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Archive by Month: May 2016

The Crackdown on Employment Tax Compliance Has Begun

Offshore Account Update

Posted in on May 27, 2016

The U.S. tax system is a pay-as-you-go system, but most individual employees do not actually pay as they go. Instead, the responsibility falls on employers to withhold federal taxes and FICA taxes from employees. Federal income tax, as well as taxes used to fund Medicare and Social Security, are supposed to be taken out of an employee's paycheck. Employers have to file tax returns and pay the IRS with money that has been withheld, as well as make required employer contributions (employers pay half of a worker's Social Security taxes).  

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Offshore Bank Accounts in Singapore Are Under the Watchful Eye of the U.S. Government

Offshore Account Update

Posted in on May 13, 2016

Swiss banks used to be a good place for people to put their money offshore without worrying about the U.S. government finding out about it. This was because Switzerland had strong banking privacy laws. Now, however, the U.S. has been aggressively going after banks in Switzerland and many banks have chosen to participate in the Swiss Bank Program, which provides amnesty from criminal prosecution and reduced penalties if the bank pays a fine and turns over account details from U.S.-affiliated individuals.

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