Category Archives: Offshore Accounts
Complete Guide To Legally Moving Money Offshore
If you’re like most people, you may think that the only way to legally move money offshore is to set up a trust fund or some other complicated financial arrangement. Moving money to offshore accounts often gets a bad rap. Many people assume that doing…
Decoding The IRS Voluntary Disclosure Program
The IRS Voluntary Disclosure Program is a crucial tool for taxpayers. This program, introduced in 2009, allows individuals to disclose previously undisclosed offshore accounts and assets. Understanding the ins and outs of the IRS Voluntary Disclosure Program, however, can be daunting. It is vital to…
Form 8938: Who Needs To File The Form And What’s Included?
In the past, some individuals and businesses bought foreign assets to lower their United States tax bill. This didn’t go over well with the Internal Revenue Service (IRS) and the federal government. In the last couple of decades, the laws have become stricter for individuals,…
Streamlined Domestic Offshore Procedures: A Complete Guide
Streamlined Domestic Offshore Procedures can be a lifeline for taxpayers with undisclosed foreign assets. This IRS initiative provides an avenue to rectify past oversights without the harsh penalties usually associated with tax non-compliance. The complexity of streamlined domestic offshore procedures, however, often leaves individuals unsure…
FBAR Vs FATCA: Navigating International Tax Reporting Rules
Have you ever been overwhelmed by the complicated tangle of tax laws and rules for overseas finance? Navigating the world of FBAR vs FATCA can feel like deciphering an ancient language. Let’s discover a path to clarity! In this adventure, we’ll arm ourselves with knowledge…
IRS OVDP Willful Vs Non-Willful Determination
If a taxpayer doesn’t disclose any offshore accounts or pay taxes on them, they may be penalized by the IRS. In cases where the IRS determines that a taxpayer acted with willful conduct, they may bring criminal charges. However, the IRS has a program known…
A Simple Guide To FBAR Quiet Disclosure
If you are among the growing number of business owners who have property and money housed outside the United States, then you likely know how important it is to protect your offshore assets. But what is the best way to do this while making sure…
The Tax Implications Of Opening A Foreign Bank Account
Foreign bank accounts aren’t just for the super rich. An increasing number of United States-based taxpayers of all income levels are now finding it beneficial to open them for a variety of reasons, but doing so is a big decision — and one that should…
Should You File An FBAR?
How to Know When You Need to File an FBAR If you own a foreign bank account, we highly recommend filing an FBAR. This complex form is also known as FinCEN form 114. The ins and outs of filing an FBAR are a bit complex,…
An Introduction To The FBAR Amnesty Program
The Internal Revenue Service (IRS) requires all taxpayers who have an aggregate value of more than $10,000 in their foreign bank accounts at any time in the calendar year to file a Report of Foreign Bank and Financial Accounts (FBAR). You need to file this…
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