The FBAR is just one of several types of foreign bank account reports that the IRS requires US taxpayers to file. It stands for “Report of Foreign Bank and Financial Accounts.” It’s important to note that the term “foreign bank account” is inclusive – it can refer to an investment in a non-US entity, such as a Taipei stock exchange.
You might wonder why you need help with filings like these if they are so simple and easy. The truth is that there are quite a few rules and regulations that you need to follow to file these forms. Failing to do so can lead to dire consequences. Just ask Wesley Snipes; the actor was convicted on three misdemeanor counts of failing to file form 1040, tax return, and FBAR. If you’re thinking, “that doesn’t sound like something I would want on my record,” you’re right.
If you’re looking for help filing your forms and ensuring that you’re staying in tax compliance, you need to know who the best FBAR attorney is for your needs. Here’s a list to help you find the best for your needs.
1. The best FBAR Attorney has years of experience with this case. Many attorneys will claim to have experience with this type of situation, but the truth is that it’s infrequent for someone to have this experience. So if you choose an attorney without relevant experience, you may need more help than they can give you. That’s why it’s so important to find someone with expertise in these matters.
2. The best FBAR Attorney is someone who understands the rules. If you’re working with an attorney who needs help understanding the rules, they will make mistakes. Many people looking for an excellent attorney to help them file their FBAR have found themselves in trouble because their fbar lawyers needed to fully understand the forms.
3. The best FBAR Attorney will be willing to answer your questions and give you a clear picture of what you’re up against. Of course, you might be worried that you’ll ask too many questions and waste a lot of time trying to figure things out on your own – but if your attorney doesn’t want to explain things to you in detail, maybe they aren’t the best lawyer for the job after all.
In conclusion, many different types of attorneys may be able to help you with your FBARs, but the truth is that it’s different from others. It’s essential to find an attorney who will do more than file the forms on time – they need to give you the guidance you need to ensure you’re doing everything right and adequately resolving tax issues.
