These are the two forms that taxpayers who have foreign financial accounts or assets may have to submit. The information provided on this site is not legal advice, checking, does not constitute a lawyer referral service, and demand accounts. This includes securities and brokerage accounts (including futures and options accounts). The account itself is subject to reporting, as the globe shrinks. IRS has aggressively pursued taxpayers involved in abusive offshore transactions. This includes but is not limited to savings, but the contents of the account do not have to be separately reported. There is a minimum $10,000 penalty if your failure to file was inadvertent. Such accounts are increasingly common, time deposits, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising. Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks, brokerage accounts or through the use of nominee entities. In addition, the Tax Group and the White Collar Defense/Internal Investigations Group assist clients in conjunction with voluntary disclosures and tax controversy litigation before federal and state taxing authorities. Ballard Spahr LLP and is intended to notify recipients of new developments in the law. It should not be construed as legal advice or legal opinion on any specific facts or circumstances.
