Do You Have a Foreign Financial Account?
If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund, unit trust, or other types of financial accounts, then you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if
Read more: IRS - Report of Foreign Bank and Financial Accounts (FBAR)
As the deadline passes on a U.S. tax amnesty program that has lured thousands of wealthy Americans to declare offshore assets, attention now turns to prosecutions of those who kept their holdings hidden.
In August, UBS settled a related civil case by agreeing to turn over about 4,450 client names.
Read more: Wealthy tax cheats caught in government crosshairs
Bring your offshore accounts into compliance.
In a recent article several situations involving offshore accounts are discussed. Many Americans have obtained offshore accounts through an inheritance. Many Americans have used offshore accounts who did not intend to evade taxes.
Read more: IRS crackdown brings tax-evasion secrets to light
The judge delivered a broad warning about what he said was a “troubling tendency” he had observed among prosecutors to stretch the boundaries of ethics restrictions and conceal evidence to win cases.
Don't let this happen to you. Know what is in your IRS files. Don't let the government conceal them. We can help.
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Victoria Osborn, PA, CFE
Richard V. Osborn, MCSE
Information contained on this site is not intended to provide legal advice and should not be construed as such. Legal opinions and advice should be sought only from a licensed attorney familiar with your issues.