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 […]
Category: Offshore Accounts/International Tax Disputes
Offshore accounts are not illegal per se, and there are numerous benefits to keeping assets in banks of other countries. However, offshore accounts present numerous tax complications, not the least of which is a legal landscape that seems to be constantly shifting, making it nearly impossible to stay in compliance […]
Tax obligations are complex enough for people conducting business domestically. When a business reaches an overseas market, the complications only increase. If you are doing business outside of the U.S., you can spare yourself significant trouble by avoiding a few common mistakes. Not meeting reporting requirements Your tax reporting requirements expand […]
Disclosing offshore accounts to the IRS is increasingly necessary for individuals and companies. As the IRS becomes more aggressive in pursuing owed taxes, disclosures of foreign accounts and ensuring proper payment are a necessity. However, many choose to address this issue that doesn’t make waves. These “quiet disclosures” work by […]
Having an offshore account is a commonly used method of protecting liquid assets from taxation. Additionally, international business is more straightforward if you maintain an account in the country you do business. While having an offshore account is not necessarily illegal can lead to many additional risks, listed below. Extra […]
Many Texas residents may feel the urge to leave the state or even the country for an extended time. Some people prefer to live abroad for a year or two to gain a new experience while retaining their United States citizenship. However, even if a person is working in another […]
Various ways exist for Texas taxpayers and those elsewhere to legally reduce their tax obligations. These methods are often known as tax avoidance, and many of them can allow individual taxpayers and companies to pay less taxes to the United States government. One way that parties do this is by […]
Many Texas residents may have no real idea how to properly use a bank account outside of the United States. As a result, they may think that using offshore bank accounts is only for people who want to evade their taxes or who want to use it for other nefarious […]
To many Texas residents, their financial matters and investment portfolios are of the utmost importance. They want to ensure that their money is always working for them and that they are taking advantage of banking options that could help them preserve their hard-earned funds and future legacy. As a result, many individuals […]
Having assets in offshore or foreign accounts is not unusual for many people living in Texas and other parts of the United States. The benefits of holding these accounts are attractive for many reasons, particularly when it comes to protecting wealth. However, it is necessary for individuals to report their […]