Strategic Tax Consulting For Offshore Assets
Ensure compliance with reporting of foreign transactions, FBAR & more
Ensure compliance with reporting of foreign transactions, FBAR & more
Silver Tax Group provides a comprehensive FBAR filing service for individuals and businesses looking to comply with the Foreign Bank Account Report (FBAR) requirements set forth by the United States government. Our experienced team of tax professionals will help you prepare, file and submit your FBAR report in a timely and efficient manner.
If you have more than $10,000 in offshore bank accounts, failure to follow the declaration process can put you in the crosshairs of the IRS.
What does this mean for you?
If the IRS thinks you owe money or have undeclared offshore financial assets, that means the possibility of wage garnishments, bank levees, seized assets and even prison time.
Is it really that harsh? Yes.
When taxpayers do not abide by the Offshore Voluntary Disclosure Program, the IRS will take 50 percent of the value of the account, assess penalties, and possibly file criminal charges.
How can you avoid this fate?
It is crucial to have an experienced tax defense lawyer on your side. People across the nation have relied upon the tax defense lawyers of Silver Tax Group to protect their interests and you can benefit from our services, too.
Our firm has the means to deal with the complex processes and procedures of:
We combine the strong representation you need against the IRS with the one-on-one service you need during a difficult time in your life. You can rely on our experienced tax attorneys to answer your questions every step of the way and provide the peace of mind that comes with knowing you have a proven advocate on your side.
WHEN YOU HIRE US, WE CAN HELP YOU:
Those with assets in foreign bank accounts of over $10,000 are required to file the proper documentation with the IRS, including a Report of Foreign Bank and Financial Accounts (FBAR). Failure to do so leads to numerous penalties. Even the most business-savvy individuals can instantly find themselves facing unexpected issues related to compliance with the Foreign Account Tax Compliance Act (FATCA) when they fail to make FBAR disclosures.
Under most circumstances, the IRS requires reporting of offshore income and accounts. It doesn’t matter if you qualify for benefits under the Foreign Earned Income exclusion or the Foreign Tax credit. To be eligible for such tax benefits, you must first file a federal income tax form.
The law requires for American citizens and resident aliens to report offshore income. The chief concern is to identify all foreign accounts you may hold. And if the value of financial assets exceeds specific thresholds, you will need to report those assets as well. You must report all foreign financial accounts with values greater than $10,000.
There are a large variety of rules concerning filing extensions. For example, military members in combat zones may have additional time to file their returns.
The acronym FBAR stands for Foreign Bank Account Report, and it is a form that is required by the U.S. government if an individual has an overseas bank account of which they are a beneficial owner or signatory authority. It must be completed annually and filed electronically with the Financial Crimes Enforcement Network (FinCEN).
Failing to file this form correctly can result in steep civil penalties of up to $10,000 per violation, not to mention criminal prosecution in cases where willful non-compliance is found. Because of these serious consequences, we make sure clients file their FBAR accurately and on time each year. They are experienced in offshore tax planning, so their customers know they will receive high quality help when it comes time to file their FBAR report.
Offshore account information requires proper reporting. It is also important to remember that federal laws and regulations pertaining to offshore account reporting are extremely complex. When you have questions regarding reporting requirements, it is important to not make assumptions. It often takes experienced legal representation to find the correct answers to your inquiries.
As there has been a great amount of confusion regarding offshore filing requirements, it is important to not file returns based upon incorrect assumptions. While the filing requirements are extremely complex, this does not mean the IRS will be forgiving if information submitted is incomplete or incorrect.
Contact us today for a free offshore asset protection consultation. Issues over foreign bank accounts, taxes and offshore assets do not have to ruin your life.
There are many reasons as to why you want to move your assets offshore for protection. Moving your assets offshore protects them from debtors and also from the judgment of a lawsuit. Of course, before you move the money offshore, you need to do it legally and pay any necessary taxes.
However; not all assets benefit from moving offshore. For instance, you can’t move your home offshore unless you move to another country. However, there are ways to move some equity from your home offshore — more about that later. Here are some key assets that need to be protected offshore.
Money that you have in savings and checking accounts is cash you can move offshore. You may need to pay taxes on the money in order to move it offshore, and once it’s offshore, you want to arrange a trust for it. You can set up a tax-free trust or a private placement life insurance policy that’s also tax-free.
When moving cash offshore, be careful about debts you already have or lawsuits that are currently in progress. You can’t legally move the money to pay off a large debt offshore, and if you’re being sued, leave enough cash to satisfy the judgment. To move money to cover these debts is considered a fraudulent conveyance, and you need to avoid even the appearance of that to get a clean move offshore.
Once your cash is offshore, deciding on where to invest it is important. If you’re moving around a $1+million dollars, then an international trust may be your best option for protection.
When the amount you’re moving exceeds 2.5 million, life insurance inside an offshore trust is your best protection of assets. Liquid assets that aren’t as high as the million-dollar mark are best placed in a Panama Foundation. This is a hydride type account that’s part trust, and it’s easily set up and managed.
If most of your assets are tied up in stock and a gold portfolio, take steps to liquidate the portfolios before moving them offshore. There are proper ways to handle these accounts and move them legally after filing the sales on your tax returns and paying any capital gains tax on the proceeds to the Internal Revenue Service (IRS).
Once it’s offshore, you can decide to place it in a trust or life insurance inside an offshore trust. Another option is to invest the proceeds from the sale of stocks and gold back into stocks and gold. You can purchase an identical stock portfolio if you prefer.
Another asset to move offshore for protection is your retirement funds. You can move your retirement accounts, including IRA or 401-k, offshore, and reinvest them in an IRA LLC. If you have a US defined benefit plan, you may be able to move it offshore. If the plan allows you to convert it to an IRA, you can move it; however, if the plan doesn’t allow the conversion, you can’t.
To take an IRA account offshore, it must be vested. A vested IRA is one that you’re in total control of after leaving your current employer. In some cases, it can take between five and ten years for an IRA account to vest with your current employer. You need to check with your human resources office or the company that manages the IRA to verify its current status.
There are five steps to successfully move your IRA or other retirement accounts offshore. They are:
Real estates and property are little more complicated if you want to move them offshore. If you’re determined to move the real estate offshore, you can create a complex trust and then move the titles of all of your properties to the offshore trust. This will offer a certain level of protection to your assets but not as much as your other assets.
In the end, the land and the home are still within the borders of the United States. There’s no way to know how an American judge might rule on this property. Also, you may lose the $250,000 tax exemption of the house that serves as your family’s primary residence, and that can add up to a lot of money lost in education and an increase in your yearly tax bill.
One last thing to consider with moving the titles of the properties offshore is the US filing requirements to create the trust. These filings are many and complex. You’ll need to hire a professional to set this up for you.
So that’s it? There isn’t a way to move your equity in your real estate offshore? Well, there is one way. You can get a loan against the properties and their equity, and then move that cash offshore and move it into a trust. Of course, this essential creates new mortgages on the properties that you’ll have to pay monthly. It isn’t a good idea to default on these loans.
Filing an FBAR is a critical step to ensure compliance with U.S. regulations regarding foreign accounts, as it enables the IRS to identify potential violations of reporting requirements and impose penalties on those who fail to comply. Our FBAR filing service also includes providing guidance on proper documentation and paperwork required for filing, helping you understand how your foreign assets are affected by U.S. taxes, and answering any questions you may have about the process.
At Silver Tax Group, we take great pride in providing excellent customer service with an emphasis on accuracy and compliance. We understand that FBAR filing can be complicated, so our knowledgeable staff will work closely with you throughout the entire process to make sure everything is done correctly and accurately. As part of our commitment to accuracy, we also provide an audit if needed—so if something happens after submitting your FBAR report, we’ll be there to help you make sure it’s corrected promptly.
For more than 20 years, Silver Tax Group has been one of the most trusted names in offshore asset protection and tax compliance services—and our FBAR filing service is no exception. Whether you need assistance preparing an initial report or updating existing information on prior year reports, our experienced team can help simplify what can often be a complex process for many individuals and businesses alike. With us handling your filings, you can rest assured that everything has been taken care of correctly so that you can get back to focusing on what matters most: running your business or managing your finances!
No matter where you are in the process, we can help you make the best of your situation.
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