The Brager Tax Law Group is sponsoring a contest with the goal of educating professionals, as well as taxpayers, about the complicated FBAR rules.
All U.S. individuals and entities, who have a financial interest in or signatory authority over foreign financial accounts with total balances over $10,000, at any time during the year, need to file an FBAR (Foreign Bank and Financial Accounts Report) form with the IRS by June 30th.
Recently, I heard about a CPA who told his client that the IRS wouldn't find out if he had an offshore account, so the client shouldn't worry about filing the form. The IRS is cracking down, yet certain professionals and taxpayers appear to be extremely naïve about the serious consequences that can flow from not filing an FBAR.
The contest will run over a four-week period from May 8th to the close on June 2nd. Each week we will release four questions about FBARs, which anyone, except attorneys, can answer on-line or through the Brager Tax Law Group mobile app. The winner, who has the most right answers, will win a Visa gift card worth $100. In case of a tie, the winner will be selected through a drawing.
I'm very concerned about the lack of accurate information, which leaves taxpayers at risk for both penalties and possibly jail time. My hope is that this contest will help spread the word about the correct information by educating everyone in an entertaining and enjoyable way.
Please log into the first section of the contest at:
Based in Los Angeles with a worldwide client base, the Brager Tax Law Group is a tax litigation and tax controversy law firm, which represents clients with tax disputes with the IRS, the California Franchise Tax Board (FTB), the State Board of Equalization (SBE) and the Employment Development Department (EDD). All of the firm's tax lawyers were former trial attorneys with the IRS.