For all US taxpayers that have an unreported offshore account (or that have a friend with one), the IRS has re-implemented a program to repatriate hidden offshore assets. It appears that the IRS is turning up the heat and progressively making it more difficult, if not impossible, to hide assets offshore.
“U.S. taxpayers with hidden offshore accounts have until Aug. 31 to decide whether to disclose their holdings to the government without being criminally prosecuted, the Internal Revenue Service said.” To read more see “IRS Giving Partial Amnesty to U.S. Taxpayers With Hidden Overseas Accounts”.
While we do not provide tax advice nor any tax-related services, we are here to help anyone that would like to learn more about their options or be put in touch with a tax specialist. Please do not hesitate to contact us.
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