Offshore Planning Requires Tax Reporting
When people use offshore trusts and some offshore limited liability companies for asset protection they are required to submit to the IRS some informational tax filings. For example, US Citizens (including
dual citizenship), who have bank accounts or investment accounts in a country outside the United States, they must file an annual Treasury Department form TD F 90-22.1 every year, or there are civil and possibly criminal penalties for non-compliance. People with offshore accounts must find a CPA who is experienced in international tax to make sure that all required tax forms are being filed.
