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 […]
Category: Offshore Accounts/International Tax Disputes
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 […]
While it’s not against the law to own a foreign bank account, the tax code requires that you disclose it and pay tax on income. Since 2009, the IRS has devoted significant resources to offshore account compliance. A couple years ago, we wrote an article with an update on the […]
The IRS is very diligent when it comes to enforcing tax laws. It is particularly concerned that all earnings are reported, and that federal income taxes be paid on all earnings – even money earned outside of the United States. Failing to report international income can result in fines and […]
There has been a great deal of commotion surrounding the use of offshore bank accounts to shield assets from authorities in the United States. Some of these accounts are used for the purpose of evading income taxes, but there are also many situations where an individual has foreign accounts for […]