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Archive by Year:2019

2019 Year in Review: Cryptocurrency, Offshore Bank Accounts, and FATCA Enforcement

Offshore Account Update

Posted in on December 31, 2019

There was some big news in the world of federal tax law in 2019. From the Internal Revenue Service (IRS) announcing that it would begin actively targeting cryptocurrency investors to the European Union removing several countries from its list of disfavored tax havens, tax-related news made headlines around the globe.Read More

UAE, Switzerland, Mauritius and Marshall Islands are Among Countries No Longer Considered Tax Havens by the European Union

Offshore Account Update

Posted in on November 4, 2019

In 2017, the European Union established a “blacklist” and a “gray list” of countries and territories which its finance ministers identified as havens for tax avoidance schemes. Blacklisted countries face stricter transactional controls than other nations, while gray list countries and territories are those that have made a demonstrated (but unmet) commitment to comply with EU standards – and that risk being blacklisted if they do not move forward with reform.Read More

A Quick Guide to FATCA Law

Offshore Account Update

Posted in on September 30, 2019

If you are a U.S. citizen or U.S. resident and you own financial assets overseas, you may be subject to reporting requirements under the Foreign Account Tax Compliance Act (FATCA). Failing to meet your FATCA reporting requirements can result in steep penalties. To find out what you need to disclose to the IRS, or to protect yourself if you are being accused of violating FATCA, you should speak with a Washington DC FATCA lawyer right away.

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IRS Issues 10,000 Letters to Cryptocurrency Holders, Warns of Devastating Penalties if Tax Obligations Go Ignored!

News

Posted in on August 8, 2019

Taxation of cryptocurriences is a new and constantly developing area. That is why you need counsel with expertise in IRS enforcement to help you navigate these complex issues, particularly if you are concerned that an audit of your account may lead to other issues, such as foreign reporting compliance, tax evasion, or threat of criminal activity.

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Things to Look for in an FBAR Attorney

Offshore Account Update

Posted in on July 31, 2019

If a U.S. taxpayer has any offshore bank accounts, they must be familiar with the Foreign Bank Account Report (FBAR) required under U.S. tax law. And if that taxpayer has failed to file FBARs in the past, they must know how to come into FBAR compliance. This is when they must seek out a highly qualified FBAR attorney.Read More

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