Hello and welcome to Sherayzen Law Office Video Blog. My name is Eugene Sherayzen; I’m an international tax attorney and owner of Sherayzen Law Office Ltd.
Today, we are continuing our series of blogs from the Czech Republic and we’re here in Karlovy Vary and while walking the streets of Karlovy Vary, I noticed an interesting phenomenon. There are a lot of people from China, South Korea, and Southeast Asia here in Karlovy Vary; some of them are here as tourists; some of them reside in Europe; and some of them actually reside in the United States.
For those who reside in the United States, the issue of US Tax Compliance should be ever-present on their minds. The problem is that a lot of those individuals open foreign bank accounts here in the Czech Republic or elsewhere in Europe and they forget to disclose them and once the IRS finds out about it, the IRS will impose penalties, civil & potentially even criminal. The penalties can be wide-in-range from FBAR penalties to Form 8938 penalties and even penalties associated with PFIC compliance.
If you would like to learn more about your US Tax Compliance requirements, you should contact me directly at (952) 500-8159 or email me at [email protected].
Thank you for watching, until next time.