Do Cryptocurrency Investors Need to File an FBAR in 2023?
Offshore Account UpdatePosted in on January 31, 2023
News & Events
Category: Offshore Account Update
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 UpdatePosted 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.
Read More2022 Year in Review: What Are Our Lessons Learned for 2023?
Offshore Account UpdatePosted in on December 30, 2022
When Can U.S. Taxpayers File for Penalty Relief with the IRS?
Offshore Account UpdatePosted 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.
Read MoreIs Your Giving Tuesday Donation Tax-Deductible?
Offshore Account UpdatePosted in on November 29, 2022
