Archive by Month: September 2019

New Jersey Offshore Account Law – 2019 Update

Offshore Account Update

Posted in on September 30, 2019

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.

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