San Francisco Bay Area Lawyer for Foreign Investment and Asset Reporting

Attorney for FBARs, Voluntary Disclosure Procedures, and Related Tax Issues in San Jose and the San Francisco Bay Area

If you are seeking an attorney for foreign investment and asset reporting tax issues, contact tax law attorney John D. Teter. He has been representing individuals, families, investors and business owners for the last several decades and works with some of the most complex tax law challenges. Take action before you are investigated for failure to comply with tax law. Avoid many of the challenges that can accompany foreign investments, asset reporting, and off-shore accounts. With a skilled tax law attorney on your side, you may save yourself considerable time, money and difficulties.

Call 408-866-1810 to speak with San Jose tax attorney John D. Teter. He has answers to your questions and will provide guidance through your foreign investment and asset reporting challenges. Based in the San Francisco Bay Area, he represents clients throughout the United States and across the globe.

The IRS is Watching Foreign Accounts

The Bank Secrecy Act of 1970 requires anyone who is a U.S. citizen or U.S. resident with foreign financial accounts totaling $10,000 or more in any year to file a Foreign Bank and Financial Account Report (commonly called an FBAR) by April 15th of the next year. This may apply even if the accounts hold someone else's money. Failure to file an FBAR can result in very large fines and may lead to criminal charges. This requirement also applies to U.S. citizens who control certain accounts even if they belong to someone else.

The IRS announced its Streamlined Offshore Procedures following the closure of the Offshore Voluntary Disclosure Programs (OVDP) (2009, 2012, 2014) and the Offshore Voluntary Disclosure Initiative (OVDI) (2011). The penalty structure of the newest Streamlined Domestic Offshore Procedures (SDOP) and Streamlined Foreign Offshore Procedures (SFOP) evolved from the prior programs and provide a variety of alternatives and opportunities.

If you have received a significant gift or inheritance from a foreign source or invest in a foreign business, you too may also be required by law to file an informational report. If you have foreign financial accounts or have inherited money that is still overseas, you should seek help from a knowledgeable tax attorney. It could save you thousands of dollars and untold headaches.

In recent years, the IRS has been paying much greater attention to foreign financial matters. It is looking for people with foreign accounts who are failing to report income and file FBAR reports as required by law. When it finds them, the consequences can be severe. If it determines that the failure to report was intentional, it can impose a penalty totaling $100,000 per account per year or up to half of the balance of each account per year. If a significant gift or inheritance is not reported, it may cost the recipient up to 25 percent of the gift's value.

Some people try to solve their problem through a "quiet disclosure," meaning that they file an FBAR report, informational report or amended tax return to declare their foreign financial account, gift, inheritance or foreign source income. By doing so, they hope to escape notice by the IRS. But the IRS states it is watching for people making quiet disclosures, and when it finds them, the IRS has stated that it will treat them unfavorably.

Contact a San Francisco Bay Area International Tax Lawyer

If you think you are in danger or want confidential advice, call John D. Teter Law Offices today to schedule a consultation. Tax law attorney John D. Teter has the experience and knowledge to help you deal with your tax challenges. Mr. Teter can:

• Explain how the rules for reporting foreign financial accounts and foreign financial affairs apply to you and if you have a problem.
• Develop a strategy designed to deal effectively with any tax problems you face.
• Represent you in all dealings with the IRS.
• Help you comply with the law and minimize any tax consequences you may face.
• Maintain complete confidentiality with all communications.

For legal guidance through even the most complex tax issues, contact John D. Teter from anywhere in the world. Call 408-866-1810 to schedule an initial consultation today.