Tax: Federal Criminal Tax Defense, #OVDI, FBAR, FATCA

Jung & Associates has experience in handling several issues under Tax Law. Attorneys at Jung & Associates have worked with clients subject to IRS criminal investigation or charged with Federal tax crimes. We also advise clients on the benefits and risks of complying with Foreign Account Tax Compliance Act (FATCA), filing the Delinquent Report of Foreign Bank and Financial Accounts (FBAR), and participating in Offshore Voluntary Disclosure Initiative (OVDI).

The FATCA aims to improve tax compliance involving foreign financial assets and offshore accounts.
Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS.
The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad. The objective of the OVDI is to bring taxpayers that have used undisclosed foreign accounts and undisclosed foreign entities to avoid or evade tax into compliance with United States tax laws.