Undisclosed Offshore Assets
Undisclosed offshore assets
Federal law requires that, every year, citizens and resident aliens of the United States disclose certain assets held outside of the United States to the federal government. This may include bank accounts, real property, ownership in foreign entities and more. If you are required to, but do not, meet this filing requirement, you may be subject to both criminal prosecution and substantial penalties.
The IRS has set up procedures and programs to allow citizens and resident aliens to disclose foreign assets and attempt to avoid criminal prosecution and reduce the associated penalties. However, these procedures and programs are subject to change at any time. This tax problem should be discussed with an experienced tax professional.
If you have not disclosed all of your offshore assets to the federal government, contact GMD Tax Law today! Call us at 617.237.6347 or email Attorney Greg Dzialo today at email@example.com.