Wallingford, CT -- (SBWIRE) -- 12/20/2012 -- Anthony E. Parent, an attorney with the IRS Medic law firm, has just posted a new blog that details a conversation he had with Jon McBride, a recent defendant in a lawsuit with the United States government. In his article, Parent describes how McBride was assessed $200,000 in FBAR penalties.
As Parent explained, the law allows for a Foreign Bank or Financial Accounts (FBAR) penalty to be assessed when someone willfully does not report the existence of a foreign bank account that he or she controls, and is worth over $10,000. Because even the threat of receiving such a hefty penalty can be so worrisome, many people decide to come clean with what is called the IRS Offshore Voluntary Disclosure Program, or OVDP.
For clients who are looking for legal help with their offshore bank accounts IRS Medic attorneys like Parent offer knowledgeable advice. As Parent noted in his latest blog, while many people have not fessed up about their foreign bank accounts—and are in essence gambling that the IRS will not be interested in them and will not find out about them—he strongly advises his clients to take part in the OVDP/FBAR Amnesty program.
In his interview with Parent, McBride agreed with this advice.
“He told me ‘It’s a no brainer. Look, they got me and I didn't even have actual control over the accounts.’” Parent wrote, adding that McBride’s contention was correct.
“The court ruled that he only had ‘tacit control’. Jon further told me he wished the program was available for him years ago.”
Parent said his assertion that even the “small fish” come clean and completely disclose their foreign bank accounts to the IRS has made him the subject of criticism.
“But it is my unique perspective on how IRS prosecutions and penalty impositions work is that even little guys need to be concerned. McBride’s struggle with the IRS has lasted over 10 years. Such a battle must be avoided at any cost. Even a win is a loss.”
Anyone who is interested in reading Parent’s new blog, or learning more about the services that IRS Medic offers, is welcome to visit the firm’s website at any time. The site features in-depth and educational articles about its many services, including how the firm can help with unfiled FBARs, as well as a section filled with client success stories.
About IRS Medic
IRSMedic: Parent & Parent LLP is a boutique tax law firm specializing in resolving complicated and sensitive U.S. income tax problems. The firm, founded by father and son David and Anthony Parent, is based in Connecticut, but serves high net-worth clients worldwide. For more information, please visit http://www.irsmedic.com