FBAR Lawyer – Offshore Reporting and Foreign Bank Account Reports

Q: What should I do if I receive an FBAR penalty notice?

Consult an FBAR lawyer immediately to explore options for addressing and appealing the penalty or negotiating a penalty reduction.

Q: What can an FBAR lawyer do for you?

Our skilled FBAR attorneys at Petrova Law assist with all forms of foreign asset disclosures, whether you’re filing for this year or correcting past years. We also handle the entire foreign disclosure process for you and communicate with the IRS on your behalf.

Q: What can be done about late filing FBAR penalties?

An FBAR lawyer can help negotiate penalty reductions or elimination, especially if you show reasonable cause for late filing.

Q: What is the FBAR filing deadline?

The FBAR filing deadline is April 15th, with an automatic extension to October 15th.

Q: What happens if FBAR is filed late?

Filing an FBAR late can result in severe penalties. For non-willful violations, penalties may reach $10,000 per violation. For willful violations, penalties can be up to $100,000 or 50% of the account balance. In cases of deliberate evasion, criminal exposure includes substantial fines and possible imprisonment.

In today’s globalized economy, managing foreign financial accounts is increasingly necessary. The FBAR (Foreign Bank Account Report) requires U.S. citizens and U.S. residents with foreign financial accounts exceeding $10,000 at any time during the calendar year to file disclosures with the U.S. Department of Treasury. Offshore reporting involves declaring these accounts to the IRS to comply with U.S. tax laws and information reporting requirements.

At Petrova Law, our experienced FBAR lawyers provide comprehensive legal strategies to navigate these complexities, ensuring proper compliance, assisting with remediation, and safeguarding your financial interests.

The Role of an FBAR Lawyer

An FBAR lawyer represents taxpayers in filing FBARs, mainly when dealing with late or delinquent filings or already assessed penalties. Not all filers need a lawyer, but those with unreported foreign accounts who must remain compliant may need an FBAR attorney to represent them before the Internal Revenue Service (IRS) or the U.S. Tax Court. In recent years, the IRS has increased enforcement of offshore reporting and foreign asset tax matters, which makes seeking expert legal guidance and representation even more critical. Learn more about tax filing and payment obligations for US taxpayers residing abroad (outside of the United States).

FBAR Penalties

Failing to comply with FBAR regulations can result in severe penalties. Here’s how individuals may need legal assistance:

Penalty 1: Non-Willful Penalties
For non-willful violations, penalties of up to $10,000 per violation can be assessed, even if the omission was not intentional. An FBAR lawyer with expertise can demonstrate non-willfulness and reduce the penalties.
Penalty 2: Willful Penalties
For willful violations, penalties can reach $100,000 or 50% of the account balance, whichever is greater. An FBAR lawyer can defend against claims of willfulness and negotiate lower penalties.
Penalty 3: Criminal Penalties
Deliberate evasion in criminal violations may lead to substantial penalties and imprisonment. Legal representation is crucial to navigating criminal charges and providing a defense.
Penalty 4: Additional Consequences
Other repercussions include the potential loss of passport privileges and increased IRS scrutiny. Legal assistance ensures compliance and mitigates further risks.

How The FBAR Attorneys At Petrova Law Can Help

If you find yourself burdened by significant tax debt or facing penalties for FBAR non-compliance, it is crucial to take immediate action. Addressing these issues in advance is essential to prevent the assessment of additional penalties. Allie Petrova, the lead tax attorney at Petrova Law, is ready to meet with you to discuss your situation.

Our skilled FBAR lawyers at Petrova Law are dedicated to assisting with all aspects of foreign asset disclosures, whether you’re filing for the current year or correcting past years.

Choosing the Right Path: We help you determine the best course of action—Streamlined Offshore Procedures, Voluntary Disclosure Program (VDP), or other options. The correct path can save you thousands in IRS penalties.
Handling the Process: We manage your foreign disclosures and communicate with the IRS on your behalf. Our goal is to make the process easy and stress-free.
Proven Success: Our FBAR lawyers have guided clients through complex foreign asset disclosures and compliance issues. We have helped clients rectify late filings and negotiate significant penalty reductions, ensuring compliance without errors or rejections. Read more of our client success stories.

Get Help From An FBAR Lawyer

With a combined experience of over 25 years in Tax Law, the award-winning attorneys at Petrova Law leverage their expertise to guide clients through the complexities of IRS matters and offshore reporting. Our team has extensive knowledge of federal and state tax law, including matters before the IRS and U.S. Tax Court.

At Petrova Law, we aim to deliver peace of mind by reducing the stress and confusion associated with FBAR compliance. Our attorneys prioritize your best interests, offering consultations to discuss your concerns and explore how we can assist with FBAR defense and offshore asset reporting. Don’t delay; the sooner you address your foreign disclosure obligations, the less stress and fewer FBAR penalties you’ll face.

Our expert FBAR lawyers will:

Evaluate your holdings and develop a compliant filing strategy tailored to your needs
Create plans to file FBAR reports for previous years
Negotiate favorable settlements with the IRS
Maximize your savings by utilizing every available tax provision and position

Do you have questions about FBAR compliance?

Are you worried that your foreign accounts might expose you to penalties?

Contact our FBAR lawyers today by calling (336) 310-1210 or scheduling a consultation.

Refer to our Tax Insights and Business Insights blogs for the latest updates and information.

Can FBAR penalties affect my business operations?Trevor Hannah2025-02-08T17:51:35+00:00

Can FBAR penalties affect my business operations?

Yes, significant penalties can impact financial stability and disrupt business operations. Legal representation can help mitigate these risks.

What should I do if I receive an FBAR penalty notice?Trevor Hannah2025-02-08T17:51:11+00:00

What should I do if I receive an FBAR penalty notice?

Consult an FBAR lawyer immediately to explore options for addressing and appealing the penalty or negotiating a penalty reduction.

How can I avoid FBAR penalties?Trevor Hannah2025-02-08T17:50:45+00:00

How can I avoid FBAR penalties?

Stay informed about filing requirements and deadlines, maintain accurate records for all foreign accounts, and seek legal assistance to ensure compliance.

What can an FBAR lawyer do for you?Trevor Hannah2025-02-08T17:50:18+00:00

What can an FBAR lawyer do for you?

Our skilled FBAR attorneys at Petrova Law assist with all forms of foreign asset disclosures, whether you’re filing for this year or correcting past years. We also handle the entire foreign disclosure process for you and communicate with the IRS on your behalf.

What can be done about late filing FBAR penalties?Trevor Hannah2025-02-08T17:49:52+00:00

What can be done about late filing FBAR penalties?

An FBAR lawyer can help negotiate penalty reductions or elimination, especially if you show reasonable cause for late filing.

What happens if you never filed the FBAR?Trevor Hannah2025-02-08T17:49:30+00:00

What happens if you never filed the FBAR?

Failing to file can result in severe financial penalties and potential criminal charges for serious, willful violations.

What happens if you file the FBAR late?Trevor Hannah2025-02-08T17:49:02+00:00

What happens if you file the FBAR late?

Late filing can result in significant penalties, but you can mitigate these by demonstrating genuine reasonable cause for the delay.

What is the FBAR filing deadline?Trevor Hannah2025-02-08T17:48:38+00:00

What is the FBAR filing deadline?

The FBAR filing deadline is April 15th, with an automatic extension to October 15th.

What accounts can be reported to the FBAR?Trevor Hannah2025-02-08T17:48:08+00:00

What accounts can be reported to the FBAR?

All foreign financial accounts, including bank accounts, brokerage accounts, and mutual funds, must be reported on the FBAR.

What happens if FBAR is filed late?Trevor Hannah2025-02-08T17:47:18+00:00

What happens if FBAR is filed late?

Filing an FBAR late can result in severe penalties. For non-willful violations, penalties may reach $10,000 per violation. For willful violations, penalties can be up to $100,000 or 50% of the account balance. In cases of deliberate evasion, criminal exposure includes substantial fines and possible imprisonment.

Who is required to file FBAR?Trevor Hannah2025-02-08T17:46:44+00:00

Who is required to file FBAR?

U.S. citizens, residents, and entities with foreign financial accounts exceeding $10,000 during the calendar year must file an FBAR.

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