California Taxpayers Should Consult With an International Tax Lawyer Before Disclosing Previously Unreported Offshore Bank Accounts
According to the Internal Revenue Service, millions of American taxpayers currently hold an ownership interest in an unreported foreign bank account. In addition to Swiss bank account holders, dual nationals, United States citizens living abroad, green card holders, and others may have an unreported foreign financial account. Since the Bank Secrecy Act was passed by Congress in 1970, American taxpayers with at least $10,000 in aggregate assets that are held offshore must file an annual report with the IRS.
By June 30 of each year, such accounts must be disclosed using the... Read More