January 22, 2013. San Francisco, CA. Safe Harbor CPAs, a leading San Francisco CPA firm, and HaasNajarian LLP, a leading San Francisco financial district, California, law firm, have announced the publication of an information update for taxpayers regarding reporting requirements on foreign bank accounts, known as FBAR (Foreign Bank and Financial Accounts). Many San Francisco Bay Area taxpayers in this culturally diverse geographic location have overseas bank accounts, and this information post helps them to understand the IRS regulations and increase audit activity.“San Francisco is the global financial hub of the West Coast,” explained Chun Wong, CPA, managing partner at Safe Harbor LLP and Patricia Rosenberg, a Litigation Partner at HaasNajarian LLP. “Both of our firms receive quite a few inquiries from Bay Area taxpayers who have foreign bank accounts as to the rules and regulations governing reporting of their overseas bank accounts and the IRS amnesty program for failure to previously report. Penalties and criminal prosecution are very likely possibilities for non-compliance”
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Growing Concern about International Banking Compliance
The Internet and instant global communications have made international banking very easy. A business person can sit comfortably in his home and deal online with a bank anywhere in the world. Some unscrupulous promoters even advertised the “tax-free” benefits of using foreign banks, which is both wrong and criminal. Recently, Congress and the IRS have taken steps to end abuses. The IRS is actively reminding taxpayers of their filing responsibilities under the Bank Secrecy Act and the Foreign Account Tax Compliance Act of 2010 (FATCA). The IRS has also reopened its voluntary offshore disclosure program.
This informative post explains many of the compliance issues surrounding the Bank Secrecy Act, the FBAR, and the Foreign Account Tax Compliance Act (FATCA).
IRS Circular 230 Notice
The Internal Revenue Service requires Safe Harbor LLP to inform the reader that any tax advice contained in this correspondence cannot be used for the purpose of avoiding penalties under the Internal Revenue Code or for promoting, marketing or recommending to another party any transaction or matter addressed.
About Safe Harbor CPAs – a Professional CPA Firm in San Francisco
Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service.
Safe Harbor CPA
About HaasNajarian LLP – Attorneys at Law
HaasNajarian LLP has provided legal services to a diverse and sophisticated client base for over 30 years. They are committed to bringing their experience, judgment and creativity to help clients achieve their business goals in a practical and cost effective manner.