About the New Rules for Offshore Accounts

10:02 pm Offshore Trusts

For the past three years, the IRS has been cracking down on illegal offshore accounts, using both the carrot (amnesty programs) and the stick (prosecution) to get U.S. taxpayers to accurately report foreign holdings.

An excellent article in the Wall Street Journal last weekend delved into the new rules affecting offshore accounts, noting that under FACTA (the Foreign Account Tax Compliance Act of 2010), taxpayers are required to file a new form to disclose offshore assets in excess of $50,000.  This informative infographic accompanied that article:

BF AB934 OFFSHO G 20111209202104 e1323986253433 About the New Rules for Offshore Accounts

As the article notes, even in light of the IRS’s efforts to uncover offshore assets, there are new – and legal – benefits to investing offshore.  Of course, the best reason to go offshore is for asset protection.  See our www.whygooffshore.com site :

BF AB921C OFFSH G 20111209204402 e1323986150386 About the New Rules for Offshore Accounts

Let our Costa Mesa law offices help you get started by contacting us today.

 

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