Foreign Bank Account & Offshore Reporting Attorneys in New York, New Jersey & Federal Court

Protecting Clients in FBAR, FATCA, and Offshore Account Matters.

U.S. taxpayers with foreign bank accounts or overseas financial assets face strict reporting requirements under federal law. Failing to properly disclose these accounts can lead to devastating civil penalties, criminal prosecution, and lasting damage to your finances and reputation. The IRS Criminal Investigation Division and the Department of Justice (DOJ) aggressively pursue offshore tax cases, especially when large balances or willful violations are suspected.

Our firm represents clients in New York, New Jersey, and federal courts across the U.S. in matters involving foreign accounts, voluntary disclosures, and IRS enforcement actions.

Reporting Requirements for Foreign Accounts

  • FBAR (Report of Foreign Bank and Financial Accounts):
    • Required under the Bank Secrecy Act (31 U.S.C. §5314).
    • Must be filed annually if the aggregate balance of foreign accounts exceeds $10,000 at any time during the calendar year.
  • FATCA (Foreign Account Tax Compliance Act):
    • Requires certain U.S. taxpayers to file Form 8938 with their tax return if they hold specified foreign assets above set thresholds.
  • Other Reporting Obligations: Foreign trusts, business interests, and investments may also trigger reporting duties.

Civil & Criminal Penalties for FBAR Violations

  • Non-Willful Violations: Up to $10,000 per account, per year.
  • Willful Violations: The greater of $100,000 or 50% of the account balance, per year.
  • Criminal Penalties:
    • Up to 5 years in prison and fines up to $250,000 for willful failures.
    • If part of a larger fraud scheme, penalties can include 10 years in prison and fines up to $500,000.

Common Issues in Foreign Bank Account Cases

  • Failure to file FBARs or FATCA forms
  • Partial or inaccurate reporting of account balances
  • Use of offshore entities or trusts to conceal income or assets
  • IRS audits or investigations triggered by foreign bank disclosures
  • Criminal referrals from civil audits where willfulness is suspected

FBAR & Offshore Account Investigations in New York & New Jersey

  • New York: As a global financial hub, New York residents are frequently targeted for FBAR enforcement due to international banking ties and investment activity.
  • New Jersey: With many residents maintaining cross-border accounts, especially with Canada, Europe, and Asia, state residents are also at high risk of IRS scrutiny.
  • Both states fall under the jurisdiction of federal law, meaning penalties and prosecutions are handled in U.S. District Courts.

Defense Strategies for FBAR & Offshore Cases

  • Voluntary Disclosure Programs: Entering into IRS compliance programs (such as Streamlined Filing Compliance Procedures) to reduce or avoid penalties.
  • Challenging Willfulness: Proving that any failures to report were mistakes, not intentional acts.
  • Negotiation with the IRS & DOJ: Working toward reduced penalties and avoiding criminal referral.
  • Protecting Against Double Penalties: Preventing the IRS from stacking multiple years and accounts into excessive fines.
  • Litigation & Trial Defense: Defending clients in federal court when disputes cannot be resolved administratively.

Why Skilled Counsel Matters

The IRS and DOJ treat offshore account cases as high-priority enforcement matters. Civil penalties alone can exceed the account balance, and criminal cases carry long prison terms. Having an experienced FBAR and foreign account defense attorney is essential to protect your freedom and finances.

Our firm represents clients at every stage — from compliance planning and voluntary disclosures to defending against IRS audits and federal criminal investigations.