If you own “specified foreign financial assets” as defined by the Foreign Account Tax Compliance Act (FATCA), you may have an obligation to report these assets to the Internal Revenue Service (IRS) using Form 8938. This form is due by April 15, but all taxpayers receive an automatic extension to October 15 if they miss the Tax Day deadline. In this article, Virginia offshore tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group,  explains what types of foreign financial assets trigger the FATCA reporting requirement.

If you own an offshore bank account or other foreign financial assets, you may have an obligation to disclose these assets to the Internal Revenue Service (IRS) when you file your annual return in 2022. So, how can you determine if you need to file? If you need to file, should you file IRS Form 8938, an FBAR or both? Virginia FATCA lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

The Internal Revenue Service (IRS) recently published an update to the status of its operations during the COVID pandemic, and this led to a wave of media coverage warning taxpayers to be prepared for an “overloaded” IRS during the 2022 filing season. But, while some of the IRS’s operations may be behind schedule, this does not mean that taxpayers can afford to relax. As Virginia IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, taxpayers must be as careful as ever to ensure that they are meeting their federal obligations.

The Internal Revenue Service (IRS) recently released several sets of updated FAQs for U.S. taxpayers. The updated FAQs are intended to help taxpayers address a variety of specific issues as they prepare their annual returns for the 2021 tax year. In this article, Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights: