Archive by Year:2022 - Page 2

What Should You Do If You Missed the October 15 FBAR Deadline?

Offshore Account Update

Posted in on October 17, 2022

For U.S. taxpayers with offshore bank accounts, the deadline to disclose these accounts to the federal government was October 15, 2022. All U.S. taxpayers with qualifying offshore accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) annually, and while the filing deadline is technically April 15, all taxpayers receive an automatic six-month extension. So, now that October 15 has come and gone, what happens if you didn’t file an FBAR?Read More

IRS Issues Advisory for Businesses That Improperly Received PPP Loan Forgiveness

Offshore Account Update

Posted in on September 30, 2022

While it has been well over a year since the federal Paycheck Protection Program (PPP) expired, the Internal Revenue Service (IRS) is continuing to target PPP loan recipients for fraud. This includes both (i) fraudulently obtaining PPP loans through falsified applications and fabricated documentation; and (ii) fraudulently obtaining PPP loan forgiveness through invalid certifications.Read More

IRS To Offer Penalty Relief To Eligible Taxpayers Who File Delinquent 2019 and 2020 Returns By September 30, 2022

Offshore Account Update

Posted in on September 16, 2022

The Internal Revenue Service (IRS) recently announced that it will be offering penalty relief to taxpayers, both individuals and businesses, that failed to timely file certain 2019 and 2020 returns during the COVID-19 pandemic. While the IRS will automatically issue more than $1.2 billion in refunds or credits to taxpayers that have already paid penalties, taxpayers who are not eligible to receive this automatic relief can have their failure-to-file penalties “waived or, to the extent previously assessed, abated, refunded, or credited” if they file in time.Read More

Do You Need to File IRS Form 8938 or an FBAR (or Both) By October 15, 2022?

Offshore Account Update

Posted in on August 31, 2022

For U.S. taxpayers who own “specified foreign financial assets,” Tax Day doesn’t just come with an obligation to file an annual income tax return. These taxpayers must file additional forms to disclose their foreign financial assets as well. Fortunately, for those who fail to file, the Internal Revenue Service (IRS) provides an automatic extension to October 15.Read More

Are Crowdfunding Contributions Taxable or Tax Deductible?

Offshore Account Update

Posted in on August 12, 2022

With crowdfunding continuing to grow in popularity as a means to do everything from launch business ventures to help those in need, the Internal Revenue Service (IRS) has recently provided guidance on crowdfunding’s tax implications. However, as is often the case, the IRS' guidance leaves several key questions unanswered.Read More

Thorn Law Group

Get Trusted Help Now

Over 80 years of expertise for your complicated tax law issues.

Back to the Top