The expiration of an important federal program at the end of 2018 means that U.S. taxpayers with offshore bank accounts have fewer options for avoiding steep penalties in 2019. While the steps for timely reporting foreign financial accounts remain largely unchanged, taxpayers who are delinquent on their foreign financial disclosures now have less choices available. In order to avoid the risk of Internal Revenue Service (IRS) penalties and the potential for civil examination or criminal prosecution, taxpayers who have questions or concerns about their reporting obligations should consult with a New Jersey offshore tax attorney promptly.
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Category: Offshore Account Update
For U.S. taxpayers with offshore bank accounts, they should be particularly wary of one potential action by the IRS: If it believes the taxpayer is intentionally failing to report the offshore accounts, the IRS can seize the taxpayer’s foreign assets and income.
Read MoreNew Jersey International Tax Attorneys Can Help You Deal With Delinquent FBARs
Offshore Account UpdatePosted in on July 23, 2019
Do you own an offshore bank account? If you are a U.S. taxpayer with offshore bank accounts, it is imperative that you know and understand the importance of filing Foreign Bank Account Reports (FBARs). Additionally, if you are a taxpayer who has failed to file FBARs for past years, you must know how to deal with delinquent FBARs.
Read MoreBanking Offshore May Benefit Investors, But There Are Also Strict IRS Obligations
Offshore Account UpdatePosted in on January 31, 2019
The promise of anonymity and potential high interest rates are just two of the reasons investors might decide to explore moving funds to offshore bank accounts. But opting to deposit funds in a foreign bank account without understanding all the potential ramifications could be a mistake.
Read MoreWant to Protect Your Company From FCPA Violations? Train Your People and Audit Your Operations
Offshore Account UpdatePosted in on November 30, 2018
Under the Foreign Corrupt Practices Act, U.S. individuals and businesses are prohibited from bribing foreign officials. That seems clear enough. But the problem is things are often not what they seem. Unfortunately for unsuspecting companies, many violations of the FCPA are the result of ignorance of what could constitute a bribe under the law. Other violations occur because individuals in a company will do whatever they can to keep business humming, even if it violates the federal anti-bribery statute.
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