Tax Compliance and Foreign Assets
Foreign Bank Accounts, Foreign Trusts, & Foreign Inheritance
The Internal Revenue Service (IRS) has intensified its endeavors to locate and impose penalties on taxpayers who have failed to disclose their foreign assets, including foreign bank accounts, foreign inheritances, foreign retirement accounts, or foreign trusts, as mandated by the law. The penalties for non-compliance are substantial.
Amnesty Streamlined Programs
Taxpayers have the chance to rectify their non-compliant status and disclose their offshore foreign accounts/assets by utilizing either the Streamlined Compliance Program for unintentional violations or the Voluntary Disclosure Program for individuals facing criminal exposure. The Law Offices of Lynn K Ching will assist in the preparation of necessary documentation and provide guidance throughout the entire procedure.
FBARS, Form 3520 & Tax Return Integration
We are dedicated to assisting you in completing your foreign asset information forms, commonly referred to as the FBAR and Form 3520. Our team will also meticulously integrate the FBAR and Form 3520 disclosures with your income tax return, ensuring tax compliance.