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Offshore Assets

Protect Your Offshore Assets

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 advocate 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:

  • Form 114 — Report of Foreign Bank and Financial Accounts
  • Form 8938 — Statement of Specified Foreign Financial Assets

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.


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Put Our Experience And Resources To Work For You & Your Offshore Assets

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.

Make Sure You File Correctly

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 case evaluation. Issues over foreign bank accounts, taxes and offshore assets do not have to ruin your life.

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What Past Clients Say About Us

"The best Tax Attorney at Silver Tax group, always there to assist, help, and take care of things on your behalf. Thanks, Chad Silver and team for supporting, and taking care of the IRS so that I could be relaxed. 5 Stars." - Mir Tariq M.
5 Star Rating
A History of Success
IRS debt of $682,437, Attorney Silver and his team negotiated the Debt down to zero.

Are You Having Trouble Reporting Your Offshore Assets? We're Professionals Who Can Simplify Things For You.

No matter where you are in the process, we can help you make the best of your situation.

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