Offshore Bank Accounts

Except in very limited situations, having an offshore bank account is not illegal. It is, however, simply NOT a good idea. There are several laws that could impose severe civil and criminal liability on taxpayers who use offshore bank accounts. In the end, offshore bank accounts are simply more trouble than they are worth.

If you have a offshore bank account, there is an annual form you have to file each year with the IRS.

If you have been keeping money in an offshore bank account and would like confidential advice regarding what the law would require of you to bring the funds back to the US or to start complying with the laws relating to those accounts with the lowest possible cost to you, Joseph Falcone is available to advise you. The IRS is constantly changing its policies with respect to offshore bank accounts.   However, Joseph Falcone does not become involved in advising  clients how to use offshore accounts.