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Category: Offshore Accounts

There are many benefits when it comes to having offshore bank accounts. Having a bank account in a foreign jurisdiction is one of the best ways to keep your money secure. Plus, it lets you access a variety of opportunities that are not available through domestic banks.

Offshore banks have strict privacy laws and do not disclose your account information. However, when it comes to tax reporting, things change, as Americans are required to report their worldwide income. Thus, offshore banks are responsible for filing certain forms for US residents and citizens in order to comply with tax regulations.

The responsibility also lies with the account holder to report it properly. When setting up an offshore account you may want to understand the basics of offshore banking and also to keep in mind some basic tax laws.

Silver Tax Group is here to help you better understand the offshore banking world, how it works, what are the benefits and what are the major risks of opening a bank account in an offshore jurisdiction. Check out our blog articles on offshore banking and find answers to all your questions and concerns!

Offshore Accounts

The Tax Implications of Opening a Foreign Bank Account

Chad Silver October 30, 2020

Offshore Accounts

8 Best Offshore Tax Havens Around the World

Korey Waggoner October 23, 2020

Offshore Accounts

Complete Guide to Legally Moving Money Offshore

Chad Silver October 19, 2020

Offshore Accounts

Form 8938: Who Needs to File the Form and What’s Included?

Chad Silver September 2, 2020

Offshore Accounts

High Tax Kick-Out (HTKO) Overview & Scenarios

This overview is not a deep dive into the tax code concerning foreign income and tax credits, but rather an overview of High Tax Kick-Out and some HTKO scenarios.

Korey Waggoner August 5, 2020

Offshore Accounts

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. Learn more about OVDP here.

Korey Waggoner August 4, 2020

Offshore Accounts

OVDP vs Streamlined Filing Compliance Procedures – Which Works For You?

Comparing OVDP to Streamlined compliance is not an apples-to-apples analogy. Here is a guide comparing OVDP and streamlined filing compliance procedures.

Korey Waggoner August 3, 2020

Offshore Accounts

A Simple Guide to FBAR Quiet Disclosure

If you are among the growing number of business owners who have assets outside the United States, then you likely know how important it is to protect your offshore assets. Here is a look at the role that FBAR Quiet Disclosure plays in IRS reporting and the penalties associated with the process.

Chad Silver July 31, 2020

Offshore Accounts

Four Key Assets That Need to Be Protected Offshore

There are many reasons as to why you want to move your assets offshore for protection. Here are some key assets that need to be protected offshore.

Korey Waggoner July 1, 2020

Offshore Accounts

An Introduction to the FBAR Amnesty Program

If you are worried that you have failed to properly disclose information regarding your offshore assets, you might be eligible to participate in the IRS’s FBAR (Foreign Bank Account Report) Amnesty Program. Learn more here.

Chad Silver May 21, 2020

Offshore Accounts

Delinquent FBAR Submission Procedures Explained

The IRS requires Americans to report foreign financial accounts — including bank accounts, mutual funds, and brokerage accounts — to the Treasury Department, in addition to keeping records of those accounts. Here’s a look at the delinquent FBAR submission procedures that you must follow in order to fulfill the IRS requirements.

Korey Waggoner May 7, 2020

Offshore Accounts

What Is the Difference Between GATCA vs FATCA?

Does your business have an offshore bank account or other foreign financial assets? Keep reading to learn about the difference between GATCA vs FATCA along with your obligations to the IRS.

Korey Waggoner May 5, 2020