The news related to IRS actions usually goes unnoticed by the vast majority of people unless it involves something they have a financial interest in. The IRS has been making a lot of news the last few years related to hunting down Americans who hide money offshore and don’t pay taxes. What if you find yourself in this situation?
It all seemed so clear. You read a story on the web about how going offshore would provide you with asset protection and “tax advantages”. After all, who would really know about a bank account or trust in the Cayman Islands? You took the plunge and stuck some money offshore. Now you’ve watched the IRS penetrate Swiss banking privacy laws and have read they’ll be turning to the Caribbean next. What do you do?
The first thing to understand is that going offshore with your finances is not illegal. “Offshore” sounds glamorous, but it simply means any country outside of the United States. If you have a bank account in Canada, you’ve gone offshore. It really isn’t all it is cracked up to be, eh? Continue reading ‘Tax Issues – Dealing With Unreported Offshore Transactions’ »