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Category: Offshore Account Update - Page 5

Swiss Firm to Pay Millions in Tax Evasion Settlement

Offshore Account Update

Posted in on September 1, 2017

The United States Department of Justice has entered into an agreement with a Swiss asset management firm. The firm will pay $5 million to settle allegations that it helped U.S. affiliated clients to evade their tax obligations. The firm, Prime Partners SA, is one of a huge number of foreign entities that have cooperated with the Department of Justice.Read More

The Downsides of Streamlined Disclosure

Offshore Account Update

Posted in on August 31, 2017

If you have offshore accounts and you failed to comply with requirements to report those accounts, you should talk with a Washington DC tax attorney as soon as possible. The U.S. government has been aggressively cracking down on offshore investors, as well as on banks that cater to U.S. account holders. Many banks have turned over information on accountholders in exchange for avoiding prosecution for their parts in facilitating tax evasion, which means the IRS has information about a substantial number of offshore accounts – and you could be one of them.Read More

Swiss Life Cooperating with DOJ

Offshore Account Update

Posted in on August 17, 2017

The Department of Justice and U.S. taxing authorities have been very aggressive in recent years in fighting the problem of offshore tax evasion. U.S. authorities have gone far beyond just investing foreign financial accounts and investments and are investigating a wide variety of tax-reduction techniques, including the use of insurance wrappers.Read More

Your Offshore Tax Haven Has Been Revealed: What’s Your Best Course of Action?

Offshore Account Update

Posted in on July 31, 2017

Keeping money in an offshore bank account is not illegal. However, under United States law, you are required to file a Report of Foreign Bank and Financial Account each year. You must also comply with other tax requirements, including reporting any and all income earned to the Internal Revenue Service and paying taxes on the income that your offshore investments produce.Read More

Canada's Crackdown on Tax Evasion

Offshore Account Update

Posted in on June 30, 2017

Throughout the world, countries have been cracking down on tax evaders. The United States and Canada are among the countries that have aggressively pursued cases against banks that facilitated tax evasion and against individual investors who evaded their tax obligations by keeping undeclared funds offshore.Read More

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"I have personal knowledge that the tax attorneys at Thorn Law Group have developed a nationwide practice guiding individuals, banks, trusts, foundations and other organizations through the processes involved in managing and disclosing offshore bank accounts. The goal for our attorneys is to resolve potential legal issues in advance in order to bring their offshore bank accounts into compliance with government regulations."