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THE IRS IS LOOKING FOR YOUR FOREIGN ACCOUNT!

IRS LETTER 6019

In November of 2017, the IRS began sending an IRS Letter 6019 to certain taxpayers who the IRS believes have a Swiss bank account or other foreign financial account which the IRS believes is NOT disclosed in the taxpayer's tax filings and/or FBAR filings.  

If you receive an IRS Letter 6019, time is of the essence.  You only have 30 days to respond to the IRS.  If you do NOT respond within 30 days, your file may be forwarded to an examination group and the IRS may apply all applicable penalties.   

If you act quickly, you may be able to avoid substantial penalties.   The IRS Letter 6019 provides three (3) Options to taxpayers who receive the Letter 6019.   The three options are:

1. Request to Participate in the 2014 Offshore Voluntary Disclosure Program (2014 OVDP which is ending 9/28/2018).  This program is intended for taxpayers with WILLFUL CONDUCT;

2. Use the Streamline Filing Procedures which are intended to resolve issue resulting from NON-WILLFUL CONDUCT;

3. Provide an explanation to the IRS regarding your tax compliance if you believe that you have you fully complied with all tax and information reporting requirements.   This statement is signed under penalty of perjury!  Be very careful with this option.  

The IRS Letter 6019 is a virtual minefield for taxpayers or tax professionals who do not fully understand the requirements or ramifications of the three options listed above.  

If you receive an IRS Letter 6019, time is of the essence.  You only have 30 days to respond to the IRS.  Your tax professional will have a lot of work to do to sort out the issues in question in a short amount of time.   

OUR FIRM CAN HELP YOU WITH THE IRS LETTER 6019.  PLEASE CALL TEIG AT 305-576-4242 FOR A FREE CONSULTATION.  



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