: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Accoun...: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Accounts and Foreign Income Att... : FBAR Offshore Bank Accounts and Foreign Income Attacked by ...

FBAR/OVDI LANCE WALLACH

FBAR Foreign Bank Account Reporting The IRS is assessing huge penalties for undisclosed foreign bank accounts, assets & income. Click for more info FBAR FILING DEADLING HAS BEEN EXTENDED

Thursday, December 5, 2013

FBAR & International Tax Alert Report

The willful failure to file the FBAR report or retain records of your foreign accounts can potentially lead to a ten-year prison sentence and fines of up to $500,000. This criminal penalty applies to all US citizens pursuant to 31U.S.C Section S322B and 31 C.F.R. Section 103.S.9.C It may also apply to persons living in the United States who are not citizens.

If you fail to answer the question truthfully on schedule B of your Form 1040 which asks if you “have an interest in or a signature or other authority over a financial account in a foreign country”, then your false statement might be deemed a criminal offense by the IRS per the sections mentioned above if other surrounding facts and circumstances apply.

Our office is headed by a former international tax IRS agent with 37 years experience as a CPA and Associate Professor of accounting. Call our office immediately for a free five-minute consultation so you can avoid the dire circumstances described above and deal with the other associated problems.

516-938-5007

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