If you check "No" on schedule B that you do not have a foreign bank account and check "No" that the combined balances of all of your foreign bank and financial accounts ever exceeded $10,000US has been held by the Courts to show your personal intent to violate the law. If you have foreign bank or financial accounts (including foreign stock brokerage accounts) you may need to amend your returns and file form 114 for those past years to avoid possible criminal and civil penalties from the IRS.
Form 114 where you report this foreign accounts is simple. You simple show your highest balance for the calendar year, name, address and account number of the bank. You also need to indicate information on other individuals who also sign on the accounts. The statute of limitations for failure to file form 114 is 6 years.
If you have not reported your foreign accounts properly, we recommend you correct this problem before the IRS contacts you. The IRS is receiving reports from most of the banks in the world on US taxpayers holding these foreign accounts. If you come forward before the IRS catches you in almost all situations the penalties may be waived.
We can help you catch up. We offer our clients attorney-client privilege which protects you statements to us from discovery by the IRS or FBI. Email us at taxmeless@gmail.com for further assistance and to set up a consultation to chart the best course of action for you.
Form 114 where you report this foreign accounts is simple. You simple show your highest balance for the calendar year, name, address and account number of the bank. You also need to indicate information on other individuals who also sign on the accounts. The statute of limitations for failure to file form 114 is 6 years.
If you have not reported your foreign accounts properly, we recommend you correct this problem before the IRS contacts you. The IRS is receiving reports from most of the banks in the world on US taxpayers holding these foreign accounts. If you come forward before the IRS catches you in almost all situations the penalties may be waived.
We can help you catch up. We offer our clients attorney-client privilege which protects you statements to us from discovery by the IRS or FBI. Email us at taxmeless@gmail.com for further assistance and to set up a consultation to chart the best course of action for you.
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