US citizens living abroad likely want to have bank accounts in the country where they live. This is especially true if the ex-patriot is interested in doing business in his new home country or has married a foreign spouse. Unfortunately, a law passed in 2010 to fight tax evasion is having an adverse impact on the lives of ex-patriots who simply want to be able to have normal banking and investment firm relationships where they live.
News
Category: Offshore Account Update - Page 34
G20 Countries Agree on Plan to Combat Global Tax Evasion
Offshore Account UpdatePosted 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.
Government Cracking Down on Non-Reporting of Offshore Accounts
Offshore Account UpdatePosted 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 aren’t paying their taxes.
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.
Banks Face Smaller Fines for Cooperating with Authorities
Offshore Account UpdatePosted 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.
Read More