The IRS is Cracking Down on Offshore Investments
The IRS is Cracking Down on Offshore Investments. During this episode, Morey and Macarena talk about the importance of having a good relationship with the IRS, especially if you have offshore investments or bank accounts. Doing business or making investments overseas can trip you up, if you don’t have the right financial planners working in your best interest. Be sure to err on the side of caution and properly vet the financial company in which you put your trust.
If you live offshore and don’t have a qualified team of professionals to help you plan your financial future to get the lifestyle you want, call Glazer Financial. Ask Morey for a free consultation. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty a Keller Williams Team in Belize.
[1:11] A good relationship with the IRS is worth its weight in gold. [4:37] The FBAR, Form 114 is used to report foreign bank accounts. [5:48] Special agents with the IRS and the Department of Justice are involved with tax collection. [7:39] Beware of investing in foreign projects that seem too good to be true. [9:24] Form 8938 tells the IRS about your foreign investments. [13:32] Offshore financial planners should be vetted properly. [15:16] Tax planning and proper reporting of mileage are essential under this administration.
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