Foreign Asset Disclosure to IRS in 2022: International Tax Lawyers (Board-Ceritfied Specialist)

Описание: https://www.goldinglawyers.com

Why Disclose Your Offshore Assets to IRS in 2021: When a US Taxpayer realizes that they are out of compliance for reporting offshore assets to the Internal Revenue Service and FinCEN (Financial Crimes Enforcement Network), it can be a very overwhelming feeling. The Internet is littered with fea-mongering tax professionals who aim to make taxpayers believe that they are automatically going to be hauled off to prison and hit with millions of dollars in fines, simply because they did not disclose their offshore assets. In fact, most of the offshore asset reporting programs for FBAR and FATCA are geared toward non-willful taxpayers - because the majority of non-compliant taxpayers are non-willful. And, even if a taxpayer is willful, that does not mean that they have committed any criminal act. That is because criminal willfulness and civil willfulness have two different standards. Let’s go through three (3) important reasons why taxpayers may want to consider disclosing offshore assets to the IRS.