Do you have an offshore bank account? Contrary to public perception, offshore accounts must be disclosed on your U.S. tax returns. Failure to report foreign accounts can lead to hefty penalties and even criminal prosecution. Many foreign financial institutions are now providing the IRS with lists of U.S. account holders for comparison to income tax return reporting. If you need assistance regarding your foreign accounts, please give us a call.
/posted by Lisa Foley, CPA
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International Accounting & Tax Services
Baldwin CPAs, PLLC provides accounting and tax services to foreign corporations and individuals doing business within the United States as well as companies and individuals with activities abroad in countries such as of Japan, Canada, France, China, United Kingdom, Germany, and Mexico.
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