Let’s face it. The IRS is not a big fan of offshore and foreign bank accounts. Which is putting it mildly.
In fact, if you’re an American with an offshore account, you are at the top of the IRS’s hit list. And you really can’t blame the IRS for their concerns. Offshore and foreign bank accounts are often used to hide drug and terrorism money, launder money, and evade taxes.
Want to stay out of the IRS’s gun sights and make sure your offshore accounts are perfectly legal? Don’t miss my new, complete article titled Tax Tips: Does Your Foreign Bank Account Smell Like Offshore Tax Evasion to the IRS?
Three ways our fact-filled article can help you:
- We’ll explain why secret offshore accounts aren’t so secret any more. People used to think that Swiss banks would keep account information private. They were wrong. For example, USB, the giant Swiss bank, ratted out over 4,500 U.S. citizens who were using the bank to evade U.S. taxes. Get the whole story when you read the full article.
- We’ll show you how to stay out of trouble. Did you know that U.S. citizens and residents are taxable on their worldwide income and are subject to all U.S. tax laws? There are as many as three different disclosure forms you may have to file each year if you have money or other assets in an offshore account. We’ll tell you what these forms are when you read the full article.
- We’ll tell you when you have to file a “FBAR.” To comply with the Bank Secrecy Act, you may be required to file a Report of Foreign Bank and Financial Accounts (TD F 90-22.1) called an FBAR for short (pronounced “F-Bar”). If you’re a U.S. citizen or resident alien, you must file an FBAR if two conditions are met. You’ll learn what they are when you read the full article.