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Were you convinced that no one would find the money you had in that offshore bank account? Do you know that the IRS issued a Subpoena directly to Master Card and Visa and got lists of all U.S. persons with offshore credit cards? Are you aware that the IRS has a special task force assigned to tracking down and penalizing those with offshore credit cards and offshore bank accounts?
The IRS will likely be knocking on your door very soon. Do not answer their questions and do not send in any offshore banking information! If you are under IRS investigation, you need immediate legal help to negotiate a favorable settlement. You must have an agreement in place before providing information to limit your exposure.
It is a crime to use offshore entities to hide money from the IRS or other US government agency. Click here for sample prosecution!
In many cases, the minimum civil penalty for not disclosing an offshore bank account or offshore credit card can be $25,000 or the greatest of 50% of the balance in the account at the time of the violation or $100,000. The criminal penalty for willful failure to file a FBAR is a fine of not greater than $250,000 and/or imprisonment for not more than five years. Note that these penalties can be imposed for each year.
I often find that my clients were taken in by unscrupulous offshore banking promoters looking to make a quick buck. While the person on which you relied to form your structure is sitting safely in the Caribbean, you are here and the IRS is at your door. Even if your monetary assets are offshore, keep in mind that your most important asset might be sitting in jail!
All of this could have been avoided. Had you been informed of and filed the necessary disclosure forms, you would have no issues with the IRS. Offshore tax law is simple:
I have represented tax and business clients throughout the United States and in over 15 countries. My unique experience will ensure the costs and risks of your audit are minimized and I will get you the best result possible based on your specific facts and circumstances.
The key to resolving issues arising out of offshore credit cards, offshore bank accounts and offshore banking structures is to prevent the matter from escalating from civil to criminal and negotiating a deal before providing any information to the IRS. Therefore, it is urgent you hire a qualified tax attorney as early as possible in the process.
Note: Chris Rusch is the author of The Expat Tax Bible 2010, published by International Living. For additional information click here to be taken to IL's website.
The IRS will likely be knocking on your door very soon. Do not answer their questions and do not send in any offshore banking information! If you are under IRS investigation, you need immediate legal help to negotiate a favorable settlement. You must have an agreement in place before providing information to limit your exposure.
It is a crime to use offshore entities to hide money from the IRS or other US government agency. Click here for sample prosecution!
In many cases, the minimum civil penalty for not disclosing an offshore bank account or offshore credit card can be $25,000 or the greatest of 50% of the balance in the account at the time of the violation or $100,000. The criminal penalty for willful failure to file a FBAR is a fine of not greater than $250,000 and/or imprisonment for not more than five years. Note that these penalties can be imposed for each year.
I often find that my clients were taken in by unscrupulous offshore banking promoters looking to make a quick buck. While the person on which you relied to form your structure is sitting safely in the Caribbean, you are here and the IRS is at your door. Even if your monetary assets are offshore, keep in mind that your most important asset might be sitting in jail!
All of this could have been avoided. Had you been informed of and filed the necessary disclosure forms, you would have no issues with the IRS. Offshore tax law is simple:
- file the necessary forms each year and
- personal offshore asset protection will not reduce the taxes of a US resident or citizen.
I have represented tax and business clients throughout the United States and in over 15 countries. My unique experience will ensure the costs and risks of your audit are minimized and I will get you the best result possible based on your specific facts and circumstances.
The key to resolving issues arising out of offshore credit cards, offshore bank accounts and offshore banking structures is to prevent the matter from escalating from civil to criminal and negotiating a deal before providing any information to the IRS. Therefore, it is urgent you hire a qualified tax attorney as early as possible in the process.
Note: Chris Rusch is the author of The Expat Tax Bible 2010, published by International Living. For additional information click here to be taken to IL's website.