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Archive by Month: February 2015

Bank Provides Investor Info to DOJ

Offshore Account Update

Posted on February 27, 2015

The Department of Justice has added another bank to the list of financial institutions it has successfully targeted as part of its crackdown on tax evasion. Bank Leumi, an Israel bank with a presence in seven countries, has entered into a deferred prosecution with the Department of Justice.  

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Foreign Bank Account Reporting Requirements

Offshore Account Update

Posted on February 13, 2015

Those who earn income from offshore financial accounts must report the offshore accounts to the Internal Revenue Service (IRS) and must also declare the money earned. While most people understand this requirement because U.S. citizens are required to pay taxes on all income, there is also another legal mandate that not everyone knows about that applies to almost everyone with foreign bank accounts.  

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