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Category: Offshore Account Update - Page 2

What to Do (and Not Do) in 2021 if You Made Mistakes on a Prior Year’s Tax Return

News, Offshore Account Update

Posted in on March 19, 2021

It’s tax season. You’re working on your 2021 tax returns, and you just realized that you made a mistake in a prior year. What should you do? As Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group explains, your options will depend on the specific mistake you made, how much you might owe and a variety of other factors.Read More

Don’t Make These 5 Costly Mistakes When Preparing Your Income Tax Returns in 2021

News, Offshore Account Update

Posted in on February 26, 2021

When it comes to preparing your annual income tax returns, mistakes can be costly. The IRS scrutinizes individual and corporate filers’ returns, and it audits and investigates taxpayers suspected of underreporting their federal income tax obligations. With this in mind, you need to be careful when preparing your (or your business’s) returns for the 2020 tax year—and you should consult with a Washington D.C. tax attorney if you have questions or concerns about potential filing issues or liability.Read More

IRS: Bitcoin and Cryptocurrency Investors Will Be Facing Scrutiny in 2021

Hot Topics, News, Offshore Account Update

Posted in on February 12, 2021

The IRS began a heavy push to target Bitcoin and other cryptocurrency investors in 2019, and it has recently made clear that it will be continuing this push in 2021. After sending several rounds of “warning letters” to cryptocurrency investors over the past two years, the IRS will be shifting its focus to enforcement going forward.Read More

2021 Tax Reporting Requirements for Foreign Financial Accounts and Other Offshore Assets

Offshore Account Update

Posted in on January 29, 2021

With everything else going on in the world, you could be forgiven for forgetting that Tax Day 2021 is just around the corner. But, as of yet, there is no indication that the IRS will extend the federal income tax filing deadline again this year; and, as a result, U.S. taxpayers need to focus on meeting the usual April 15 deadline.Read More

What is the FBAR Filing Requirement for Virtual Currency?

Offshore Account Update

Posted in on January 15, 2021

As our Washington D.C. tax defense attorneys recently discussed, if you own offshore bank accounts that are worth more than $10,000 at any point during the tax year, you are required to disclose these accounts to the federal government. In order to do so, you must file FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR), with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).Read More

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"Kevin E. Thorn and the tax attorneys at Thorn Law Group are exceptional. When I came to them, I had just received a letter from the Department of Justice concerning an undisclosed bank account at a Swiss bank. I thought I was going to go to jail and lose everything I had worked for just because my family and my business are international. Mr. Thorn's knowledge of the tax laws and his skills in presenting my situation to the IRS and Department of Justice proved superior!"
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