Posts

San Francisco FBAR Attorney | International Tax Lawyer California

/in , /by

If you have foreign financial accounts and reside in San Francisco (California), you should be looking for a San Francisco FBAR Attorney in California. In your search, you could consider out-of-state attorneys such as Mr. Eugene Sherayzen of Sherayzen Law Office, Ltd. (“Sherayzen Law Office”). Let’s explore in more detail why this is the case.

San Francisco FBAR Attorney: International Tax Attorney

First of all, it is very important to understand that, by looking for a San Francisco FBAR attorney, in reality, you are looking for an international tax attorney whose specialty includes FBAR compliance.

Ever since the FBAR enforcement was turned over to the IRS (in 2001), the term FBAR attorney applies exclusively to tax attorneys.

Moreover, FBAR enforcement belongs to a very special field of US tax law – US international tax law. The reason for this is simple: FBAR is an information return concerning foreign assets and the tax compliance concerning foreign assets and foreign income belongs to US international tax law. Hence, when you look for an FBAR attorney, you are looking for an international tax attorney with a specialty in FBAR compliance.

San Francisco FBAR Attorney: Out-Of-State International Tax Attorney

It is further important to note that, since you are looking for an attorney who specializes in US international tax law (i.e. a federal area of law), you do not need to limit yourself to lawyers who reside in San Francisco, California. On the contrary, you could consider international tax attorneys who reside in other states and help San Francisco residents with their FBAR compliance.

Sherayzen Law Office is an international tax law firm that specializes in US international tax compliance, including FBARs. While our office is in Minneapolis, Minnesota, we help taxpayers who reside throughout the United States, including San Francisco, California.

San Francisco FBAR Attorney: Broad Scope of Compliance

When retaining a San Francisco FBAR Attorney, you should consider the fact that such an attorney’s work is not limited only to the preparation and filing of FBARs. Rather, the attorney needs to be able to deliver a variety of services and freely operate with experience and knowledge in all relevant areas of US international tax law, including the various offshore voluntary disclosure options concerning delinquent FBARs.

Moreover, as part of an offshore voluntary disclosure, an FBAR attorney often needs to amend US tax returns, properly prepare foreign financial statements according to US GAAP, correctly calculate PFICs, and complete an innumerable number of other tasks.

Contact Sherayzen Law Office If You Need A San Francisco FBAR Attorney

Mr. Sherayzen has helped hundreds of US taxpayers worldwide to bring their tax affairs into full compliance with US tax laws. This work included the preparation and filing of offshore voluntary disclosures concerning delinquent FBARs. Sherayzen Law Office offers help with all kinds of offshore voluntary disclosure options, including: SDOP (Streamlined Domestic Offshore Procedures), SFOP (Streamlined Foreign Offshore Procedures), DFSP (Delinquent FBAR Submission Procedures), DIIRSP (Delinquent International Information Return Submission Procedures), IRS VDP (IRS Voluntary Disclosure Practice) and Reasonable Cause disclosures.

Thus, if you are a resident of San Francisco looking for an FBAR help, contact Sherayzen Law Office as soon as possible to secure Your Confidential Consultation!

San Francisco International Tax Lawyer: Influence of Location

/in , /by

While looking for a San Francisco international tax lawyer, one of the important issues that clients face is whether it is better to retain an international tax attorney in San Francisco or in Minneapolis if you live in San Francisco? If you were to search “San Francisco international tax lawyer”, Sherayzen Law Office, Ltd. (which is based in Minneapolis) is likely to come out on the first page together with other international tax attorneys in San Francisco. The question is: should the geographical proximity of an attorney play a role in the retainer decision?

The answer depends on many factors. On the one extreme, if you are looking for a sales tax lawyer, then you may not have a choice but to find a local lawyer. This is because local law and procedure would govern in this case, and an lawyer familiar with local sales tax issues would be the best choice for handling a sales tax case. Of course, even in this case, there are exceptions because, sometimes, the unique qualities of an outside lawyer are so desirable by the client that the court may accede in temporarily admitting this outside lawyer to practice just for one case.

One the other end of the spectrum, if you are searching for a San Francisco international tax lawyer because you have undeclared offshore accounts, then the knowledge of local law and procedure are likely to be of very little value. Instead, the experience and knowledge of a lawyer in his area of practice (i.e. international tax law) will become the overriding factors in retaining a San Francisco international tax lawyer.

What if you have an international tax lawyer in San Francisco, do you still want to consider an attorney in Minneapolis? The answer is “yes” – for two reasons. First, international tax lawyers differ in their natural ability to identify problems and find solutions, creativity, advocacy and many other factors. Therefore, there is no reason to stay away from a better international tax lawyer in Minneapolis even if there is a lawyer in San Francisco.

Second, in addition to differences in personal qualities, the experience of the international tax lawyer in the international tax sub-area that you need and the ability to analyze the specific subject matter in the broader context are very important factors in retaining the lawyer and should override the lawyer’s particular geography.

What is a fairly unique feature about Sherayzen Law Office is that we can handle the entire case internally – both, the legal and the accounting sides of it. Most San Francisco international tax lawyers in this area of law do not do that and rely on the outside accountant to provide such additional services. The outsourcing approach has various disadvantages, including potential leak of information, lack of close coordination between both sides of the case, increased possibility of missed opportunities and absence of the unity of goal among the professionals who are preoccupied with their respective areas only. The approach adopted by Sherayzen Law Office is aimed to reduce and eliminate such problems.

So, the next time you search for a San Francisco international tax lawyer, keep these issues in mind while retaining a lawyer from Minneapolis or any other city.

Contact Sherayzen Law Office for Help With International Tax Issues

If you have any international tax issues with respect to undeclared foreign assets, international tax compliance or international tax planning, contact Eugene Sherayzen, an experienced tax attorney of Sherayzen Law Office for comprehensive legal and tax help.

New FBAR Form: January 2012

/in , /by

In January of 2012, the IRS issued a new version of the Treasury FinCEN Form 114 formerly Form TD F 90-22.1, popularly known as the “FBAR” (the Report on Foreign Bank and Financial Accounts).

This is a third revision of the FBAR in less than one year.  In March of 2011, the IRS made substantial changes to the FBAR instructions after adopting the final regulations concerning the form.  Then, in November of 2011, the IRS revised the form again to reflect certain changes, particularly concerning amendment of a previously filed FBAR.

The latest revision mostly concerns the contact information if you have any questions about the FBARs – a new telephone number and an email address.

Keep in mind that the 2011 FBARs should be filed separately from your tax returns, and they are due on June 30, 2012. This means that the IRS must receive an FBAR on that date; the usual “mailbox rule” (i.e. if the package is mailed on the due date, then it is timely) does not apply to FBARs.

Only the latest version of the FBAR must be used to report your foreign bank and financial accounts.  As of March 5, 2012, the January of 2012 version is the latest version.

Contact Sherayzen Law Office For the FBAR Issues

If you have any questions about the FBARs or you wish to determine whether this requirement applies to your case, you need to contact Sherayzen Law Office.  Our experienced international tax firm will thoroughly analyze the facts of your case and determine whether an FBAR requirement applies to you and what needs to be reported on the FBAR.

You should also contact Sherayzen Law Office to discuss your case if you were required to file the FBARs for the past years but you have not done so. The FBAR has one of the most severe penalty structures in the entire Internal Revenue Code, and it is important to secure the professional help of Sherayzen Law Office to properly deal with this issue.