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2021 Year in Review: Key Takeaways for U.S. Taxpayers Heading Into 2022

Posted in Offshore Account Update on December 31, 2021 | Share

As we head into 2022, there are lots of lessons that U.S. taxpayers can (and should) carry forward from 2021. In this article, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, recaps some of the key topics we covered on our blog throughout the year.

Remedying Late FBAR Filings

The IRS provided some practical tips for FBAR compliance in 2021. However, as many U.S. taxpayers are unaware of the FBAR filing requirements entirely, providing these types of tips only goes so far. We regularly publish information on remedying FBAR compliance violations, and 2021 was no exception:

Remedying Late FATCA Filings

In addition to meeting the FBAR filing requirements, many U.S. taxpayers who own offshore assets must comply with the Foreign Account Tax Compliance Act (FATCA). We also covered a variety of topics pertaining to FATCA compliance in 2021, including:

Cryptocurrency Tax Liability and Reporting

Cryptocurrency tax compliance is likely to remain a hot topic for the next several years. The IRS is prioritizing enforcement of cryptocurrency investors’ reporting and payment obligations, and it will soon have some powerful new tools at its disposal. For more information, investors can read:

Pandemic-Related Tax Matters

The IRS and other agencies have been cracking down hard on individuals and companies suspected of defrauding COVID-19 pandemic relief programs. With this in mind, it is important for those that have utilized these programs to make sure they will be able to prove compliance if necessary. Learn more:

Tax Enforcement Priorities for 2022

In May, we reported that the U.S. government is seeking to raise an additional $700 billion in revenue through IRS audits over the next several years. In order to meet its mandate, the IRS will be targeting a number of enforcement priorities. We covered several of these priorities specifically in 2021, and our review of IRS CI’s FY 2021 Annual Report sheds light on some key concerns for taxpayers in 2022 as well:

Schedule a Confidential Consultation with Washington D.C. Tax Lawyer Kevin E. Thorn

Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, represents individuals and businesses in all federal tax matters. If you need advice or representation, you can call 202-349-4033, email ket@thornlawgroup.com or contact us online to schedule a confidential consultation.

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"Mr. Thorn and the attorneys at Thorn Law Group were so knowledgeable about the IRS Voluntary Disclosure Program and about the way the IRS Criminal Investigation Division works. Mr. Thorn helped put my mind at ease and walked me through the whole Voluntary Disclosure process. With the help of Thorn Law Group, and Mr. Thorn specifically, we were able to get back into compliance and were able to avoid criminal prosecution."
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