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News and Events

Archive by Month: July 2019

Avoiding Civil Penalties for Failure to Make a Maryland Offshore Voluntary Disclosure

Posted in News, Offshore Account Update on July 31, 2019

Offshore account holders who are also U.S. taxpayers have many reporting requirements for those accounts. These offshore accountholders also face significant civil penalties for failing to make these disclosures. If these taxpayers do not avail themselves of the IRS offshore voluntary disclosure programs, they could be in severe financial trouble.

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How Maryland International Tax Attorneys Can Help With an Offshore Bank Account Audit

Posted in News, Offshore Account Update on July 23, 2019

It is perfectly legal for U.S. taxpayers to hold funds in offshore bank accounts, and there can be many advantages to doing so. Whether you are looking for asset protection from litigation or foreign investment opportunities, there are a number valid and perfectly legal reasons for maintaining foreign accounts. Nonetheless, offshore account holders need to be wary of IRS audits of those accounts.

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