Skip to Content

Category: Offshore Accounts/International Tax Disputes

December 23, 2022

|

Correcting Offshore Account Disclosure Violations—Should You Submit a Streamlined Filing or Voluntary Disclosure in 2023?

U.S. taxpayers who own offshore accounts and certain other foreign financial assets have an obligation to disclose these assets to the Internal Revenue Service (IRS)—provided that their value exceeds the IRS’ relatively modest reporting thresholds. Depending on the nature of a taxpayer’s foreign financial assets, this may entail two separate […]

Read More
International tax issues

January 6, 2022

|

Are offshore accounts illegal?

Anyone with significant financial holdings knows that they are not illegal. So, why the bad rap? It is because these very legal, above-board accounts have been misused or used to hide money. Offshore banks have been connected to money laundering, tax evasion, and straw men and shell companies. Famous and […]

Read More
IRS