“Offshore bank accounts are still an excellent way to protect your assets,” - Asset Protection Attorney – Lost Angeles Bruce Givner. “Though offshore bank accounts have received a lot of negative press recently, offshore bank accounts are neither illegal nor immoral,” continued Givner who has used offshore bank accounts to protect the assets of several high-earner clients.
“Several foreign financial institutions, in response to an investigation by the Department of Justice, recently shared customer information with the U.S. government. However, offshore bank accounts still offer a high level of protection and security for the personal and financial information for U.S. account holders who do not use offshore bank accounts to hide money from the government,” continued Givner. The IRS requires taxpayers to disclose offshore bank accounts on their tax returns as well as to sign special disclosures provided by the foreign financial institutions, known as W9 forms.
Furthermore, upcoming civil suits filed against UBS will determine whether offshore bank account customers can legally rely on assertions by foreign financial institutions that there is no need to disclose offshore bank accounts on their U.S. tax returns or sign required disclosures. Offshore bank accounts also generally offer higher returns on your money.
Givner & Kaye focuses on sophisticated income tax planning and compliance, tax litigation and procedure, and asset protection plans for individuals and businesses in Beverly Hills, Calabasas, West Los Angeles, Hollywood, and other areas of Los Angeles County. On the first and third Thursday of every month, Givner & Kaye hosts its MCLE & CE accredited series - "Thursday Insights." On June 21st, join Givner & Kaye for insights into “The Five Most Common Business Frauds that Every Business Should Know.” Call Los Angeles Tax Attorneys Givner & Kaye at (310) 207-8008 today.