Offshore/Foreign Tax Compliance

Our firms has significant experience in advising and assisting clients who are out of compliance with the income tax laws due to the failure to report income from foreign sources and due to the failure to file information returns relating to foreign assets and income. Our attorneys represent individuals, shareholders, partners, members, corporations, LLC’s, partnerships, estates, foreign account holders, beneficiaries of foreign trusts and others who must deal with the potential consequences of a failure to keep in compliance with the laws relating to foreign assets and income. Matters handled by our firm include:

  • Advising clients on how to get into compliance moving forward where the clients have not previously been in compliance
  • Representing targets and witnesses in criminal investigations which involve a failure to comply with laws relating to foreign income and assets
  • Representing targets and witnesses in criminal prosecutions which involve a failure to comply with laws relating to foreign income and assets
  • Advising clients whether to take advantage of the Voluntary Disclosure programs of the IRS and other tax authorities, including the new Streamlined Program offered by the IRS
  • Representing clients who wish to make a Voluntary Disclosure during the Voluntary Disclosure process
  • Representing clients who did not make a voluntary disclosure and whose income tax returns are now being audited
  • Representing clients in FBAR audits
  • Representing clients administratively and in court in proceedings to challenge penalties proposed or assessed for failure to file information returns relating to foreign income and/or assets, including FinCen Form 114 (FBARs), IRS Forms 926, 3520, 3520A, 5471, 5472, 8865 and 8938

Understanding when certain forms must be filed can be difficult. If you are a shareholder or officer of a foreign corporation, a beneficiary or grantor of a foreign trust, a partner in a foreign partnership, or if you have bank accounts or other assets located outside the United States, you may be required to file information returns with the IRS. Failure to timely file these information returns can result in the imposition of very large penalties.