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Category: Offshore Account Update

Do Cryptocurrency Investors Need to File an FBAR in 2023?

Offshore Account Update

Posted in on January 31, 2023

In 2020, the Financial Crimes Enforcement Network (FinCEN) signaled that it would amend the regulations under the Bank Secrecy Act (BSA) to require the inclusion of stand-alone cryptocurrency accounts on taxpayers’ FBARs. But, as of now, this still hasn’t happened.Read More

Despite Confusion, IRS CI Continues To Target PPP Loan Fraud in 2023

News, Offshore Account Update

Posted in on January 20, 2023

IRS Criminal Investigation (IRS CI) is continuing to target Paycheck Protection Program (PPP) loan recipients in 2023. It has announced multiple cases in just the first few weeks of 2023, and all indications are that 2023 will be a busy year for PPP loan fraud enforcement.

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2022 Year in Review: What Are Our Lessons Learned for 2023?

Offshore Account Update

Posted in on December 30, 2022

The New Year is here. While this means it is time for New Year’s Resolutions and a fresh outlook on life, it also means that it is time to start thinking about tax season. Here is a look back at some of our top insights for U.S. taxpayers from 2022.Read More

When Can U.S. Taxpayers File for Penalty Relief with the IRS?

Offshore Account Update

Posted in on December 16, 2022

The Internal Revenue Service (IRS) imposes penalties on individual and corporate taxpayers for several reasons. These penalties begin to accrue immediately upon a filing or payment delinquency, and they can substantially increase taxpayers’ total liability. While some taxpayers will simply have to pay what they owe, there are various options for avoiding (or at least mitigating) liability for IRS penalties—one of which is filing for penalty relief.

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Is Your Giving Tuesday Donation Tax-Deductible?

Offshore Account Update

Posted in on November 29, 2022

Giving Tuesday is today, the first Tuesday following the Thanksgiving holiday. While not officially a day of recognition, Giving Tuesday is championed by the non-profit group GivingTuesday.org, and it has become a day on which many people choose to make their charitable donations for the year. Many companies make donations as well, with many matching the gifts made by their employees.Read More

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