Atlanta FBAR Lawyer | FATCA International Tax Attorney

Can a lawyer who resides in Minneapolis be considered an Atlanta FBAR Lawyer? What kind of law should such a lawyer practice? These are the two questions that I seek to answer in this article.

Atlanta FBAR Lawyer Definition: Legal FBAR Services Provided in Atlanta, Georgia

Let’s start with the first question. The term Atlanta FBAR Lawyer is comprised of two broad category of lawyers. The first category consists of international tax lawyers who reside in Atlanta and offer FBAR services to the residents of Atlanta. This is self-explanatory.

The second category is a bit more complicated because it is comprised of international tax lawyers who reside outside of Atlanta but offer FBAR services to the residents of Atlanta. At first, this does not seem logical, but, once we look into the legal nature of the FBAR, it makes perfect sense.

FBAR is a federal information return required by Title 31 of the United State Code. This is not a local requirement of Atlanta or the State of Georgia; they have no influence over the interpretation and the implementation of the FBAR requirement. This means that any licensed US international tax lawyer can offer FBAR services in any of the 50 states and the District of Columbia irrespective of his physical location.

Now, it is clear why an Atlanta FBAR lawyer can reside in Minneapolis – since the local law has no influence over FBARs, there is no special knowledge or access to courts associated with local lawyers. In essence, a lawyer in Minneapolis can offer FBAR legal services in Atlanta with the same ease as a lawyer who resides in Atlanta.

Atlanta FBAR Lawyer Must Be a US International Tax Lawyer

Now, we can turn to second question of the relevant practice area of law. Since FBAR constitutes a small part of US international tax law, there is a profound connection between FBAR and international tax law. In fact, it is this relationship between the FBAR and the rest of the international tax law requirements that apply in a particular case (based on the facts of that case) that determines the legal position of the taxpayer in a voluntary disclosure case.

This means that an Atlanta FBAR lawyer must also be an international tax lawyer – i.e. a lawyer who has profound knowledge of US international tax law requirements, including FBAR.

Sherayzen Law Office Can Be Your Atlanta FBAR Lawyer

Sherayzen Law Office specializes in FBARs and the US international tax law. Our legal and accounting team has a profound knowledge of this area of law and the extensive experience in helping clients with international tax law issues, including offshore voluntary compliance with respect to delinquent FBARs. We have helped hundreds of US taxpayers worldwide with their FBAR issues and we can help You!

Contact Sherayzen Law Office today to schedule Your Confidential Consultation!

Gold Bullion Foreign Accounts and FBAR

A frequent question in my practice is whether a foreign account holding gold bullion is required to be reported on FinCEN Form 114 formerly Form TD F 90-22.1, usually referred to as “FBAR” (Report on Foreign Bank and Financial Accounts).

FBAR is required to be filed by any U.S. person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. FBAR is due April 15th or October 15th (for the previous calendar year). There is an automatic extension if the FBAR is not filed by the April 15th deadline, unlike Federal and some State returns that must be filed by extension. For federal returns the extension is Form 4868. The FBAR rules are enforced by the Internal Revenue Service.  You can read more about the general FBAR requirements here.

Whether gold buillion is required to be reported on the FBAR involves a general issue of whether FBAR definition of “financial account” covers foreign accounts that hold only non-monetary assets.  The answer is yes – an account with a financial institution that is located in a foreign country is a financial account for FBAR purposes whether the account holds cash or non-monetary assets.

Therefore, most taxpayers must reports foreign accounts that hold gold bullion on the FBAR.

Contact Sherayzen Law Office For FBAR Help

If you have any questions with respect to FBARs or you just found out that you should have filed the FBARs for the past years and you wish to go through a voluntary disclosure, contact Sherayzen Law Office as soon as possible.  Our experienced international tax firm can help you deal with any FBAR-related issues.

Remember, it does not matter whether you are located in another state or outside of the United States – we can help!