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Category: Offshore Account Update - Page 19

It’s Tax Season—Do You Need to Report Your Offshore Assets in 2021?

Offshore Account Update

Posted in on January 29, 2021

It is a new year, and that means that it is tax time. While Tax Day is not until April 15, U.S. taxpayers must start preparing now in order to ensure that they will be able to file their state and federal returns by the due date. But, for taxpayers who own offshore assets, their federal returns may not be all they need to file in 2021. As New Jersey offshore tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group explains, these taxpayers may need to file an FBAR and IRS Form 8938 as well.

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What are the FBAR and FATCA Filing Requirements for Offshore Cryptocurrency?

Offshore Account Update

Posted in on January 15, 2021

Cryptocurrency investors must report all taxable income from mining, sales, and other transactions on their annual tax returns, and they must pay all income taxes that are due. However, these are not the only requirements that exist at the federal level. As New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, for cryptocurrency held in offshore accounts, reporting obligations under the Bank Secrecy Act and the Foreign Account Tax Compliance Act (FATCA) may apply as well.

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2020 Year in Review: Lessons Learned and Insights for Avoiding IRS Scrutiny in 2021

Articles/News, Offshore Account Update

Posted in on December 31, 2020

As we close the books on 2020, Tax Day is suddenly right around the corner once again. While 2020 presented unprecedented challenges for New Jersey residents and businesses, the IRS still expects and demands full compliance, and even unintentional tax mistakes could lead to significant repercussions in 2021. So, as a New Jersey taxpayer, what do you need to know in order to avoid unwanted scrutiny? Here is a look back at 10 of the top articles that New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, published in 2020:

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5 Important Facts About FBAR Compliance

Offshore Account Update

Posted in on December 17, 2020

If you have foreign bank accounts, or if you own a business that has foreign bank accounts, you may be required to file FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR), with the U.S. Treasury Department’s Financial Crimes Enforcement Network on an annual basis. Here are five important facts about FBAR compliance from New Jersey foreign bank account lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group:

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FATCA vs. FBAR: What is the Difference?

Offshore Account Update

Posted in on October 16, 2020

If you live in New Jersey and you own assets held in foreign countries, you may have compliance obligations under the Bank Secrecy Act. You may also have obligations under the Foreign Account Tax Compliance Act (FATCA). These are federal laws that impose reporting requirements for U.S. taxpayers who own offshore accounts and other offshore assets; and, while they overlap in coverage to a certain extent, they each impose unique compliance obligations, and many taxpayers must comply with both laws in order to avoid IRS penalties and other consequences. Here, New Jersey international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains the key differences between Bank Secrecy Act and FATCA compliance for U.S. taxpayers.

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