Foreign Income, Offshore Voluntary Disclosure and FBAR
The IRS is far-reaching, and US citizens will need to report their foreign income if it exceeds a certain threshold. In many occasions, your taxes on foreign income can be reduced to zero, but you still need to report it to the IRS.
Offshore bank accounts are frequently used to hide income and evade taxes in the US. Therefore, the IRS monitors feverishly how US money moves throughout the world. Failure to properly report your foreign income and financial accounts can lead to sizeable penalties.
Daily, Montfort & Toups can help you understand your responsibilities as a taxpayer and help you navigate through the complex web of procedures surrounding foreign income and financial assets.