FBAR Attorneys of Boulder, CO
Our team of licensed international tax experts provide a full suite of FBAR services, including preparation, filing, and consulting services in Boulder, Colorado
With the increasing number of Colorado residents facing issues with their offshore asset reporting, our firm has risen to the demand for professional help with FBAR filing. With the ever-changing international tax regulations when it comes to reporting foreign assets, there comes a higher risk of not meeting compliance, and facing the steep financial penalties involved.
At Pure Tax Resolution, located in Boulder, CO, we have a team of FBAR attorneys and advisers that specialize in the unique regulations of FBAR compliance. If you are a citizen of Colorado looking to invest offshore, has inherited any offshore assets, or have owned offshore investments for some time now, we'd be happy to have a discussion with you about your FBAR filing and compliance. Outside of FBAR regulations, there are other international filing and compliance regulations you many not know about (FATCA, 3520 documentation, etc) that can have huge consequences if not filed properly and on time. Our team is available for a free consultation for all your FBAR filing and consulting needs, so feel free to reach out today for a free consultation.
Peter Mancini - Senior FBAR Attorney
Why Hire an FBAR Attorney in Colorado?
Hiring a FBAR attorney to help with FBAR filing is important in many ways. Not only will they have expert knowledge of the ins-and-outs of FBAR filing and compliance, but they can represent you with the IRS and U.S. Treasury in any case you have delinquent FBAR problems. Our team of licensed FBAR experts can sit down with you to evaluate your FBAR filing needs, and construct a plan to maintain compliance, avoid penalties, and even reduce/settle any existing FBAR delinquency issues you may have.
Maintain FBAR Compliance & Avoid Penalties
For those who are not completely familiar with FBAR (Report of Foreign Bank Accounts), it is a regulation under the Bank Secrecy Act to help monitor and prevent money laundering through foreign banks. Documentation must be filed every year by June 30th (FinCen 114) that discloses all account/asset values and earnings.
This FBAR requirement applies to any citizen, resident alien, trusts, estates, or domestic entities that own foreign assets that exceed $10,000:
- Bank accounts (foreign, or U.S. banks on foreign soil)
- Commodity or option futures
- Insurance policies featuring cash value
- Mutual funds
- Indirect interest in foreign accounts
Penalties for non-compliance can be harsh in many cases. Violating FBAR compliance starts with a $10,000 civil fine per accidental violation, and upwards of $100,000 penalty, or 50% of your account / asset values for violations determined as intentional.
As you can see, ignorance or accidental delinquency when it comes to FBAR compliance still comes with hefty fines, which is why it's crucial to consult with a FBAR attorney or expert that can help shed light on your situation, and keep you 100% informed of your FBAR requirements.