CEO Sentenced to Four Months in Prison for Tax Evasion
Offshore Account UpdatePosted in on June 26, 2015
U.S. citizens must report all income to the United States, even if that income is kept in accounts outside of the country. Anyone who has an offshore account is required to file an annual Foreign Bank Account Report (FBAR) to alert the treasury department to the fact that the account exists at a foreign bank. If income is earned on offshore investments, taxes must be paid on it.
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