Dear Clients, Colleagues, and Friends, During the past few weeks, concerns over the coronavirus has spread into our consciousness, our communities, our families, and our clients. I want you to know that I am here for you to help in any way I can. Your health, well-being, and peace of mind are what matter most to me. While today’s environment is something none of us has ever lived through, my […]
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“He has offshore bank accounts.” When you hear this phrase, what is your gut reaction? For those of us who consume the news, read John Grisham novels or watch TV, when we hear “offshore bank accounts,” our guts scream “tax evader!” or worse. We think a bad guy is hiding assets. We think mafia, drug running, embezzlement, assassins, Ponzi schemes, white collar criminals, lengthy trials, and jail time. The media […]
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Larry and Harold, best friends and business partners for the past 20 years, operate their successful company as an S corporation. They started with nothing and built their business from the ground up, working hard to increase profits through the economy’s ups and downs. Their partnership is truly an American Success Story. THE GOOD DEED: Four years ago, Larry’s younger brother announced he was getting married. Larry was ecstatic with […]
Continue readingMany of our avid CLIENT ALERT readers have established overseas structures that require the filing of the Foreign Bank and Financial Accounts form, otherwise known as the FBAR. The FBAR would be required if you or your trust is the owner of (or has signature or other authority over) a foreign bank, securities, or other financial account. Moreover, additional reporting may be required as an attachment to your tax return […]
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