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If you are facing U.S tax issues on your offshore accounts, then you have a lot on your plate. You could face significant penalties, fines, and possibly even criminal prosecution Whether you need to make tax disclosures or want to come into reporting compliance, you will need competent guidance. A New Jersey offshore account attorney can give you that guidance.

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.

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.

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.

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.