Offshore Account UpdatePosted 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 MoreOffshore Account UpdatePosted 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 MoreOffshore Account UpdatePosted 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.
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Offshore Account UpdatePosted 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.
Read MoreOffshore Account UpdatePosted 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.
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