For high wealth individuals and couples, the use of offshore tax havens is common. When done legally, placing wealth in offshore jurisdictions can protect and grow wealth. Filing FATCA and FBAR reports on foreign wealth ensures the Internal Revenue Service (IRS) is informed of your offshore holdings and maintains your compliance with these important tax regulations.
For individuals or couples of any kind of wealth, divorce upsets the apple cart. If you have maintained compliance in the reporting of your domestic and foreign holdings, the work before you is to split the holdings in keeping with agreements approved or ordered by the court.
If couples or one partner are maintaining unreported offshore or foreign bank accounts, divorce can create financial havoc and could trigger allegations of tax crimes, restitution, and penalties. Consider these points:
Divorce is never pretty—and it is often expensive. If you are concealing unreported assets in an offshore tax account, the IRS is already interested in you. Whether or not you are heading for divorce, work with an experienced IRS tax lawyer to protect your wealth by bringing your accounts into compliance before you receive notice of an IRS audit.
If you are involved in an offshore tax fraud or other tax issue, contact Robert J. Fedor, Esq., LLC for a confidential consultation. With offices in Cleveland, Ohio, and Chicago, Illinois, we deliver aggressive legal representation to resolve or deter tax litigation and help you legally shelter your investments. Contact us or call 800.579.0997 today.