News,
Offshore Account UpdatePosted 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 MoreThe 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 MoreOffshore Account UpdatePosted 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 MoreOffshore Account UpdatePosted 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 MoreNews,
Offshore Account UpdatePosted in on December 31, 2020
As we look forward to 2021, it is worth taking a look back at some of the lessons we learned in 2020. While major media headlines were dominated by the COVID-19 pandemic, issues of social injustice and the Presidential election – and rightfully so – we focused our attention on helping taxpayers stay up-to-date on their reporting and filing requirements. Here is a look back at some of the top articles published by Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group:
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