The Wall Street Journal notes that there are many legitimate reasons for Americans to put some of their assets into offshore accounts, including protection of those assets, privacy concerns and tax savings. However, offshore accounts come with...

Read More

Last year, more than a million taxpayers filed a Report of Foreign Bank and Financial Accounts (FBAR). It should be noted that this year's deadline for filing a FBAR comes up on June 30.

Read More

Muhammad Ali’s upset of Sonny Liston in the heavyweight boxing championship was one of the most memorable sporting events of the 20th century. After the bout, Ali shouted that he “shook up the world.” He was right.

Read More

On April 3, journalists revealed blockbuster evidence that dozens of world leaders, public figures, celebrities and billionaires may have hidden assets offshore with the help of a Panamanian law firm called Mossack Fonseca and a network of big banks...

Read More

American companies have done it. Why can’t you? It’s inversion, the tax-avoidance strategy used by Burger King, Medtronic and other giants to avoid paying the Internal Revenue Service. By merging with a foreign corporation, the U.S. companies can...

Read More

For those residents who might have been keeping assets in the Cayman Islands comes some possibly unsettling news: the Department of Justice recently announced guilty pleas from Cayman National Securities Ltd. and Cayman National Trust Co. Ltd. The...

Read More

No one knows exactly why record numbers of Americans are renouncing their citizenship. A recent article in Forbes floats a couple of theories, including the fact that the Internal Revenue Service now holds the power to revoke passports. Another...

Read More

Back in April 2015, we alerted that the DOJ was starting a new program as part of its relentless pursuit of not only taxpayers who have unreported offshore holdings, but also the banks harboring the assets and concealing the names of accountholders....

Read More

They are eight million strong: American citizens who live in other countries. Many work overseas, have retired there, have family there, or have other reasons for living outside the US. Of course these people have bank accounts where they live.

Read More

The regulatory and enforcement muscle of the Internal Revenue Service can certainly be felt in Cleveland, but the agency's might extends to Americans living in Caracas, Cape Town, Chiba and Cairo, too. These days, the IRS is squeezing hard on...

Read More

Subscribe to Email Updates

Posts by Topic

see all