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American Expat: Don’t Ignore Bank’s “Know Your Customer FATCA Letter”

American Expat:  Don’t Ignore Bank’s “Know Your Customer FATCA Letter” Whether you are one of the many Americans living overseas or happen to be someone investing in outside countries, your foreign bank has probably requested information from you in order to confirm your United States tax ...

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The Hidden Costs of Keeping Your Money Offshores

Foreign Bank Account DISCLOSURE Setting up an international account may be easy, but managing one is costly.  There are many things that must come into play before this happens.  The tax laws must be monitored, the account must be maintained and the law must be followed. On the bright side, banki...

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All You Need to Know About IRS OVDI

IRS Offshore Voluntary Disclosure Program (OVDI) As stated in our IRS OVDI page, IRS OVDI is the Offshore Voluntary Disclosure Initiative, which gives an opportunity for individuals holding undisclosed foreign bank accounts to disclose this information to the IRS.  This will help to avoid criminal...

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Should you File an FBAR?

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IRS Changes Offshore Disclosure Programs

The IRS announced this summer a change to both the Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer Taxpayers and the Offshore Voluntary Disclosure Program (OVDP) on June 18, 2014. This is also known as the Offshore Voluntary Disclosure Intiative (OVDI). As of July 1, the IRS ...

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OVDI: To Quietly Disclose or Opt-Out?

Over these past couple of years, the IRS has made an attempt to expand upon the process by which holders of foreign-held bank accounts are required to bring forth unpaid taxes and penalties in order to avoid criminal charges and further punitive penalties.  This compliance attempt is summed up in O...

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How Does the IRS Find Foreign Bank Accounts?

Once upon a time offshore banking was almost synonymous with a surefire way to get away with tax evasion.  However, these past few years have shown an extra vigilant effort by the IRS to locate these assets which are nestled away in foreign countries.  Although there are numerous legal uses for mo...

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Reporting Requirements for Offshore Bank Accounts

FATCA, also known as the Foreign Account Tax Compliance Act, is in vigorous swing and working in full force to mandate foreign bank to disclose all account information pertaining to those owned by United States citizens and residents. In this way, tax evasion will eventually become less likely for ...

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