If you did not file all of your required Reports of Foreign Bank and Financial Accounts and you did not otherwise comply with U.S. tax rules in connection with offshore accounts, you face a substantial risk of civil penalties and even criminal prosecution. The IRS is aggressively fighting offshore tax evasion, and many foreign banks are helping the IRS by providing them with accountholder information in exchange for avoiding criminal penalties for helping American to evade their taxes.
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Category: Offshore Account Update - Page 23
If you have offshore funds invested under the control of Swiss Life Holding AG, you need to be aware that Swiss Life is involved in discussions with the U.S. government that could likely lead to your financial details being disclosed. Swiss Life Holding is discussing the U.S. affiliated accounts under its control, as part of an investigation into its cross border business. The U.S. government is interested in many of the different products and services offered to offshore investors, including insurance wrappers.
Read MoreOffshore Tax Havens Uncovered…Do You Know Your Legal Options?
Offshore Account UpdatePosted on July 31, 2017
If you have funds in an offshore bank account, keeping your investments private may have been one of the goals of opening the offshore account. Unfortunately, in recent years, it has become increasingly difficult to keep your personal account information from falling into the hands of the IRS or otherwise being outed.
Read MoreCanada Recovers Billions in Lost Revenue Stemming From Tax Evasion
Offshore Account UpdatePosted on June 30, 2017
Canada, the United States, and many additional countries throughout the world have begun to aggressively pursue investigations and claims against investors who are accused of keeping funds offshore to evade their tax obligations.Â
Read MoreThe Offshore Voluntary Disclosure Program (OVDP) was created to allow taxpayers to voluntarily come forward and admit they had not filed their required Reports of Foreign Bank and Financial Accounts. The purpose of OVDP was to reduce penalties for those who were not willful violators, because penalties in some cases have actually exceeded the value of undeclared offshore accounts.
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