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Category: News - Page 17

10 Filing Mistakes that Could Lead to an IRS Audit or Investigation in 2021

News, Offshore Account Update

Posted in on February 12, 2021

When you sign, seal and file your 2020 tax returns, will it be time to breathe a sigh of relief knowing that you can put tax season behind you for another year? Or, will you need to hold your breath in case the Internal Revenue Service (IRS) comes calling?

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Changes May Be Coming to Offshore Cryptocurrency Disclosures in 2021

News, Offshore Account Update

Posted in on January 29, 2021

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently announced plans to propose a new disclosure requirement for U.S. taxpayers with offshore cryptocurrency accounts. If the proposal moves forward, all taxpayers who own more than $10,000 in cryptocurrency held in offshore accounts would be required to file FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR) on an annual basis.

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2021 Offshore Reporting Requirements: Do You Need to File with the IRS or FinCEN (or Both)?

News, Offshore Account Update

Posted in on January 15, 2021

If you own offshore assets, you may need to file more than your state and federal income tax returns on April 15. You may have an obligation to disclose your offshore assets to the Internal Revenue Service (IRS), the Financial Crimes Enforcement Network (FinCEN), or both; and, if you do, you will need to file the requisite forms to avoid exposure to substantial penalties. Here, Virginia international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains the offshore asset disclosure requirements for 2021.

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2020 Year in Review: COVID-19, Cryptocurrency and Other Tax Issues that Could Lead to Trouble in 2021

News, Offshore Account Update

Posted in on December 31, 2020

For many people, 2020 was a year that can’t be forgotten soon enough. But, while 2020 was difficult and indeed tragic for many families, it is important to take the lessons we learned during the year with us into 2021.

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FBAR and FATCA: What Virginia Taxpayers Need to Know about Disclosing Their Offshore Assets to the IRS

News, Offshore Account Update

Posted in on December 17, 2020

U.S. taxpayers with financial assets overseas have an obligation to report these assets to the federal government. While there are certain thresholds, most individuals and entities with offshore financial assets will need to report them, and failing to do so can lead to substantial penalties. In order to avoid these penalties, it is strongly advised that all U.S. taxpayers with offshore assets consult with a Virginia international tax attorney.

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