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Archive by Year:2022 - Page 2

Report: Approximately 1.4 Million PPP Loans May Be Ineligible for Forgiveness

Offshore Account Update

Posted in on October 17, 2022

While the Paycheck Protection Program (PPP) served as a financial lifeline for many businesses at the height of the COVID-19 pandemic, it is now well-known that the program was also a prime target for fraud. While the U.S. Small Business Administration (SBA) has previously estimated that lenders issued as many as 70,000 fraudulent loans under the program, a recent report suggests that the real number could be as high as 1.4 million.

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Do U.S. Taxpayers Have to File an FBAR for Cryptocurrency in 2022?

News, Offshore Account Update

Posted in on September 30, 2022

In 2020, the Financial Crimes Enforcement Network (FinCEN) provided guidance regarding the FBAR implications of holding cryptocurrency overseas. At the time, FinCEN made clear that “a foreign account holding virtual currency is not reportable on the FBAR (unless it is a reportable account . . . because it holds reportable assets besides virtual currency).” However, FinCEN also stated that it intended to propose amended regulations that would require FBARs for offshore cryptocurrency accounts.

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What Virginia Business Owners Need to Know About the IRS’ Work Opportunity Tax Credit

News, Offshore Account Update

Posted in on September 16, 2022

The Internal Revenue Service (IRS) recently announced that it has extended the federal work opportunity tax credit through 2025. Like the employee retention credit offered for 2020 and 2021, Virginia businesses claiming the work opportunity tax credit must be careful, as improperly claiming eligibility can lead to liability for back taxes, interest and penalties.

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The Extended Deadline for 2022 FATCA and FBAR Compliance is Approaching—Do You Need to File By October 15?

Offshore Account Update

Posted in on August 31, 2022

U.S. taxpayers who own qualifying offshore bank accounts and other foreign financial assets need to report these assets to the IRS annually. Technically, the deadline to report these “specified foreign financial assets” is April 15. However, all taxpayers receive an automatic extension to October 15.

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Do Businesses in Virginia Have to Pay Income Tax for Crowdfunding Campaigns?

News, Offshore Account Update

Posted in on August 12, 2022

Crowdfunding platforms have become popular tools for businesses to launch new products and services. Using these platforms allows businesses to secure funding without going into debt or giving up shares to venture capitalists, and it allows them to promote their new offerings in ways not available through other means.

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