The intent of the IRS
Anyone who has been audited by the IRS knows the difficulties that can arise from one and are aware that penalties may be imposed upon them as a result. As the modern world becomes more integrated, so has the process through which the IRS is capable of investigating the financial accounts and assets of U.S. taxpayers. The IRS intent isn't to prosecute Americans or resident aliens for late FBAR filings on an open Swiss bank account or offshore bank account. The rules governing FBAR filings and the programs for amnesty are designed simply to get taxpayers compliant with current tax and banking regulations. PIASCIK professional expertise can help you navigate the complexities of FBAR filing and reduce your chances for an audit.
What is an FBAR?
FBAR is the acronym for the Foreign Bank Account Report. Any financial account, such as mutual funds, offshore bank accounts, Swiss bank accounts, or other foreign financial accounts, with taxpayer financial ownership and/or signature authority and an aggregate total over $10,000.00 in one year, must be filed with the Treasury Department using Form TD F 90-22.1. The FBAR was instituted because foreign financial institutions may not have to follow the same reporting requirements as domestically located financial institutions, as well as to help prevent circumvention of U.S. tax laws.
Expert tax representation can make the difference
Facing the IRS can seem like a daunting task, but with the right international tax professionals at your side, you don't have to face them alone. PIASCIK has been helping residents, expatriates, and other tax payers become compliant with current regulations, open international bank accounts and set up offshore bank accounts for decades. We are the largest international tax boutique south of D.C. and north of Charlotte, North Carolina with over 75 years of combined international tax law experience. PIASCIK expert representation can help you understand your obligations, apply for qualifying OVDI programs, and reduce your risk of being audited. No other international tax firm has our dedication, resources, expertise and pricing model.
PIASCIK international tax professionals also provide access to our services 24 hours a day and 7 days a week with flat fees and no hidden charges, unlike some large international tax corporations with limited accessibility and fine print. PIASCIK even offers the initial consultation free so you can experience our world-class service for yourself. Contact PIASCIK today and don't face the IRS alone.
