Offshore Business Bank Accounts
It is not illegal to have foreign bank accounts. In fact, there are many legitimate reasons for U.S. taxpayers to maintain offshore accounts. Some of our many clients have inherited accounts from relatives. Others may be hedging their investments in foreign currencies as part of an overall investment strategy, and still others may have established the accounts to protect their family’s assets while they were fleeing from oppressive regimes abroad.
Regardless of the reason these funds are being held overseas, taxpayers must disclose the existence of their foreign accounts, and report any income derived from them to the Internal Revenue Service. The IRS is pursuing offshore tax evasion in earnest. Pressure can only be expected to increase on U.S. taxpayers with undisclosed foreign accounts. A Voluntary Disclosure provides U.S. taxpayers with previously undisclosed offshore accounts a way to avoid the harshest penalties and potential criminal prosecution.
On January 9, 2012, the IRS introduced the reopening of its Offshore Voluntary Disclosure Program for Undisclosed Offshore Accounts! To enter this program taxpayers with undisclosed accounts must file a Voluntary Disclosure.
THORN LAW GROUP CAN HELP BRING YOUR NEW JERSEY OFFSHORE BUSINESS ACCOUNT INTO COMPLIANCE
For more information on these banks being investigated:
- CREDIT SUISSE
- JULIUS BAER
- DEUTSCHE BANK
- BANK HAPOALIM
- BANK LEUMI
- BASLER KANTONALBANK
- NEUE ZUERCHER BANK
- ZUERCHER KANTONALBANK
- LIECHTENSTEINISCHE LANDESBANK
- MIZRAHI-TEFAHOT BANK
The Internal Revenue Service continues to offer amnesty to taxpayers who wish to come into compliance through a Voluntary Disclosure, but the time for such amnesty is limited. At Thorn Law Group, we can guide you through the process of coming into and maintaining compliance with all issues related to your offshore accounts. We have a track record of helping individuals, businesses and trusts navigate the intricacies of Voluntary Disclosures of their offshore accounts to the Internal Revenue Service.
We can also represent you in offshore and foreign account cases involving:
- Money Laundering
- International Banking Law
- International Tax Disputes
- International Trusts
- Repatriation of Income