How Fresh Legal Perspective Can Help
Many people know that residents and citizens of the United States are required to pay taxes on income earned worldwide. However, many people forget that there are reporting requirements for financial assets, such as bank accounts, stocks, or mutual funds, held outside the United States. If tax payers fail to comply with the financial asset reporting requirements, the penalties can exceed fifty percent (50%) of the total balance in the foreign account per occurrence. For example: An account with $100,000.00 that fails to comply with disclosure requirements for three consecutive years could face a penalty of $150,000.00.
Fortunately, there may be a way to become compliant and avoid the hefty penalties. If you qualify for the Offshore Voluntary Disclosure Program, the penalty can be reduced to a fraction of what it would have otherwise been.
If you schedule a consultation, the experienced tax law attorneys at Fresh Legal Perspective can provide legal counsel in analyzing whether the Offshore Voluntary Disclosure Program is a good option for you.
This portion of the site is for informational purposes only. The content is not legal advice.