International business and offshore investment and banking create genuine risk with the IRS. This extends to the ownership of real estate outside of the US and other offshore related financial activities which raise red flags with the IRS. The past several years have brought rapid change in FATCA compliance and the number of institutions with whom the IRS has developed reciprocal reporting agreements has skyrocketed. The IRS exchanges information regarding US taxpayers, their accounts, transactional details and other financial information with thousands of offshore banks, investment houses and sovereign tax authorities. The world has become much more transparent for those conducting foreign business and investment.
International business and offshore investment and banking leave a trail for the IRS which you might not be aware of. If you own an interest in a foreign trust, or a foreign corporation, IRS reporting requirements are more challenging than ever. You are required to comply with all FBAR reporting requirements and provide information to the IRS about other investors and owners or face significant taxes, penalties and interest as well as criminal tax prosecution. Many US taxpayers who participate in international business and offshore investment and banking strategies are unaware of the risks they face, the steady stream of information which is being provided directly to the IRS and the increased reporting responsibilities that accompany foreign trusts and corporations.
If you are concerned about the implications of international business and offshore investment and banking We invite you to learn more about the integrated tax, legal, accounting and business consulting services of Allen Barron and contact us or call today to schedule a free consultation at 866-631-3470.
Learn about the protections of the attorney-client privilege that allow you to share all of your activities, information and concerns in the safest legal environment shielded from the reach of the IRS or California tax agencies. COVID-19 may have reduced IRS audit risks in the past, but the agency is gearing up to pursue additional sources of revenue for the US Treasury.
It is time to ensure compliance with FBAR reporting and remove the dark cloud of risk from your portfolio. Enjoy the efficiency, cost-effectiveness and peace of mind that comes with partnering with a firm that genuinely meets the unique blend of advice, legal protection and services you require.
