Brager Tax Law Group is sponsoring a contest with the goal of educating tax professionals and taxpayers about the complicated rules surrounding foreign bank account reports.

All U.S. individuals and entities who have a financial interest in or signatory authority over foreign financial accounts with total balances over $10,000 at any time during the year need to file an FBAR (Foreign Bank and Financial Accounts Report) form with the Internal Revenue Service by June 30.

“Recently, I heard about a CPA who told his client that the IRS wouldn’t find out if he had an offshore account, so the client shouldn't worry about filing the form,” said Dennis Brager, a California tax specialist and former senior tax attorney with the IRS. “The IRS is cracking down, yet certain professionals and taxpayers appear to be extremely naive about the serious consequences that can flow from not filing an FBAR.”

The contest will run from May 8 to June 2. Each week Brager will release four questions about FBARs, which anyone, except attorneys, can answer online or through the Brager Tax Law Group mobile app. The winner, who has the most right answers, will win a Visa gift card worth $100. In case of a tie, the winner will be selected through a drawing.

“I’m very concerned about the lack of accurate information, which leaves taxpayers at risk for both penalties and possibly jail time,” said Brager. “My hope is that this contest will help spread the word about the correct information by educating everyone in an entertaining and enjoyable way.”

Potential participants can sign up for the contest on the Brager Tax Law Group home page at www.bragertaxlaw.com. Each week, survey questions will be distributed to those who have signed up.