Wallingford, CT -- (SBWIRE) -- 05/06/2013 -- Under the Report of Foreign Bank and Financial Accounts (FBAR) law, US taxpayers with foreign bank accounts are required to report the existence of those accounts to the IRS each year. FBAR penalties for those who don’t, whether intentionally or unintentionally, can be massive and include fines and criminal charges. The tax attorney firm Parent and Parent is hosting a free webinar to help taxpayers who may have foreign bank accounts understand the parameters of FBAR and avoid or reduce big penalties.
The IRS and Department of Justice are actively looking for dual citizens, VISA holders and expatriates with unreported offshore income overseas. And, by the end of 2013 the IRS international audit division will have 900 auditors trained to detect offshore compliance issues, Parent and Parent reveals on its website. During the webinar, firm Managing Partner, Anthony Parent and Offshore Resolution Director, Attorney Amy Holbrook, will discuss the alternatives to filing an FBAR for people who haven’t reported offshore accounts.
Penalties for unfiled FBARs could be up to 50 percent of the foreign account’s value per year. However, there are opportunities for FBAR amnesty explains Attorney Parent. The Offshore Voluntary Disclosure Program (OVDP), for example, gives taxpayers the chance to disclose foreign assets and accept a penalty of 27.5 percent instead. The penalty is reduced even more to 12.5 percent when total assets are less than 75,000 dollars and five percent in certain special cases. But, enrolling in the program can be extremely complicated. The webinar will offer guidance on whether people should participate and other simpler alternatives some could consider.
FBAR Attorney Parent and Attorney Holbrook will cover this and a host of other issues during the webinar and claim that after watching, participants will know more about FBAR than 99 percent of IRS employees. They urge people to watch and learn about FBAR’s history, OVDP, other FBARs to be aware of and the latest in FBAR litigation. These and other topics are also discussed on the firm’s FBAR blog.
About Parent and Parent
Parent and Parent LLP is a boutique tax resolution law firm with clientele around the world. The firm hosts many self-help articles on its website, http://www.irsmedic.com where insider information is shared with the public. Headquartered in Wallingford, Connecticut, the firm was established in 2004 by father-son duo Anthony and David Parent and has grown into one of the largest players in IRS offshore compliance initiatives. For more information, visit: http://www.irsmedic.com