ECOSYSTEM
Offshore Bank Accounts With Parent & Parent | IRSMedic
At Parent & Parent | IRSMedic, our team of offshore tax attorneys helps individuals, businesses, trusts, estates, and foundations navigate the complex legal landscape surrounding offshore bank accounts. With decades of combined experience, our Wallingford, CT-based law firm serves clients across the United States, offering expert legal guidance on foreign asset reporting, FBAR compliance, IRS offshore investigations, and voluntary disclosures.
Whether you’re looking to proactively disclose offshore accounts or need legal defense for unreported foreign assets, our offshore tax attorneys are ready to help.
IRS Enforcement on Offshore Accounts is Increasing
The IRS has made offshore tax compliance a top enforcement priority, and U.S. taxpayers with foreign financial accounts face increasing scrutiny. Under the Foreign Bank Account Report (FBAR) rules, any U.S. person with a financial interest in—or signature authority over—foreign financial accounts with an aggregate value exceeding $10,000 at any point during the year must:
- Report any income derived from those accounts on U.S. tax returns
- Disclose those accounts to the IRS
Disclose those accounts to the IRS
Failure to file an FBAR (FinCEN Form 114) or accurately report foreign account income can result in severe civil and criminal penalties, including substantial fines, asset forfeiture, and even prison time in cases of willful noncompliance.
At Parent & Parent | IRSMedic, we help clients identify compliance gaps, mitigate penalties, and develop legal strategies to resolve offshore tax issues while protecting their financial interests and minimizing exposure to criminal tax enforcement.
FBAR Compliance Guidance
Ensure timely and accurate reporting of all offshore accounts to avoid penalties.
Offshore Voluntary Disclosure Assistance
Safely report unreported foreign accounts to the IRS while minimizing penalties through official voluntary disclosure programs.
Defense Against Offshore Tax Investigations
If the IRS is investigating your foreign accounts, we provide aggressive legal representation to protect your rights.
Foreign Income Reporting
Assistance with properly disclosing foreign investment income, rental income, and business income.
Compliance for Trusts, Estates & Foundations
Specialized reporting and compliance strategies for complex foreign asset structures.
Negotiating Reduced Penalties
We negotiate with the IRS and FinCEN to seek the lowest possible penalties for FBAR violations, even in cases of willful non-disclosure.
Legal Defense for Foreign Account Non-Compliance
If you’re already under investigation, our tax attorneys work to mitigate exposure to criminal charges.
What You Need to Know About IRS Offshore Investigations
The IRS has developed advanced systems to detect unreported offshore assets, including data-sharing agreements with foreign financial institutions under FATCA (Foreign Account Tax Compliance Act). As a result, individuals with unreported foreign accounts are increasingly being targeted for audits, civil enforcement, and criminal tax investigations.
Potential Penalties for Offshore Tax Non-Compliance
- Civil penalties of up to 50% of the account balance per year for willful non-filing.
- Criminal penalties including fines up to $500,000 and imprisonment for up to 10 years.
- Additional tax penalties, interest, and potential forfeiture of offshore assets.
Nationwide Offshore Tax Representation from Parent & Parent | IRSMedic
With decades of experience in tax compliance and tax controversy law, the attorneys at Parent & Parent | IRSMedic offer comprehensive solutions for clients with offshore accounts, foreign assets, and international business interests.
We understand the evolving offshore compliance laws and leverage that knowledge to develop customized strategies that protect our clients from unnecessary financial penalties and criminal exposure.
Protect Your Foreign Assets and Your Future
The IRS is aggressively pursuing U.S. taxpayers with undisclosed offshore bank accounts, and the penalties for failing to report foreign assets can be devastating. Whether you need to come into compliance through the IRS Offshore Voluntary Disclosure Program (OVDP), file overdue FBARs, or are already under IRS investigation for unreported foreign accounts, the offshore tax attorneys at Parent & Parent Advisory | IRSMedic are ready to help you protect your assets and secure your financial future.
We Analyze Your Offshore Risk and Reporting Gaps
We start by reviewing your foreign accounts, assets, and financial history to assess your reporting obligations and potential penalty exposure.
We Communicate Directly with the IRS, So You Don’t Have To
We handle all IRS and FinCEN communications, so you can focus on your life while we navigate the legal and compliance process on your behalf.
We Build a Customized Compliance and Defense Strategy
Every offshore case is different. We prepare and file FBARs, FATCA disclosures, and amended tax returns where needed, and we defend you against unfair penalties or IRS overreach if you’re already under investigation.
We Minimize Penalties and Protect Your Wealth
Our goal is to resolve your offshore account issues while minimizing penalties, avoiding criminal exposure, and preserving as much of your wealth as possible. With strategic planning and skilled negotiation, we fight to secure the best outcome for your case.
Act Now to Protect Your Offshore Assets & Secure Your Financial Future
Parent & Parent | IRSMedic – Your Trusted Legal Team for Offshore Account Compliance & IRS Defense
Real Clients, Real Results
