San Jose Foreign Investment and Offshore Bank Account Representation
Experienced California State and Federal Tax Attorney
Offshore investments can come in many different forms. Individuals may have intentionally set up an offshore bank account or have a specific foreign investment interest. Others may have been left a foreign bank account or property abroad by a relative who is now deceased. In any case, if you have overseas assets or investments, there are U.S. tax and federal reporting implications for them.
John D. Teter Law Offices is here to represent clients' tax interests when dealing with offshore investments and accounts and the issues relating to the reporting of them. Attorney John D. Teter handles a wide range of tax matters, including offshore bank accounts and foreign investment issues. He personally handles each case, tailoring his representation to suit each client's individual situation and needs.
Economic Threshold and Report
If the total of your offshore accounts and investments adds up to $10,000 or more at any time during the year, including accounts over which you may have signatory power, you are required to file a Report of Foreign Bank and Financial Accounts (sometimes called an FBAR report). This filing must be completed and received by the collecting agency by June 30th each year. This is different than tax returns, which must only be postmarked by the due date.
Underreporting of Income
If you are facing an allegation of having underreported income, there is voluntary disclosure available through the IRS. This allows individuals to disclose their underreporting in exchange for reduced civil penalties and protection from criminal sanctions. In addition to avoiding criminal charges, voluntary disclosure may likely result in a significant reduction in the monetary penalties stemming from the underreporting. The current program is only available to those who come forward and make a written offer to cooperate on or before the new extended deadline of October 15, 2009. We can help advise you through this process. After the current 2009 Offshore Voluntary Compliance Program (OVCP) has ended, our office will continue to be available to advise clients about their alternatives regarding unreported foreign investments.
Overhaul of Tax Shelters
There has been lots of recent publicity given to countries that have been considered "tax havens" in the past. The U.S. is working with these countries to share account information for those who are attempting to avoid paying taxes. By actively negotiating with these countries, the U.S. is working to establish new treaties for open and transparent financial reporting to minimize future tax sheltering.
For more information about foreign investment, offshore bank accounts, or other overseas monetary issues, contact a lawyer at John D. Teter Law Offices and schedule an initial consultation.
John D. Teter Law Offices
1361 S. Winchester
Suite 113
San Jose, CA 95128
Phone: (408) 866-1810
Fax: (408) 866-1850
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