Offshore Bank Account Example of IRS FATCA/FBAR Noncompliance (Golding & Golding) Offshore Bank Account Example of IRS FATCA/FBAR Noncompliance Offshore Bank Accounts are falling out of preference for individuals seeking to invest offshore. Common questions we receive about Offshore Bank Accounts, include: What is an Offshore Account? Are Offshore Accounts Illegal? Should I close my Offshore Account? Will my Offshore Account be Levied? Will I be Prosecuted? Will I Go to Jail? Unfortunately, the IRS has all but criminalized Offshore Banking, and making individuals feel that any investment they make overseas can be flagged and scrutinized. Moreover, with the recent enactment and enforcement of FATCA (along with the fact that now the U.S. Government is seeking criminal convictions) for FATCA violations, there may be nowhere left to hide. Offshore Accounts With more than 110 countries, and 300,000 Foreign Financial Institutions agreeing to report U.S. Accountholder…
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