Archive by Year:2017 - Page 3

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.

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IRS Launches Campaign to Address OVDP Withdrawals, Denials

Offshore Account Update

Posted in on May 31, 2017

The Offshore Voluntary Disclosure Program (OVDP) started in 2009 and has allowed more than 55,800 taxpayers to come forward and voluntarily report that they failed to file their annual Report of Foreign Bank and Financial Account. Taxpayers have paid more than $9.9 billion in taxes, interest and penalties after coming forward and voluntarily admitting to the IRS that they didn't declare their offshore accounts at foreign banks. While this seems like a substantial amount of money, OVDP was actually created in order to help taxpayers limit the penalties they could face for undeclared offshore accounts.Read More

What is an FBAR?

Offshore Account Update

Posted in on April 28, 2017

FBAR stands for Report of Foreign Bank and Financial Account. It is one of the most important forms that offshore accountholders must file with the Financial Crimes Enforcement Network. It must be filed in order to avoid very substantial financial losses. Civil penalties imposed for failure to file FBARs have, in some cases, exceeded the value of offshore account balances. There is also the potential for criminal charges for failure to file.Read More

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