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Daniel Rosefelt & Associates, LLC

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Personal hardships, such as the death of family member or spouse, can cause significant tax problems for individuals. The mental stress and anguish often causes taxpayers to neglect their tax obligations, leading to unfiled returns or unpaid tax debts. In…

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Taxpayers with unfiled or fraudulent tax returns can be at a high risk of IRS criminal investigation. A non-filer who is an attorney, doctor, professional, business owner or an individual in a high-income bracket, who has a pattern of non-filing, or makes…

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The FAFSA (Free Application for Federal Student Aid) requires that the applicant, often the parent of a prospective or current student, have filed a federal income tax return for the current year, unless an extension has been filed or gross income is…

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Maintaining an attorney-client privilege can often be vital in protecting clients and their interests in difficult tax situations.  Certified Public Accountants and Enrolled Agents have a limited privilege with clients under U.S. law, but this only…

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 After six years of negotiations, European Union lawmakers on Monday formally adopted a #tax evasion policy designed to close loopholes within the bloc's member nations and combat bank secrecy. #fbarpenalties  

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Fried & Rosefelt, LLC, is a Bethesda, Maryland-based tax law firm with a national & international practice representing clients with serious tax problems and financial concerns. The firm is located only a few miles from downtown Washington, D.C., home of the Internal Revenue Service (IRS) national headquarters and United States Tax Court, and our tax lawyers regularly represent individual and business taxpayers in those forums. Members of the firm also regularly represent clients in many other courts and agencies. The tax attorneys and other experienced tax problem resolution professionals at Fried & Rosefelt, LLC use a multi-disciplinary team approach to find a comprehensive solution for each client's tax problems and financial challenges.
DC Tax Lawyer Fried & Rosefelt
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#FBAR - PART I - Michael Fried of Fried & Rosefelt Fried & Rosefelt, LLC understands the language of business and the language of tax. We know that every client has a different goal, a different circumstance, and a different problem. At Fried & Rosefelt, we help you find the right solution for your particular goal and your particular problem.

Hi. I'm Michael Fried of Fried and Rosefelt.
I want to tell you a little bit about the #FBAR.
The report of foreign bank and financial accounts. The #FBAR used to be TDF Form 90.22-1. It's now FinCEN 114.
But whatever form number, it's the #FBAR and it's the stick the #IRS uses to force tax payers into compliance with reporting their foreign bank accounts.
The FBAR is not a tax return. It's a form that you file with the treasury, with FinCEN to report your foreign bank account.
Although the #FBAR was not really enforced until about 8 or 9 years ago, when it is enforced, it comes with a very large penalty. A non-willful failure to file an FBAR can result in a $10,000 penalty per account and per year. If the IRS determines that you have a willful penalty, the penalty is substantial. The penalty is the greater of 50% of the amount in your account or $100,000 per year per violation.
I want to give you a little example. If you have $200,000 in account for the last 6 years, you can face a willful failure to file an FBAR penalty of $100,000 per year or a total penalty of $600,000 on an account that never had more than $200,000 in it.
So if you think I can help, I'm pretty sure I can. Please give me a call.
 Thank you for listening.

Fried & Rosefelt, LLC
The Air Rights Center - West Tower
7315 Wisconsin Avenue, Suite 925
Bethesda, Maryland 20814
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