The deadline for filing an FBAR is October 15. While FBARs are technically due on Tax Day, U.S. taxpayers receive an automatic six-month extension to file without penalties. If you missed the October 15 deadline, what penalties are you facing? New Jersey international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

For U.S. taxpayers who requested an extension back in May, the October 15, 2021 extended filing deadline is fast approaching. But, what if you still aren’t ready to file your returns? Or, what if you can’t afford to pay what you owe the IRS for the 2020 tax year? New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

Congress enacted several laws in 2020 in order to provide financial relief to individuals and businesses impacted by the COVID-19 pandemic, and it has continued to provide additional forms of relief in 2021. The Internal Revenue Service (IRS) and other agencies have taken various steps to help mitigate qualifying individuals’ and businesses’ financial strain as well. Many of the federal government’s COVID-19 relief programs have been impacted by widespread fraud, and IRS Criminal Investigation (IRS CI) is among several agencies that are actively targeting those suspected of pandemic-related crimes.

Cryptocurrency investors are facing enhanced scrutiny from the Internal Revenue Service (IRS) in 2021. As a result, it is more important than ever for investors to ensure that they are complying with the Internal Revenue Code and other pertinent federal laws. We have published several resources for cryptocurrency investors prepared by New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group. If you have questions about federal tax compliance related to cryptocurrency, these resources are your starting point for what you need to know:

For many U.S. taxpayers who own foreign financial accounts, filing a Report of Foreign Bank and Financial Accounts (FBAR) and meeting the reporting requirements under the Foreign Account Tax Compliance Act (FATCA) are essential for avoiding unwanted scrutiny from the Internal Revenue Service (IRS). The IRS expects taxpayers to strictly comply with the FBAR and FATCA filing requirements—and to engage a New Jersey international tax lawyer to assist them when necessary. Recently, the IRS issued updated compliance guidance that all U.S. taxpayers with foreign financial accounts need to keep in mind.