2019 Year in Review: Cryptocurrency, Offshore Bank Accounts, and FATCA Enforcement
Offshore Account UpdatePosted in on December 31, 2019
Archive by Year: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 UpdatePosted in on November 4, 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.
Read MoreIRS Issues 10,000 Letters to Cryptocurrency Holders, Warns of Devastating Penalties if Tax Obligations Go Ignored!
NewsPosted 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.
Read MoreIf 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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