International Tax Law Attorneys

The Internal Revenue Service and Department of Justice are aggressively pursuing taxpayers with undeclared offshore assets and accounts.  If you have an offshore account, you may have a limited amount of time to disclose the account before you face serious consequences including criminal charges.

At the Law Office of Williams & Associates, PC, our practice focuses on tax law issues such as tax compliance concerning foreign assets.  From our office in Sacramento, our attorneys represent individuals and businesses from California, throughout the United States and in numerous foreign countries.  We have successfully assisted hundreds of taxpayers in the various IRS Voluntary Disclosure Programs concerning offshore accounts.

The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 to combat tax evasion by U.S. residents with assets in offshore accounts or in foreign tax jurisdictions.  The law is being phased in through 2018.  Taxpayers holding investments outside the United States valued in excess of $10,000 are required to file an annual Report of Foreign Bank and Financial Accounts (FinCEN 114) with the IRS, and taxpayers must also complete IRS Form 8938 for certain assets that are valued in excess of $50,000.

FATCA also requires foreign financial institutions to report information directly to the IRS regarding offshore accounts owned by U.S. taxpayers or face harsh penalties and withholding requirements that adversely affect account balances.  Increasingly, the United States is working with other countries through Model Intergovernmetnal Agreements to exchange accountholder information.  Our lawyers also work with foreign financial institutions regarding FATCA compliance.

In June 2014, the IRS announced new streamlined procedures for qualified taxpayers whose noncompliance with not willful.  Taxpayers who qualify may be subject to only a 5% offshore penalty, or no offshore penalty. Our attorneys are experienced with both the Streamlined Domestic Offshore Procedures and the Streamlined Foreign Offshore Procedures, as well as the Offshore Voluntary Disclosure Program.

Contact an Attorney About Reporting Offshore Bank Accounts

For more information or to schedule a consultation with an international tax law attorney at the Law Office of Williams & Associates, PC, call 916-488-8501 (800-684-7147 toll free) or fill out the contact form on this site.