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Archive by Year:2021 - Page 2

What are the Penalties for Failing to File an FBAR By October 15?

Articles/News, Offshore Account Update

Posted in on October 15, 2021

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:

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The October 15 Extended IRS Tax Deadline is Approaching: What if You Aren’t Ready?

Articles/News, Offshore Account Update

Posted in on September 30, 2021

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:

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IRS CI Continues to Target COVID-19 Relief Tax Fraud

Hot Topics, Offshore Account Update

Posted in on September 17, 2021

The federal government is continuing to crack down on individuals and businesses suspected of defrauding (and attempting to defraud) the government’s COVID-19 relief programs. The Internal Revenue Service’s Criminal Investigation Division (IRS CI) has been particularly active, announcing a dozen such cases in August and September alone.

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Is Your Bank, Broker or Exchange Sharing Your Transactions with the IRS?

Offshore Account Update

Posted in on August 31, 2021

The Internal Revenue Service (IRS) relies on information from various sources to examine taxpayer compliance. This includes information obtained from banks, brokers, and cryptocurrency exchanges. If your bank, broker or exchange has shared information about your transaction history with the IRS—and if this information is inconsistent with the information you reported on your federal tax returns—this could lead to a tax audit or investigation. Learn more from New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

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IRC CI is Investigating Taxpayers Suspected of COVID-19 Relief Fraud

Articles/News, Offshore Account Update

Posted in on August 13, 2021

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.

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