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 email@example.com
David prides himself on his responsiveness and will respond as soon as possible.
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.