Streamlined Disclosure For Unreported Foreign Income & Bank Accounts
A U.S. taxpayer engaged DeWitt Law after discovering his prior CPA never told him about FBAR and U.S. foreign-income and tax reporting. The Taxpayer was worried, confused, and facing the risk of steep penalties. DeWitt Law quickly jumped in, mapped out a clear path using the IRS’s streamlined disclosure process, and handled everything—from organizing foreign account records to preparing the right filings—to get the Taxpayer into full compliance. Our team…
Beneficiary of Foreign Inheritance
Client, a U.S. citizen, inherited substantial foreign assets. DeWitt Law assisted Client with compliance under U.S. tax law by properly reporting the inheritance and submitting necessary tax filings, including IRS form 3520. Client reached full U.S. tax filing compliance.
Streamlined Domestic Offshore Procedures (United Kingdom)
A dual citizen of the U.S. and United Kingdom (“Client”) held bank accounts, pension accounts, life insurance accounts, and an investment account in the United Kingdom in excess of $10,000 while a dual citizen for 11 years. Client was not aware of their U.S. tax reporting requirements for foreign assets and never reported taxable foreign income on their U.S. tax returns. Client also failed to file FinCEN Form 114 Report…
Streamlined Domestic Offshore Procedures (China)
A U.S. citizen (“Client”) held certificate of deposit accounts for 9 years in China worth in excess of $1,000,000. Client’s accountant never reported taxable foreign income on Client’s U.S. tax returns. The accountant also failed to prepare or file FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR). DeWitt Law represented Client before the IRS to reach full filing compliance through the IRS streamlined domestic offshore procedures. Three…
Streamlined Domestic Offshore Procedures (South Africa)
A U.S. citizen (“Client”) held bank accounts, pension accounts, and annuity accounts in South Africa in excess of $10,000 for over 10 years. Client was not aware of their U.S. tax reporting requirements for foreign assets and never reported taxable foreign income on their U.S. tax returns. Client also failed to file FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR). DeWitt Law represented Client before the IRS…