Offshore Accounts
Chad Silver
October 30, 2020
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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!
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.
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.
Comparing OVDP to Streamlined compliance is not an apples-to-apples analogy. Here is a guide comparing OVDP and streamlined filing compliance procedures.
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.
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.
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.
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.
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