However, complying with laws and regulations is essential in avoiding potential criminal penalties. In some cases, individuals may realize that an issue with their offshore accounts has occurred and could benefit from voluntary disclosure. Voluntary disclosure allows a person who knows he or she has violated tax-related laws to voluntarily […]
Category: Offshore Accounts/International Tax Disputes
Many individuals who live in Texas and other parts of the United States choose to use offshore or foreign bank accounts, and they face certain obligations under the law when it comes to reporting taxes. The Foreign Account Tax Compliance Act requires that U.S. taxpayers report their financial holdings that exist outside […]
Commonly, people in Texas and across the country think that offshore banking implies something shady. However, offshore bank accounts can have various benefits, and it is not necessarily illegal or shady to have such accounts. However, problems typically arise if the owners of such accounts try to hide them from […]
Like other Americans, some people who live here in Fort Worth want to protect the wealth they have, especially now in these uncertain times. They may consider moving their money into offshore accounts, but before doing so, they may want to understand the tax ramifications. The IRS will still expect […]
The federal government is ramping up its efforts to find and collect taxes on offshore accounts held by American citizens. For years, many people have placed funds in accounts abroad to take advantage of more lenient banking rules and more attractive incentives (like higher rates of return and shielding from […]
President Donald Trump ran on the platform of “making America great again.” Part of that platform involved moving forward with tax reform that would help achieve this goal. In an attempt to make this promise a reality, lawmakers are proposing various pieces of legislation that would impact current tax law. […]
As 2016 came to an end, you may have missed an announcement from the US Department of Justice. The Swiss Bank Program that started in the summer of 2013 has officially been completed. The Program provided an opportunity for Swiss banks to work with the DOJ to limit their exposure […]
FinCEN. It sounds like something out of a Hollywood plot line about a secret government agency running clandestine missions that are kept out of the purview of the general public. Is the truth that far from reality? FinCEN is not an unknown entity. United States taxpayers with foreign accounts are […]
A New Year’s resolution can be a way to finally focus on and tackle a problem that has been nagging at you. If you are a U.S. citizen or resident with financial interests in offshore bank accounts or other overseas assets, make 2017 the year you talk to an attorney […]
Willfulness is usually required to support criminal charges. Assigning signature authority to someone else to conceal account ownership could show willful conduct. Filing a document, such as a Foreign Bank and Financial Accounts/FinCEN Report 114 (FBAR) with false information is another. A five year prison sentence is on the table […]