If you have substantial foreign bank accounts and other financials assets in another country while you're still a US citizen, or even on a green card, the government demands you file a Report of Foreign bank accounts, or FBAR for short, or face the threat of unbelievably crippling financial penalties and even potential criminal charges.

IRS Medic is a recognized expert on the FBAR and offshore disclosures.

We want to share with you an incredible story of our client, Chad, who had millions in a Swiss bank account and a $6 million FBAR penalty exposure. And after talking to a different attorney, he wanted to crawl under a rock and hide. But instead he

reached out to us and we were able to save his fortune and his sanity.

To safeguard your hard-earned income and reduce your audit risk, consider filing as a business entity instead of a sole proprietorship.Here are some options to explore:

1. Tip Number One:

Most tax professionals don’t care if you have to pay the IRS a stupid amount of money. They really don’t. And they are fine scaring you with criminal charges to get you to do their bidding. They actually can’t understand why you didn’t file your taxes perfectly. So the tip is, if you are some advice form even the alleged best attorney on the planet, that requires you to ruin yourself, get a second opinion from an law firm that actually helps people in tough spots.

2. Tip Number Two:

When making a disclosure, check to see what you exposure is first as-is. Assume that the IRS discovers you in an audit; what would happen? You don’t want to agree to pay the IRS more than they could get from you IF they had found you. Avoiding a disaster by creating a bigger disaster means you asked for a disaster.

3. Tip Number Three:

Even complicated high dollar tax problems can be solved by the streamlined program. There is no dollar figure that requires you to enter in to the voluntary disclosure. Even if you have accounts in the hundreds of millions of dollars you can still submit a streamlined disclosure.

4. Tip Number Four:

As long as you disclose what you are doing and why on a tax return, you’ve created a strong basis for eventually winning your case in tax court. These types of disputes the IRS really won’t want, especially when they are made by a law firm who has the resources and knowledge to challenge the IRS and win. What the IRS wants is easy to understand mistakes that allow their completely overworked employees to assess large penalties. Of course, it helps the IRS when taxpayers don’t lawyer up properly - as that is who gets the brunt of IRS abuse - those who trust the IRS to be fair!

5. Tip Number Five:

The IRS current focus isn’t so much on a tax bill, but rather missing FBAR and other form penalties - forms like 8938, 5471, 5472, 8865, 920, 3520-A and 3520. The IRS treasury inspector general also confirms that this is true - even many auditors in the IRS Large Business & International division value foreign reporting form penalties more than tax bills.

I hope these 5 tips help you understand that you shouldn’t let the IRS and the tax industry scare you into ruining yourself! Fixing FBAR and FATCA issues isn’t necessarily cheap or without some serious emotions involved, but it can be done, so that way you can sleep and travel at ease.

We understand that navigating the intricacies of tax forms can be overwhelming, so we're here to assist you. Our team of experts can guide you through the process for your situation, ensuring you optimize your tax benefits while minimizing your audit risk.

Remember, taking proactive steps now can save you from potential headaches and financial setbacks in the future. Don't let lack of preparation expose you to unnecessary audit risk.