Offshore Bank Accounts

U.S. Taxpayers With Secret Offshore Money Face New Risks And Options

Taxpayers with offshore bank accounts might be in trouble. The Foreign Account Tax Compliance Act (FATCA) went into effect on July 1 requires that foreign banks report to the IRS about the accounts of U.S. taxpayers. As a result, more than 100 Swiss banks are handing over information on potential U.S. tax evaders.

U.S. Taxpayers With Secret Offshore Money Face New Risks And Options – Forbes