Do you want to know about filing FBAR and how to avoid it? You have come to the right place at USTAXFiling. You will get all the updates related to FBAR and tricks to eliminate it. Stay tuned and continue to read this article to get more details about FBAR.
The Internal Revenue Service is not a big fan of individuals who argue that they don’t need to file income tax returns. The Internal Revenue Service provides a list of several arguments that it receives from people who don’t wish to pay their income tax. People do win and refuse to file an FBAR. There is a chance that you don’t have to pay your FBAR this year, but in the future, you might have to pay FBAR. To avoid this, let us discuss in more detail how you can avoid filing FBAR.
If you are thinking about your options for telling the government of the US that you cannot pay your tax or file this year, you can eliminate it by saying I cannot file taxes this year as I am admitting to a crime and incriminating myself. And if you give any excuse to pay your taxes, you may have t pay up. Apart from calling attention to yourself as a criminal, the Internal Revenue Service will reciprocate with a certain frivolous argument penalty under the tax code of Section 6702:
A person has actually invoked the five Amendment and won in tax court. The income taxpayer named Youssefzadeh from Youssefzadeh vs. commissioner, T.C.Nov.6, 2015, No. 14868-14-L. Mr. Youssefzadeh was filling Schedule B of his income tax return and was asked whether he planned to file an FBAR or Foreign Bank Account Report. He was worried about answering the question and whether he might incriminate himself of a crime, so he invoked Amendment 5th. The Internal Revenue Service does not take FBAR and fails to report, so they took him to tax court. Not filing FBAR purposely is a big crime.
The court said that Mr. Youssefzadeh had a danger of self-incrimination by answering the Section B questions and that his reason was not valid. We don’t know if Mr. Youssefzadeh had any big issues than failing to file an FBAR, but we are not at all sure, and we wish to find out. If you are thinking about not filing your expat taxes, you have to consider that there are ways to do it, but they might lead to legal charges that will outweigh the expense of filing FBAR.
Daydreaming is fun, but you are not thinking about taking the IRS to court to eliminate filing expat income taxes.
And we at USTAXFiling are here to help. USTAXFiling tries to take away all your worries and anxiety about filing expat income taxes. Our USTAX filing experts are highly educated and skilled to help you in the best possible way. Our tax filing experts at USTAXFiling ensure to discuss with you your tax-related problems and resolve them quickly. They have all the updates related to expat income tax filing so that you don’t have to worry about anything. Our tax experts at USTAXFiling have all the necessary recent updates related to expat income taxes so that you can sit at your home and enjoy them, and our experts will take care of filing income tax returns. So, what are you waiting for? We at USTAXFiling are here to help you with all your income tax needs. Book a call with our USTAXFiling experts right away and enjoy your life without any tax-related worries!