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News

Archive by Year:2014 - Page 2

G20 Countries Agree on Plan to Combat Global Tax Evasion

Offshore Account Update

Posted on October 23, 2014

Today, it is easier and faster than ever before to move money and investments around the globe. Many people invest offshore for added gains, diversity of investments or privacy reasons. However, there are also some investors who have put money into offshore bank accounts in order to avoid some of the taxes that are due in their country of residence.

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Government Cracking Down on Non-Reporting of Offshore Accounts

Offshore Account Update

Posted on September 25, 2014

The U.S. government has gotten serious about preventing revenue loss that occurs when American keep accounts offshore. There are numerous laws that are designed to make it easier for the government to find people who have offshore investments and to take action if these investors arent paying their taxes.

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Are You Willful or Non-willful Under OVDP?

Offshore Account Update

Posted on September 17, 2014

Foreign bank accounts must be reported to the Internal Revenue Service every year when you file your tax returns. If you failed to file the Report of Foreign Bank and Financial Accounts (FBAR), then you are in violation of U.S. tax law and you could face fines, penalties and even prosecution.  

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Banks Face Smaller Fines for Cooperating with Authorities

Offshore Account Update

Posted on August 26, 2014

U.S. taxpayers with offshore accounts are finding themselves facing increased pressure to report these investments. The risks of non-reporting become bigger every day, as the Internal Revenue Service and the Department of Justice have joined together to crack down on tax evaders. 

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Streamlined OVDP Program Limited

Offshore Account Update

Posted on August 19, 2014

The Internal Revenue Service has developed amnesty programs to encourage taxpayers to come forward and voluntarily report offshore accounts that they may have failed to file forms on in the past. All United States citizens, including people living abroad, are required to file the Report of Foreign Bank and Financial Accounts (FBAR) annually or they face significant financial penalties.

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