Offshore Banking & IRS Penalties – FATCA, FBAR & DOJ Enforcement

Offshore Banking & IRS Penalties – FATCA, FBAR & DOJ Enforcement by Golding & Golding Offshore Banking & IRS Penalties – FATCA, FBAR & DOJ Enforcement Offshore banking in and of itself, is legal. For example, if an individual determines that they want to invest in foreign mutual funds, there is nothing wrong investing in foreign mutual funds – it is not illegal. Moreover, if a person wants to shift assets offshore, because it generates a higher rate of return or return on investment, that is also perfectly legal. Offshore Banking The problem with offshore banking arises when a person wants to increase their income without paying tax or without reporting that income in the United States. Alternatively, if a person knowingly or with reckless disregard fails to report the accounts or investments properly to the IRS, that can also result in serious consequences. That is a form of offshore evasion or offshore tax fraud that could lead to…

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