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Offshore Accounts/International Tax Disputes Archives

Residency and its effect on taxes

Texas, Florida, Nevada and Wyoming are a few of the states that have no state income tax. U.S. territories also have different tax policies. A long-standing agreement between the Virgin Islands and the U.S. allows territory residents to pay their taxes to the Islands.

Dual US-Canadian citizens may have banking data sent to IRS

A strange story involving a Canadian baby who also has U.S. citizenship, her bank, the Canadian Revenue Agency and the IRS raises legal issues that will be important to other U.S. citizens living in Canada (and in other countries) with (and without) dual citizenship. iPolitics reported in April that a baby girl in Canada not yet a year old received a letter from her Canadian bank asking for documentation because she may be a "U.S. person" whose account is subject to Canada-U.S. bank record-sharing requirements.

Offshore trusts: Wyly defense rejected by bankruptcy judge

Two years ago, former billionaire Sam Wyly lost a fraud trial in New York that exposed a web of offshore entities that were used to shelter millions of dollars. After the 2014 verdict, the IRS entered the fray seeking $1.4 billion in back taxes. Penalties and interest accounted for 80 percent of this amount.

Offshore holdings: Legitimate uses and reporting requirements

The global media has about exhausted the number of angles they can report on the so-called "Panama Papers." The leak has become synonymous with using offshore accounts and companies to avoid tax obligations.

How does the IRS find undisclosed foreign accounts?

One way is prosecuting banks that have allegedly helped taxpayers avoid their U.S. tax liabilities. For instance, the Swiss Bank Program required banks to pay hefty fines and disclose information on accounts held by U.S. persons as part of non-prosecution agreements.

Tax day FATCA update

April 15 has become synonymous with tax day in the United States. This year is a little different, because the Internal Revenue Service is celebrating Emancipation Day. Public employees in Washington D.C. get the day off or the closest day when the April 16th holiday falls on a weekend.

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