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Offshore Accounts Archives

The top concern of foreign banking

Whenever the phrase “offshore accounts” pops up in newspaper headlines, it often refers to a scandal linked to a public figure. Yet, by itself, holding an offshore account is perfectly fine. In fact, you don’t need to be rich or famous to store money overseas. So what goes wrong when some people hold accounts with foreign banks?

FATCA requirements and foreign insurers

Passed in 2010, the Foreign Accounts Tax Compliance Act (FATCA) continues to be controversial. FATCA requires specific foreign financial institutions to report on assets belonging to American citizens. Reporting under FATCA is complicated. And the consequences for noncompliance with FATCA are severe.

FATCA challenge may move to the Supreme Court

Congress passed the Foreign Account Tax Compliance Act (FATCA) with the idea of collecting more tax revenues from U.S. citizens living outside of the country. By implementing a series of complex reporting requirements on foreign financial institutions, authorities were hoping to identify accounts and assets belonging to such individuals.

The risky streamlined filing procedure for foreign accounts

When you as a Michigan resident have combined balances of foreign accounts exceed $10,000, you will need to file a disclosure statement with tax authorities. Failure to do so could result in tax evasion charges, and this can bring with it criminal penalties.

Willfulness and the disclosure of foreign account info

We’ve spoken many times on this blog about the complex reporting requirements that accompany ownership of foreign accounts. Beyond the complexity, it is extremely difficult for individual taxpayers to keep track of all of the rules pertaining to these accounts.

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