Shamim S. Akhavan - A Professional Law Corporation
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Foreign Bank Account Reporting 

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The Internal Revenue Service has recently began enforcement of Foreign Bank Account Reporting (FBAR) and disclosure of offshore assets.

U.S. law states that if you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury.

​Any income resulting from the foreign bank account must be reported on an individuals income tax return and certain Taxpayers with specified foreign financial assets that exceed a certain threshold must report the foreign assets on an income tax return.  


The penalties for failing to file a FBAR and or income associated from the foreign account can be very severe. We can help with FBAR compliance and depending on the facts of the case, recommend taxpayers to make a Voluntary Disclosure of the foreign accounts and assets, or have the taxpayer comply with certain "Streamlined" filing procedures. 

Office Address

15456 Ventura Blvd,
Suite 500
Sherman Oaks, CA 91403


​Tel: (818) 650-0259
Fax: (818) 475-1936


Email: info@akhavanesq.com

Disclaimer

The information contained on this site, is for general information purposes only and does not constitute legal, tax, or other professional or business advice. The posting and transmission of information is not an offer to provide legal services and it does not create an attorney-client relationship. Please do not send any confidential information to us until an attorney-client relationship has been established by executing an engagement letter with Shamim S. Akhavan APLC. ​This Firm's practice includes serving as a debt relief agency: We help people file for bankruptcy relief under the Bankruptcy Code.
© COPYRIGHT 2021, Shamim S. Akhavan, APLC. ALL RIGHTS RESERVED.
  • Home
  • About
  • Practice Areas
    • Tax Law >
      • Tax Collection Defense
      • Audit Representation
      • Tax Litigation
      • Unfiled Tax Returns
      • Employment Tax
      • Sales Tax
      • Foreign Bank Account Reporting
      • Tax Fraud and Tax Crimes
      • Criminal Tax Investigations
      • Innocent Spouse Relief
    • Estate Planning
    • Bankruptcy
    • Corporate and Business Law
  • Resources
  • Blog & News
  • Contact