Nobody wants to deal with an audit by the Internal Revenue Service (IRS). To that end, it’s not unusual for businesses of all sizes to have an accountant handle their financial records and prepare their taxes. That’s great — as long as you can trust your accountant to...
Month: March 2021
What you don’t know about disclosing foreign assets can cost you
The tax filing deadline for 2020 is quickly approaching. For those who have money in foreign bank accounts or own foreign mutual funds, you need to be careful to report those assets correctly. If you don’t, you can face a massive tax penalty, sometimes up to $100,000....
Keeping money in foreign accounts isn’t illegal – if you do it correctly
The idea of keeping money in an account outside the U.S. has always held some intrigue for many Americans. Having a Swiss bank account identified by a number rather than your name used to be the epitome of secrecy for the rich and famous who wanted to hide money from...