Where is Your Money Being Held?

These days, taxpayers have access to a wide range of great investment opportunities. Unfortunately, however, not all of these opportunities are what they appear to be. In recent years, more and more people have been suckered into what they believe to be legitimate and very profitable investments or business deals, only to find out later that the money they’ve invested and any potential profits are being stowed away in foreign accounts that they cannot access without engaging in illegal activity.

While there are some legitimate transactions in which money is held in a foreign account, it’s important to understand that there are strict rules and requirements when it comes to having and reporting on those accountants. If you’re involved in some kind of a scam or if you simply cannot justify your use of the foreign account, you could find yourself in trouble.

Don’t wind up in a situation such as this one; run every potential investment opportunity by a tax advisor and see if the opportunity is really as good as it appears to be. Furthermore, always know the rules and regulations surrounding any financial decision you make; your tax advisor can fill you in on what’s required when certain decisions are made. Find your advisor and start making smart decisions today by contacting Susan S. Lewis, Ltd. of Naperville.

Monday, April 7, 2014