How The IRS Finds Your Offshore Accounts & Penalizes You

Ever since the introduction of FATCA (Foreign Account Tax Compliance Act), the IRS has ramped up Foreign and Offshore tax investigations, and has made International Tax compliance an enforcement priority. How will the IRS Find My Offshore Accounts? This is the most common question we receive at Golding & Golding when a client comes to the…


Inheritance of Foreign Money – IRS Offshore Voluntary Disclosure Options

When you inherit money, and that money is foreign money from overseas, one of the most important preliminary questions to consider is whether the deceased individual filed any necessary U.S. taxes and/or reported the accounts properly to the IRS on forms such as an FBAR or FATCA Form 8938. If you inherited the money and it…


Reduce the Chances of a FATCA Audit with IRS Offshore Voluntary Disclosure

FATCA refers to the Foreign Account Tax Compliance Act.  Though it was enacted back in 2010 it only recently took effect in 2014. What is the Purpose of FATCA? FATCA is an IRS International Tax Law that is designed to reduce offshore tax evasion and tax fraud. FATCA requires U.S. Taxpayers to disclose unreported foreign bank accounts,…


Reporting Foreign Income vs. Disclosing Foreign Accounts – IRS Basics

Reporting Foreign Income vs. Disclosing Foreign Accounts The IRS rules for Reporting Foreign Income are different than Disclosing Foreign Accounts. Under IRS international tax law, US Citizens, Legal Permanent Residents of the United States (whether they reside in the United States or not) and Foreign Nationals who meet the Substantial Presence Test are required to pay…