Learn about the potential consequences of failing to comply with offshore financial disclosure requirements, including FBAR penalties, and discover why understanding these regulations is crucial.
The U.S. government requires taxpayers with a foreign bank account that has $10,000 or more at any point during the tax year to report the account using the Report of Foreign Bank and Financial Accounts (FBAR). A failure to file can result in steep penalties,...
Learn how to minimize your taxes legally! Explore the distinctions between tax avoidance and tax evasion, learning what actions are legal and what can lead to serious consequences.
The Internal Revenue Service (IRS) and related entities have taken steps to curb the use of foreign accounts for tax evasion. One major step towards this goal was the passage of the Foreign Account Tax Compliance Act (FATCA). This law serves three main goals. It...
Discover the basics of Offshore Taxes: Learn how to safeguard your wealth and navigate IRS compliance requirements.
It is not uncommon for those who find themselves the subject of an audit to believe that they were unfairly targeted. This is especially true for those who hold foreign assets or business interests. Taxpayers who need to navigate tax compliance with these types of...
Non-US citizens can face tax obligations if they own a US business and are “engaged in a trade or business in the United States.” This means the Internal Revenue Service (IRS) will likely expect tax filings if your business sells products or services in the United...
The U.S. Tax Code is a complex beast. Navigating the rules for reporting assets and filing the appropriate forms is no easy task. Add additional factors like business interests and foreign assets, and the process can quickly become unmanageable. What happens when you...
Uncle Sam, the posterchild for the U.S. government and its agencies, brings visions of a strong and demanding force. The Internal Revenue Service (IRS) projects much the same image. This federal agency expects all taxpayers — individuals and businesses alike — to meet...
Our tax system is based on the expectation that taxpayers pay their tax bills. A failure to voluntarily comply with tax obligations can result in fines, penalties, and even potential imprisonment. Those who have failed to comply in the past and want to come into...
