Ely J. Rosenzveig practices principally in the fields of elder law, trusts & estates, tax planning, employment law, and mediation. He has extensive experience in federal and New York State tax law, and has successfully represented a wide range of clients on FBAR & FATCA compliance issues. Ely also practices employment law, with a particular emphasis on age and disability discrimination, negotiating compensation agreements, and severance issues. With his extensive background in the law, his experience as a congregational rabbi, and his specialized training in Mediation at Harvard Law School, Ely is also available as a professional mediator to help facilitate optimal solutions in matters ranging from family and estate disputes to multi-party commercial issues.
The IRS provides some relief options that a taxpayer can apply for to reduce or eliminate penalties and interest assessed.
The FBAR (Report of Foreign Bank and Financial Accounts) is a form that the Internal Revenue Service (IRS) requires U.S. taxpayers with certain foreign bank accounts to file, wherever they may live—at home or abroad (“expatriates” or “Expats”).
Guardianship is a legal arrangement where a judge gives an individual the legal right to make decisions for another person who’s unable to make decisions for themselves.
If you own property along with someone else, there may be a “right of survivorship,” where the surviving owner automatically takes ownership of the entire property when the other owner dies, by operation of law.
You may qualify for relief from penalties if you made an effort to comply with the requirements of the law, but were unable to meet your tax obligations because of circumstances beyond your control — due to “reasonable cause.”
The FBAR (Report of Foreign Bank and Financial Accounts) is a Form FinCEN 114. The Bank Secrecy Act details the FBAR filing requirements.
This form must be filed electronically with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department.