Foreign Accounts & Other Reporting

Irrespective of whether you are located in New York, another state or even overseas, David is able to represent you before the IRS to address your foreign account and income issues.  From the Offshore Voluntary Disclosure Program (OVDP Program) to the Streamlined Compliance Program to Opting-Out, David will analyze your particular circumstances and represent you through the entire process with the Internal Revenue Service. 

 

The issue of U.S. taxpayers with foreign bank accounts has generated a considerable amount of publicity in recent years.  Many do not realize that other foreign interests may trigger reporting requirements.  For example, certain assets may need to be reported on Form 8938.  You may need to file Form 5471 if you have an interest in a foreign entity.  You may have to file Form 3520 or Form 3520-A if you receive a gift from a foreign person or a distribution from a foreign trust or estate. Failing to file these reports can result in substantial penalties. 

 

To avoid potentially crippling civil penalties, the Internal Revenue Service has offered various methods by which taxpayers, depending on their situation, can become compliant. Having offered these various methods for compliance, the Internal Revenue Service threatens and imposes severe civil and, in some circumstances, criminal penalties on taxpayers who nevertheless fail to take advantage of the compliance methods offered by the IRS. 

 

The bottom line for taxpayers in this situation is that in nearly all cases, it is best to take advantage of these programs before the IRS contacts the taxpayer.

 

For more information about the FBAR and other foreign reporting requirements, contact David for a consultation.  David will analyze your circumstances and explain your options in a clear, easy-to-understand manner.

Please contact David via telephone at 631 683 8475 or

via e-mail at d.welch@rttllp.com

David prides himself on his responsiveness and will respond as soon as possible.

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These web pages are for information only. They do not constitute legal advice. These pages do not constitute, nor do they create, an attorney-client relationship between the visitor and the Law Office of David Welch.


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The opinions set forth in this website are subject to the disclaimer pertaining to IRS Circular 230. Unless expressly stated otherwise on this website, (1) nothing contained in this website was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended; (2) any written statement contained on this website relating to any federal tax transaction or matter may not be used by any person to support the promotion or marketing or to recommend any federal tax transaction or matter; and (3) any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor with respect to any federal tax transaction or matter contained in this website. © Roe Taroff & Taitz, LLP.