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FOREIGN BANK ACCOUNTS
Many of our clients and colleagues have asked us about the use of foreign bank accounts. We do have many contacts in foreign countries and foreign tax havens.
United States Taxpayers are subject to United States Income Tax on world wide income.
If the intention to set up a foreign bank account to evade taxes. This is simply illegal and punishable by fine or jail. It is also unnecessary, if you qualify for the foreign income taxes exclusion you pays very little income taxes at all. If you do not qualify for the foreign income tax exclusion and you are a United States citizen, then the amount of qualifying write offs will owner your income tax liability so much that the amount of money saved in taxes by cheating are more than out weighed by doing the right thing and paying what we owe in taxes but only what we owe.
The crime is not worth the time, or the money!
Eric Yankwitt, Esq.
(954) 763-2829
www.mytaxguru.com
Advisory Tax Service, Inc.
2322 East Oakland Park Blvd
Suite 201
Ft. Lauderdale, FL 33306
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