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Archive by Month: October 2020

New Jersey Companies Thriving During the COVID-19 Crisis May Be at Risk for Tax Fraud Investigations

Articles/News, Hot Topics

Posted in on October 30, 2020

While the COVID-19 crisis has had a substantial impact on New Jersey’s economy, and while many businesses have been forced to shut down, some companies are thriving. For those that are, the risk of facing a federal tax fraud investigation is a very real concern.

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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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