If you do not have old tax documents, you can still file accurate tax returns by using IRS records and other available information to reconstruct your financial history. Many clients contact us because they want to file, but do not have their old paperwork. Documents get lost, moved, shredded, or destroyed over time. Fortunately, you […]
Personal Finance
Are Offshore Accounts Legal? How Do They Affect My Taxes?
TL;DR On April 3, 2016, the German newspaper Süddeutsche Zeitung published the ‘Panama Papers,’ which were confidential documents belonging to Panama-based law firm Mossack Fonseca. Among other things, the papers exposed over 214,000 tax havens for politicians, celebrities, and current or former world leaders. While most of the documents involved offshore business entities that were […]
FBAR Penalties
Each year, individuals in the United States who hold foreign financial accounts are required to file a Report of Foreign Bank and Financial Accounts (FBAR). A failure to file when required to do so can lead to serious penalties. This may include substantial monetary fines as well as possible criminal charges. FBAR penalties are among […]
