Tax Law Blog

In an unsteady global market, foreign bank accounts can provide your assets with a safe harbor and some anonymity. They can also be a conduit for offshore tax evasion and money laundering. But it is important to understand the nature of offshore tax...

Being a “U.S. person” is a legal classification that identifies your status as a taxpayer. It can also apply to entities beyond individuals. Whether you are a citizen, resident, or business owner, understanding whether you qualify as a U.S. person...

In the years following the document leak known as the Panama Papers, fortunes have been lost and earned again, careers ruined and investigations launched. A longtime attorney with Mossack Fonseca, the law firm at the center of the scandal, is now...

Above a certain threshold, assets held in offshore or foreign bank accounts must be reported to the Internal Revenue Service (IRS). The Report of Foreign Bank Account and Financial Accounts (FBAR) is reported each year through the Financial Crimes...

Tax evasion has tripped up former Real Madrid soccer coach Carlo Ancelotti.

Foreign bank accounts, offshore accounts and shell companies have long been part of legitimate asset protection and tax planning strategies. In recent years, however, evolving global transparency initiatives have reshaped what those arrangements...

The longtime effort to develop a global minimum tax rate hit a big snag when U.S. legislators recently proposed a “revenge tax” on investors from countries that apply such a tax to U.S. companies.

A recent study takes a fascinating look at what drives high-asset individuals to invest in offshore accounts.

After being rescued two years ago by competitor the Union Bank of Switzerland (UBS), Credit Suisse is making headlines again for the same transactional behavior that saw the Zurich-based bank stumble into disrepute in the first place.

For most mistakes, minor infractions, or errors, the Internal Revenue Service (IRS) will assess a penalty with interest. If the IRS believes a tax crime was committed, the outcome could be different.