Offshore Assets and the IRSWhether you are within or outside the US you have to disclose previously undisclosed bank accounts and other assets
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Offshore Assets and the IRSWhether you are within or outside the US you have to disclose previously undisclosed bank accounts and other assets
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All sorts of US taxpayers have assets overseas, some who make offshore investments, some who have immigrated, some who have worked overseas, some who were born here and left as a baby never thinking of themselves as a US taxpayer. Some have affirmatively hidden funds overseas from ex-spouses or soon-to-ex-spouses, business partners, the US government. Some pay tax on the income from these funds, some don't. Each has a different story. Whether you know it or not, if you are one of these people, or fit any one of several other profiles, the IRS is looking for you and your funds. And if they find you and you have not properly reported these funds and account you may be subject to massive penalties, possibly equal to all (or even more) than these funds are worth. Worse yet, these are potentially criminal infractions.
Flaster Greenberg PC can help you understand your rights and obligations, make sure you are in compliance with these rules and help you get back into compliance if you are not. Where there are penalties there are sometimes opportunities to reduce them; where there is potential criminal liability there are ways to avoid them. There is even an amnesty for some. See the article in the blog on the 2014 Streamlined Offshore Filing Program and the flow chart in "Article Downloads". |
FATCA, OVDP, OVDI, offshore assets, offshore accounts, streamlined filing
Related: International Business Transactions |
David S. Neufeld, Shareholder, Flaster Greenberg PC
1810 Chapel Avenue West | Cherry Hill, NJ 08002 856.382.2257 | david.neufeld@flastergreenberg.com Internationally Recognized Tax and Estate Planning Attorney |