Frequently asked questions
Fines. Penalties. And Criminal Exposure.
The civil penalties for willfully disregarding timely FBAR filings are staggering. For tax year 2024, the civil penalty for willfully disregarding to file an annual FBAR starts at $161,166. Even non-willful FBAR delinquent filings carry a weighty penalty of $16,117 per year.
The criminal penalties for failing to file FBARs or retain required records can range up to $250,000 or 5 years imprisonment or both, and increases to $500,000 or 10 years imprisonment or both, if other laws are violated too.
Civil and criminal penalties may be imposed together.
Once you complete the onboarding paperwork, you'll receive a checklist of the documents we'll need to prepare your amnesty application. You'll be scheduled for a one-on-one interview where we'll carefully go over the facts and circumstances of your case. After you timely provide all requested documents, we'll begin building your defense and prepare all necessary forms for your amnesty application. After your review and approval, we will file your application. You'll be updated regularly on any status changes while your case is pending and we will communicate with the IRS as your attorney so you don't have to.
Of course.
Because we have clients worldwide, we are a remote-first law firm and can help you no matter where you are living in the US or abroad.
No.
We represent anyone considered to be a "U.S. person" which includes individuals, trusts, and business entities. Individuals include, "Green Card" holders, U.S. dual citizens, and foreign nationals with substantial presence in the U.S. to qualify as a U.S. resident for tax purposes.
(ATTENTION FOREIGN NATIONALS: If you are foreign national who has been relying on a U.S. tax treaty with your home country to prevent being classified a U.S. resident for tax purposes, please be aware that U.S. tax treaties do not apply for FBAR purposes. You are likely out of compliance.)
PLEASE DON'T!
This is called a "Quiet Disclosure" and it's illegal. To make matters worse, it won't rectify the prior years you were out of compliance, so you'll still be on the hook for those years.