Offshore Private Banking Campaign 2019 – IRS Increases Enforcement

Offshore Private Banking Campaign 2019 – IRS Increases Enforcement (Golding & Golding) Offshore Private Banking Campaign 2019 – IRS Increases Enforcement The IRS continues to increase enforcement on all things “offshore.” On April 16, 2019, the IRS introduced new International Tax campaigns, and one of the main focuses is Offshore Private Banking Campaign. Common Questions about Offshore Private Banking Campaign: What is an Offshore Account? From the IRS perspective, an Offshore Account is simply an account located outside of the United States. The IRS uses the terms Offshore, Foreign, and International interchangeably. Are Offshore Accounts Illegal? No. The mere ownership of an offshore account is not illegal. The illegal part of the offshore account is when a U.S. person tries to hide the account, or keep it a secret from the U.S. government. What are the Benefits of an Offshore Bank Account? It used to be the ability to keep the account shrouded…

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