Safe Harbor LLP, a top San Francisco tax service, is proud to announce that, in response to recent IRS announcements regarding Reports of Foreign Bank and Financial Accounts (FBARs), the firm is increasing its FBAR-related streamlined filing assistance.
“Because the San Francisco Bay Area is both a hotbed of entrepreneurship and a heavily International area, we have many clients coming to us for international tax compliance services,” explained Chun Wong, CPA, managing partner at Safe Harbor LLP. “Recent IRS announcements have indicated both increased vigilance of the IRS on international tax compliance and initiatives such as streamlined FBAR filing assistance to enhance that compliance.”
For more information on Safe Harbor LLP and its international tax compliance services, including FBAR assistance, please visit https://www.safeharborcpa.com/international-tax/. There one can find information on how the firm assists taxpayers who face FBAR and international tax compliance issues.
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) up to and including criminal legal prosecution efforts.
The IRS also reopened its voluntary offshore disclosure program. In all cases, the assistance of a tax professional is recommended as individual situations vary.
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 LLP – 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.
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