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Category: Offshore Account Update - Page 6

How To Handle Past Mistakes When Preparing Your Tax Returns in 2023

Offshore Account Update

Posted in on February 28, 2023

For many taxpayers, preparing their annual income tax returns involves reviewing what they did in prior years. While this can be a good way to streamline the process, it can also uncover evidence of past filing mistakes.Read More

What if I Didn’t Report Foreign-Earned Income on My Federal Return?

Offshore Account Update

Posted in on February 17, 2023

For U.S. taxpayers who live and work abroad, the Foreign Earned Income Exclusion (FEIE) provides an opportunity to exclude up to $112,000 of your foreign-earned income from your annual federal taxable income. However, strict eligibility criteria apply, and taxpayers who are eligible to claim the FEIE must still report their foreign-earned income on their federal returns.Read More

Do Cryptocurrency Investors Need to File an FBAR in 2023?

Offshore Account Update

Posted in on January 31, 2023

In 2020, the Financial Crimes Enforcement Network (FinCEN) signaled that it would amend the regulations under the Bank Secrecy Act (BSA) to require the inclusion of stand-alone cryptocurrency accounts on taxpayers’ FBARs. But, as of now, this still hasn’t happened.Read More

Despite Confusion, IRS CI Continues To Target PPP Loan Fraud in 2023

News, Offshore Account Update

Posted in on January 20, 2023

IRS Criminal Investigation (IRS CI) is continuing to target Paycheck Protection Program (PPP) loan recipients in 2023. It has announced multiple cases in just the first few weeks of 2023, and all indications are that 2023 will be a busy year for PPP loan fraud enforcement.

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2022 Year in Review: What Are Our Lessons Learned for 2023?

Offshore Account Update

Posted in on December 30, 2022

The New Year is here. While this means it is time for New Year’s Resolutions and a fresh outlook on life, it also means that it is time to start thinking about tax season. Here is a look back at some of our top insights for U.S. taxpayers from 2022.Read More

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