Overseas and Foreign Bank Account Reporting Disclosure Success Story


There's a lot that can be done when you're armed with the proper knowledge. I want to share a success story that exemplifies what we do, and why it means so much to me.


One of my cases at IRSMedic was with a client named Samantha. Instead of having one of the more clean-cut cases, she was the unfortunate participant of an overseas and foreign bank account reporting disclosure case. She had inherited an investment fund from her mother, and her mother had done a good job keeping a diverse portfolio. Stocks, bonds, mutual funds, interest, and dividends, Samantha had it all. She just didn't know she needed to report all of it!


Going through and making sure that we had the proper U.S. tax treatment for her non-U.S. investment fund took a lot of time. Samantha, understandably, was getting worried as the days kept ticking on. I worked on her returns for months, translating her financial statements into English, figuring out which numbers were income that needed to be reported, and what kind of reporting was needed. She had Passive Foreign Investment Company (PFIC) income in her portfolio and we had to tease out which portions of her income needed special PFIC reporting and which did not.


Long story short, it was a complex puzzle with a lot of tiny pieces needing to be set in their proper places.


Finally, after revising her returns until we were satisfied, we let her know that her returns were completed. By this time, Samantha was at her wits end. She did not understand why her return preparation took so long, and she was afraid that the IRS was going to get impatient (why hadn't we submitted her case yet?) and potentially audit her or kick her out of the Voluntary Disclosure Program.


When dealing with the IRS, quality is of the utmost importance

Samantha's opinion changed after she reviewed our work. She took one look at the eight years of returns that we did and recognized what went into them. She called us and thanked us for getting these returns done, saying she had a new appreciation for everything we did and all the time we spent preparing her returns. I couldn't help but feel validated that we had done the right thing by taking the time to do her returns the right way.


The IRS, thanks to our thoroughness and the quality of our work, were appreciative to not have to sort through piles of sloppy documents. That always helps the push for a positive resolution.


Overseas and foreign bank account reporting disclosure is anything but simple; we know that, and we'll do everything we can to make it as easy as possible for our clients. We want to know that the time and effort we poured into our clients makes a difference. And when they realize how our desire for them to succeed fueled our work, we count it as a special kind of success. Read reviews of Parent & Parent LLP here.