Tax Debt, Expat Tax Returns and FBAR compliance

You may be overwhelmed with notices from the IRS or state authorities of their intent to garnish your wages or put liens or levies on your property.  We may be able to help.    

Depending on  your circumstance you may be able to reduce your tax debt through the IRS Appeals process, Offer in Compromise, bankruptcy or Tax Court.  We can help you determine which program is most appropriate.  Our principal, Sam Rock, has represented individuals in the Offer in Compromise program wherein their tax debt was reduced by hundreds of thousands of dollars.  Every case is different.  The IRS considers your current and future earnings and your assets in determining whether to accept a proposal for an Offer in Compromise or an Installment Agreement.

We speak Spanish also.  Se habla Espanol.  It is possible to pursue the tax debt remedies with the IRS even if you do not have a Social Security Number.  

1.  Expat Tax Returns

We prepare tax returns for individuals living abroad.  If you have overseas banks accounts you may also be required to file a Foreign Bank Account Report (FBAR) to disclose the existence and balances of your foreign accounts.  Failure to report these account may subject one to monetary penalties, forfeiture and possibly criminal consequences.   

Who must file: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

2.  Failure to File and Back Tax Returns

US tax residents living abroad may still be required to file tax returns even if living abroad.  Individuals often mistakenly believe that they no longer have to file tax returns when living abroad.  We can assist individuals to prepare and file back tax returns.   The process normally involves identifying whether the failure to file and tax returns  was willful or non-willful.  After determining whether the file the tax returns and FBARs was willful or non-willful, then we can develop a plan to help the client become complaint. This may be a complicated process that could involve services of an outside firm to prepare the tax returns.

Delinquent FBARs:

https://www.irs.gov/individuals/international-taxpayers/delinquent-fbar-submission-procedures

Voluntary Disclosure Practice for Willful non-filers:

  https://www.irs.gov/compliance/criminal-investigation/irs-criminal-investigation-voluntary-disclosure-practice

Streamed Procedure for Non-Willful failures to file:

https://www.irs.gov/individuals/international-taxpayers/streamlined-filing-compliance-procedures