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Parker Poe Team To Assist Clients with Unreported Foreign Financial Accounts

  • August 15, 2013

(CHARLOTTE, N.C.)—Parker Poe Adams & Bernstein LLP announced today that a new interdisciplinary team of attorneys has been formed to assist clients who have unreported foreign financial accounts.

Under U.S. law, a U.S. person (including citizens, resident aliens and entities organized in the U.S.) with a financial interest in or signature authority over a foreign financial account is required to disclose the account to the U.S. government. The government has begun to aggressively pursue U.S. persons with unreported foreign bank accounts, and foreign banks and governments have been increasingly willing to cooperate with the IRS and the U.S. Department of Justice. Failure to file the appropriate documents, including the Report of Foreign Bank and Financial Accounts (FBAR), may result in extensive civil penalties and criminal prosecution.

Clients with unreported foreign accounts often need legal counsel in three distinct areas of the law – tax law, international law and criminal law. In forming the International Tax Compliance & Investigations Team, Parker Poe has pooled a group of tax attorneys, criminal defense attorneys and international attorneys for the specific purpose of assisting clients with unreported foreign accounts. The team will consult with clients on their potential exposure to civil penalties and criminal prosecution, assist clients in coming into compliance with U.S. reporting requirements and represent clients before the IRS and the U.S. Department of Justice when necessary.

“Tax, criminal defense and international law have long been strengths of our firm,” said Eric Cottrell, a former prosecutor and white-collar criminal defense attorney who leads Parker Poe’s Antitrust, Business Torts & White Collar Practice Group. “By combining resources and taking a team approach on these cases, we’ll be in a position to provide our clients with the highest level of service and experience.

In addition to Mr. Cottrell, the team will be led by Scott Manning, who focuses his practice on tax controversies and planning. Mr. Manning previously served as attorney-advisor to the Hon. Thomas B. Wells of the United States Tax Court and as a legislative aide on Capitol Hill, where his work focused primarily on tax legislation.

About Parker Poe
Parker Poe Adams & Bernstein LLP has 190 lawyers in five offices located in major markets across North Carolina and South Carolina. The Firm provides legal counsel to large commercial and public organizations on litigation, corporate and regulatory matters. It is an award-winning leader in the use of technology to provide better and more efficient service to domestic and international clients. For more information, please visit