FBAR Compliance in San Antonio | FBAR International Tax Lawyer San Antonio Texas
Hello and welcome to Sherayzen Video Blog. My name is Eugene Sherayzen and I’m an international tax attorney and owner of Sherayzen Law Office, Ltd.
Today, I’m continuing a series of blogs from San Antonio, Texas and this series of blogs is devoted to IRS audits, how they happen, when they happen and what way is the best way in dealing with them.
In the previous blog, I discussed how one should behave with respect to IRS agents. In this blog I’d like to discuss a slightly different issue and step away a little bit directly from litigation and talk about San Antonio’s specific issues. In particular, I want to talk about FBAR compliance for San Antonians: FBAR, the report of foreign bank and financial accounts is one of the most important information returns that one has to file with respect to his foreign bank and financial accounts, specifically with respect to his financial interest in or signatory authority over foreign bank and financial accounts.
In this case, we’re talking about foreign accounts which are located outside of the United States of course. When we are talking about FBAR compliance, with respect to San Antonians, you have to understand what countries are most likely to be involved in FBAR compliance. What I’m talking about is specifically with respect to San Antonians. From my experience here, most of the San Antonians, who have to file FBARs, have assets in Mexico, Spain and/or Germany. In reality, you sometimes get people from all over the world; there are people from Sri Lanka, for example. There are also people from England, people from Italy, Colombia and so basically while Spain, Germany and Mexico are the major countries involved in FBAR compliance, these are not the only countries. It is very important to be in compliance with your FBAR requirements; I cannot stress this enough. We’re talking about humongous penalties in case of FBAR noncompliance; penalties that may extend to actual jail time depending on the circumstances of the (your) case.
If you would like to learn more about FBAR compliance and you are a resident of San Antonio, call me at (952) 500-8159 or email me at [email protected]
Thank you for watching, until the next time.
