Offshore Account UpdatePosted in on May 6, 2019
U.S. taxpayers with foreign bank accounts must be aware of IRS reporting requirements for these “offshore” accounts. For offshore bank accounts or other foreign financial accounts, the taxpayer will likely need to file a Foreign Bank Account Report (FBAR). Please note that the penalties for failing to file an accurate FBAR can be extremely steep.
Read MoreOffshore Account UpdatePosted in on March 29, 2019
Around the world, “accidental Americans” living abroad are facing unexpected U.S. tax bills. Accidental Americans are people living abroad without any real ties to the United States, but who still have U.S. citizenship. America follows a citizenship-based taxation system, meaning U.S. citizens are subject to U.S. taxes on worldwide income, no matter where they live. This is resulting in many accidental Americans owing U.S. taxes on income earned in the countries where they live, often without even knowing they were American citizens.
Read MoreOffshore Account UpdatePosted in on January 31, 2019
Offshore banking – setting up a bank account in a foreign country – can often be a good idea, especially in countries that have favorable banking regulations. Offshore banking can also present risks. In addition, there are IRS reporting requirements that, if not attended to, can cause a taxpayer civil and even criminal liability.
Read MoreOffshore Account UpdatePosted in on November 30, 2018
The federal Foreign Corrupt Practices Act makes it unlawful to bribe foreign officials for favors that will result in financial gain.
Read MoreOffshore Account UpdatePosted in on October 31, 2018
Keeping up with the ever-changing tax reporting laws can be overwhelming. And if you are either a United States taxpayer who has retired overseas or are one who is contemplating retiring outside of the country, you need to know that there are additional IRS obligations to meet. If you fail to understand and meet these additional obligations, you could make errors resulting in substantial penalties.
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