There is nothing illegal about having money or earning income overseas. There is a legal problem, however, when individuals and businesses do not declare their offshore income and bank accounts. People convicted of tax evasion, failure to file returns, failure to report offshore accounts and income, or other offshore tax crimes can face long terms in prison and large civil and criminal fines and penalties.
U.S. citizens and noncitizen residents must report all income regardless of where that income was earned. If you are a U.S. citizen working overseas, you must report your income to the IRS, even if the income is subject to taxes in another country. Credits and deductions may mean that you do not owe taxes, but you are still required to report the income.
If you need assistance resolving a problem with the IRS, call the Law Offices of Horwitz & Citro, P.A., at (407) 901-5852 to speak with our experienced federal criminal defense attorneys.
Email the criminal defense attorneys at the Law Offices of Horwitz & Citro, P.A.
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