Offshore Account Disclosures
The United States is one of the few countries in the world that taxes its citizens on all income, regardless of its source. At Monypeny and Associates, PC, we understand the legal, tax, and business consequences associated with foreign transactions, investments, and operations. Let our experienced attorneys and CPAs assist you in navigating the U.S. regulatory environment.
Offshore Assets or Bank Accounts
It is not illegal to have foreign bank accounts. In fact, there are many legitimate reasons for U.S. taxpayers to maintain offshore accounts. Some of our many clients:
- have inherited off-shore accounts from relatives
- are hedging their investments in foreign currencies as part of an overall investment strategy
- others may have established the accounts to protect their family’s assets while they were fleeing from oppressive regimes abroad
Regardless of the reason these funds are being held overseas, taxpayers must disclose the existence of their foreign accounts, and report any income derived from them to the Internal Revenue Service. The IRS is pursuing offshore tax evasion in earnest and pressure can only be expected to increase on U.S. taxpayers with undisclosed foreign accounts.
The good news is the IRS created a voluntary disclosure program where U.S. taxpayers with previously undisclosed offshore accounts may avoid the harshest penalties and potential criminal prosecution. Click Here to schedule a free consultation for more information about the voluntary disclosure programs available and how our firm can help.
Offshore Tax Planning
The U.S. global taxation structure often creates complex issues for both individual and business taxpayers. Our attorneys and CPAs understand how to tackle these issues and plan to prevent future issues. The most common planning opportunities arise when:
- A U.S. business operates abroad
- A foreign business operates in the U.S.
- U.S. citizens & residents produce foreign income or engage in other foreign financial activities
- Non-residents produce U.S. income or engage in other financial activities in the U.S.