To File or Not to File: What is a Reportable Foreign Financial Asset Under FATCA?
Offshore Account UpdatePosted in on June 16, 2021
Archive by Year:2021 - Page 4
Many U.S. taxpayers who own financial assets overseas owe reporting obligations to the Internal Revenue Service (IRS). While there are reporting thresholds and not all financial assets qualify as “foreign financial assets” under the Foreign Account Tax Compliance Act (FATCA), taxpayers cannot simply assume that they fall outside of FATCA’s requirements. The penalties for non-compliance are steep, and criminal prosecution is a possibility in some cases. Here, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains when taxpayers need to file IRS Form 8938 in order to comply with FATCA.Read More
Treasury Department Proposal Would Require Reporting of All $10,000 Cryptocurrency Transactions
News, Offshore Account UpdatePosted in on May 28, 2021
The U.S. Is Seeking to Raise an Additional $700 Billion Through IRS Audits
News, Offshore Account UpdatePosted in on May 14, 2021
With Republicans and Democrats in a stalemate regarding potential income tax increases, the Biden administration has put forth a different proposal: Rather than asking law-abiding taxpayers to pay more, the IRS should do more to make non-law-abiding taxpayers pay what they owe. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this could lead to a significant increase in the number of IRS audits over the next 10 years.
Read MoreIRS Establishes Safe Harbor for PPP Non-Compliance
Hot Topics, Offshore Account UpdatePosted in on April 30, 2021
Recent IRS CI Investigations Highlight Enforcement Priorities for 2021
Offshore Account UpdatePosted in on April 16, 2021
The Internal Revenue Service’s Criminal Investigation Division (IRS CI) has been extremely active in 2021. In March alone, IRS CI issued well over 100 press releases announcing new investigations. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, IRS CI’s recent investigations provide some important insights into the division’s enforcement priorities for 2021.
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