Is it illegal to have an offshore account?
Wed, 25 Jan 2012 22:34:34 GMT —
You wanted to know what reasons a person would have for opening up an offshore account in today's Facebook story of the day.
And there are financially sound reasons for having one.
"No, there could be good economic reasons to have an account offshore. With today's global economy, it could be that you get a better return on an account overseas," says CPA John McDuffie with Mauldin & Jenkins.
Penalties for not disclosing can be a fine of the percentage of the account.