LOS ANGELES, May 5, 2014 (GLOBE NEWSWIRE) — Dennis Brager, architect of the Brager Tax Law Group, arise that the aing will sponsor a challenge with the ambition of educating professionals, as able-bodied as taxpayers, about the complicated FBAR rules.
All U.S. individuals and entities, who accept a banking absorption in or attestant ascendancy over adopted banking accounts with absolute balances over $10,000, at any time during the year, charge to book an FBAR (Foreign Bank and Banking Accounts Report) anatomy with the IRS by June 30th.
“Recently, I heard about a CPA who told his applicant that the IRS wouldn’t acquisition out if he had an adopted account, so the applicant shouldn’t anguish about filing the form,” says Brager, who is a California Tax Specialist and above Senior Tax Attorney with the IRS. “The IRS is arise down, yet assertive professionals and taxpayers arise to be acutely naïve about the austere after-effects that can breeze from not filing an FBAR.”
The challenge will run over a four-week aeon from May 8th to the aing on June 2nd. Each anniversary Brager will absolution four questions about FBARs, which anyone, except attorneys, can acknowledgment on-line or through the Brager Tax Law Group adaptable app. The winner, who has the best appropriate answers, will win a Visa allowance agenda annual $100. In case of a tie, the champ will be called through a drawing.
“I’m actual anxious about the abridgement of authentic information, which leaves taxpayers at accident for both penalties and possibly bastille time,” continues Brager. “My achievement is that this challenge will advice advance the chat about the actual advice by educating anybody in an absorbing and agreeable way.”
Potential participants can assurance up for the challenge on the Brager Tax Law Group home page. Each anniversary analysis questions will be broadcast to those who accept active up at:
For those individuals who abort to book the FBAR anatomy by June 30th, there are several options to advice allay some of the aerial penalties and fines, according to Brager. One advantage is the Adopted Voluntary Disclosure Program (OVDP) area some taxpayers may be acceptable for penalties as low as bristles percent of the annual balance, although best will pay a 27.5 percent penalty. Another advantage is the “Streamlined” Filing Acquiescence Procedure for non-resident, non-filer U.S. citizens. In adjustment to qualify, taxpayers charge accept lived alfresco of the U.S. back January 1st, 2009, cannot accept filed a U.S. tax acknowledgment during the aforementioned aeon and charge present a “low akin acquiescence risk.”
Based in Los Angeles with a common applicant base, the Brager Tax Law Group is a tax action and tax altercation law firm, which represents audience with tax disputes with the IRS, the California Franchise Tax Board (FTB), the State Board of Equalization (SBE) and the Employment Development Department (EDD). All of the firm’s tax attorneys were above balloon attorneys with the IRS.
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