FBAR / FATCA Problems Solved


Varish Modi, CPA, EA, CTC, NTPI Fellow has been taking away pains from clients caused by delinquent FBAR and FATCA.

Varish Modi is a Certified Public Accountant (CPA), Enrolled Agent (EA), Certified Tax Coach (CTC), Certified Acceptance Agent (CAA), Chartered Accountant (CA) specializing in individual, US and international tax issues.

Currently there is hot air blowing on the enforcement of under reporting of foreign income and declaration of foreign assets. Taxpayer who are compliant are enjoying their ride that is to live work and enjoy their life in US and outside US. Taxpayer who are ignorant will be swept away and Taxpayers who are non-compliant gets the heat of this enforcement.

Ok you worked hard and accumulated some wealth, that is currently outside the USA and now you learned there is bad news, you did not file your FBAR or missed to file the FATCA returns that means there is a possibility you may have potential penalties for failure to file FBAR  or FATCA returns, penalties for failure to report income on those assets and failure to pay taxes on the income on those assets, which in total could accumulate more than 3 to 4 times the value of all the assets, you have outside the USA and that is a huge challenge that you may be facing making you feel as if it is end of the world?

One option is to jump out of the boat in the ocean and put an end to this inherited problem you never thought you will be subject. How can you lose everything or may be get into debt situation for a silly mistake you never thought will lead you to. Sure that is one option but not the best option. Many taxpayers at least thinks this as a option and that is to run away from the situation and very soon realizes this does not get them anywhere.

Maybe stick your head inside the the sand on a beach and forget all the FBAR and FATCA problems for a while and gain peace. Again one more option but not a good option at least for FBAR and FATCA problem. That is what many taxpayers end up doing anyway which is they end up DOING NOTHING. Very bad idea on delinquent FBAR and FATCA problems.

Maybe consult your friends and family and follow their advice maybe one of the worst options I experience people doing when they have delinquent FBAR or FATCA returns.

Maybe follow the advice of parents overseas.  Again not the best option. Not on delinquent FBAR and FATCA problem.

Believe it or not, there are thirteen options I have good bad excellent worst all added together, that I have compiled with my experience dealing with diverse clients.

Maybe you have dreamed out an option which I probably have it on my list and we will evaluate together. What is the ramification of this option that you have thought and should that be followed? If Yes why you should follow and if No what that option may lead you to and why it should not be followed?

Another bad thing to avoid is to make your decisions based on your research on the internet.

Yes, you should research on the internet and get informed but do not make decisions and never implement those ideas without professionally evaluating it for your situation.

Remember making wrong decisions and choosing the bad option on FBAR and FATCA problem is very expensive, so what should you do?

Better option may be you responded to an ad in the radio, internet or news media from one of the seasoned tax professionals. After meeting him, you are concerned and may be  scared the hell out of your life.

Maybe he just made a big deal about your situation that does not apply but that is what he knows, that is what he is trained, that is what he felt and that is what he told which he thinks is correct.

But you do not know is he right? or may be he is over reacting?

Remember for the time being there are thirteen gates out of which five gates are open which IRS expects you should enter thru and that also only if you qualify.

Sixth gate IRS has publicly announced that if we see you entering that gate we will criminally prosecute you.

This leaves you with seven more gates to enter which probably an average taxpayer thinks he can enter which nobody will notice nobody will know and all his problems will be gone but without proper guidance from a professional this may either lead you to from bad to worst situation or will not change your status-quo. All this options will finally narrow down to only one option which is the best option and the only smart option and that is to get in compliance and stay in compliance and all other options will lead you to pains and sufferings either NOW or even more pains and sufferings in FUTURE and are only bad options leaving you with only one best option to pursue and follow.

If somebody advises you something different? RUN. He is giving you bad advice, it could be tempting because that is what you want to hear and that is  exactly what he is advising but one thing is sure if you get into trouble he is going to RUN. So you decide once you know something is a bad advice do you want to RUN NOW from that bad advice or you want to chase when that bad adviser is on the RUN.

Think about it?

Where do you want to GO?

 Get your options evaluated and find out where you stand?

Your search is over get in touch with Varish Modi, CPA, EA, NTPI Fellow Our office is located right in your neighborhood in the heart of Silicon Valley in Sunnyvale, CA at a very close distance from companies like Apple,  Google, VMWare, Cisco and Intel right on the intersection of Hollenbeck Ave and Fremont Ave across from Sunnyvale Presbyterian Church. Look for the CPA sign facing the main street on Hollenbeck Ave.

  •  Are you looking forward to solve your FBAR / FATCA problems?

Varish Modi, CPA, EA, NTPI Fellow will provide you with no nonsense expert tax advice.  We can help you save on your taxes get you in tax compliance and help prevent costly mistakes which can make you avoid pay penalties and also avoid unnecessary IRS audits, and free up your time to do better things in your life than deal with tax authorities.  Varish Modi CPA, EA, NTPI Fellow has extensive experience with filing FBAR and FATCA returns and advising clients with financial interest in foreign countries.

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