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Category: Offshore Account Update - Page 23

Thinking About Opening an Offshore Account? Here's What You Need to Know

Offshore Account Update

Posted in on July 27, 2018

If you are considering investing any of your funds in an offshore account, you should talk with a New Jersey international tax attorney before you make the decision to open the account. Investing offshore has become much more complicated in recent years thanks to global efforts to fight tax evasion.  While there are still ample reasons to make investments in foreign financial institutions, there is a lot to consider about what obligations you're taking on when you open an account at a foreign bank.

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The Bahamas May Be Losing Its Status as a Premier Offshore Financial Center

Offshore Account Update

Posted in on June 29, 2018

Across the globe, there are certain locations that have favorable banking, finance, and tax laws. Historically, many investors have put their money into financial institutions in these locations. There are a wide variety of motivations for investing in these different jurisdictions, but one of the reasons why people have put their money into these offshore locales is to hide their funds from taxing authorities.

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Offshore Task Force Cracks Down on Tax Evasion

Offshore Account Update

Posted in on April 30, 2018

Individuals with offshore funds have had a lot to be concerned about in recent years as the IRS has been aggressively going after people with accounts at foreign financial institutions who failed to comply with reporting requirements.

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OVDP Ends in September: What Does This Mean for Offshore Investors?

Offshore Account Update

Posted in on March 30, 2018

If you are obligated to file tax returns and pay taxes in the United States, you have certain obligations with respect to any foreign accounts you maintain. U.S. affiliated taxpayers are expected to declare all of their offshore accounts to the IRS. Taxpayers also must pay taxes on the income they earn through investments in offshore accounts.

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The Paradise Papers Expose the Business Side of Tax Avoidance

Offshore Account Update

Posted in on February 28, 2018

The Paradise Papers included 13.4 million documents about offshore financial accounts that were turned over to reporters. The Paradise Papers followed other leaks of financial information, including the Panama Papers. All of the leaks of offshore accounts are intended to shed light on how wealthy individuals hide their funds and move money around the world in order to avoid paying taxes.

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