Offshore Banking is currently under great scrutiny by the US Justice and the IRS. Offshore bank accounts and offshore income require special reporting to the US government. Owning an offshore account is not illegal but US income taxpayers are required to declare and report any offshore bank accounts and income each year with their tax returns. The FBAR or Foreign Bank Account Report is used to report a financial interest in or authority over offshore accounts in a foreign country. The willful failure to disclose offshore accounts, or to report all of the information required on an FBAR, can result in severe civil and criminal penalties. Our office is experienced in assisting and representing clients with all of the reporting and tax implications of offshore banking.
We have many years of substantial experience with international tax issues, and related matters in advice, execution, and legal defense. If you have any questions or concerns regarding foreign business or investments, foreign bank account(s), reporting issues, amnesty programs, or any other legal issue, call (415) 394-7200 for an attorney-privileged consultation.
Also see, offshore disclosures, PFIC