Lance Wallach, Managing Director, is the nation's leading expert on employee 
benefit plans, tax problem resolution and IRS audit defense. He has never lost a case.

Our Team also includes a CPA with an MBA degree in Taxation, who was an IRS International Examiner for 35 years, an IRS International Team Manager,  and an IRS Appeals Officer. Let us use our decades of IRS experience with both domestic and multinational tax to help your  business today.

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The Team Approach to Tax, Financial and Estate Planning

Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots

National Society of Accountants 

Wealth Preservation Planning 

IRS Secrets You Should Know
Protecting Clients from Fraud Incompetence and Scams
International Tax: Fatca, Fbar, And Ovdi Experts : About

THe bank Secrecy Act Requires a Form TDf90-22.1, Report of Foreign bank and Financial Accounts (FBAR) 

by Lance Wallach, CLU, CHFC 

This article originally appeared at hg,org


US persons often avoid taxes by hiding money offshore The FBAR covers a calendar year and must be filed no later than June 30th of the following year and includes any interest a U.S. person has. The Bank Secrecy Act requires that a Form TD F 90-22.1,(replaced by FinCEN Report 114 in 2013) of Foreign Bank and Financial Accounts (FBAR), be filed if the aggregate balances of such foreign accounts exceed $10,000 at any time during the year. 

This form is used as part of the IRS's enforcement initiative against abusive offshore transactions and attempts by: 


  • Offshore bank accounts; 
  • Offshore mutual funds; 
  • Offshore hedge funds; 
  • Offshore variable life insurance policies; 
  • Offshore variable annuities, otherwise known as Swiss Annuities; 
  • Debit card and prepaid credit card offshore accounts. 

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