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Archive by Month: September 2014

Federal Government Seeking Prison Time for Undisclosed Offshore Investments

Offshore Account Update

Posted in on September 25, 2014

The Department of Justice and the Internal Revenue Service have joined forces to track down tax payers who are not fulfilling their reporting requirements. Taxpayers with money invested offshore must report the accounts each year and complete a form called the Report of Foreign Bank and Financial Accounts (FBAR).

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OVDP: Willful vs. Nonwillful Violators

Offshore Account Update

Posted in on September 18, 2014

Investors with offshore or foreign accounts have an obligation to file the Report of Foreign Bank and Financial Accounts (FBAR) with their income taxes each year. A failure to file the FBAR can result in penalties based on a percentage of the money kept offshore as well as the number of years of non-reporting, with some violators assessed penalties that exceed the total value of money kept in their offshore accounts.

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