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Archive by Month: September 2017

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Posted on September 19, 2017

If you have money in offshore bank accounts or you have signature authority over offshore accounts, you're required to report those accounts to U.S. tax authorities. In addition to declaring accounts to the IRS, you also must comply with a requirement to file a Report of Foreign Bank and Financial Account (FBAR) with the Financial Crimes Enforcement Network (FinCEN) if the aggregate balance of your combined offshore accounts hits $10,000 at any point during the year. Many offshore account holders don't realize they have all these obligations, and thus, inadvertently fail to comply with them.

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Foreign Financial Accounts

Offshore Account Update

Posted on September 15, 2017

Recent studies have shown that the use of offshore investing increases as wealth increases. In other words, wealthier people are more likely to invest some of their money in foreign financial institutions.  Many taxing authorities believe that this is motivated by a desire to evade taxes, but a close look at where people are keeping more of their money offshore suggests there may be other motivating factors for making the decision to move money out of your home country.

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Swiss Firm Provides Accountholder Info to DOJ as Part of Settlement

Offshore Account Update

Posted on September 1, 2017

 If you have any funds invested with foreign financial institutions, it is imperative you ensure you are in compliance now, and have complied in the past, with FATCA, with mandated annual FBAR filings, and with all other tax rules and requirements. If you have not been in full compliance with tax obligations, you should speak with a Boston tax law firm as soon as possible to explore your options for resolving your unresolved tax issues through participation in amnesty programs such as the Offshore Voluntary Disclosure Program.

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