FinCEN Form 114, better known as a Report of Foreign Bank and Financial Accounts (FBAR), is a federal tax form that must be filed by taxpayers who own or have a financial interest in certain types of offshore accounts. The FBAR rules are complicated and failing to properly file FBARs when required can lead to substantial IRS penalties.

In 2018, the Internal Revenue Service (IRS) joined forces with tax authorities in four other countries to form the Joint Chiefs of Global Tax Enforcement, known as the J5. In 2020, the J5 announced its first multinational tax evasion investigation, and it warned that banks and taxpayers should expect more similar efforts going forward.

With 2020 just around the corner, it is time to take a look back at the topics that had us talking during 2019. While federal tax law may not be a riveting topic by most people’s standards, there were actually some pretty newsworthy developments over the course of the year. In addition to discussing hot topics in federal tax law, we published several articles with practical tips for New Jersey taxpayers as well. Here is a look back at our top nine articles from 2019:

If you are facing U.S tax issues on your offshore accounts, then you have a lot on your plate. You could face significant penalties, fines, and possibly even criminal prosecution Whether you need to make tax disclosures or want to come into reporting compliance, you will need competent guidance. A New Jersey offshore account attorney can give you that guidance.

The expiration of an important federal program at the end of 2018 means that U.S. taxpayers with offshore bank accounts have fewer options for avoiding steep penalties in 2019. While the steps for timely reporting foreign financial accounts remain largely unchanged, taxpayers who are delinquent on their foreign financial disclosures now have less choices available. In order to avoid the risk of Internal Revenue Service (IRS) penalties and the potential for civil examination or criminal prosecution, taxpayers who have questions or concerns about their reporting obligations should consult with a New Jersey offshore tax attorney promptly.