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June 2014 Archives

IRS Changing Terms for Offshore Account Holders

U.S. taxpayers hiding assets abroad should take note of the Internal Revenue Service's plan to sharply increase penalties for such acts, while those who unintentionally fail to disclose offshore accounts will experience much more leniency.

Answering Your Foreign Bank's Request for Information

With FATCA compliance on the horizon and the U.S. Program for Swiss Banks well underway, many U.S. taxpayers have been receiving letters from their banks requesting information about whether the accounts held at their institutions have been disclosed to the IRS and asking for permission to disclose relevant account information to the U.S. government. Receiving this letter is often a shock to U.S. taxpayers who may have never received any mail from the foreign financial institution, or who closed their accounts years ago and have not thought about it since.

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