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Archive by Year:2020

New Jersey Residents Have Until July 15 to File Their Federal Returns, Pending Law Would Extend State Income Tax Deadline as Well


Posted in on March 31, 2020

The Internal Revenue Service (IRS) has extended the federal income tax deadline for all taxpayers from April 15 to July 15. This applies to filings and payment, and it is an automatic extension so taxpayers do not have to file anything on April 15.

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Cryptocurrency and Federal Taxes: What are Your Obligations to the IRS?


Posted in on February 28, 2020

The Internal Revenue Service (IRS) is cracking down on individuals who fail to report cryptocurrency transactions and who fail to pay income taxes triggered by these transactions. In late 2019, the IRS issued updated guidance on the federal tax treatment of cryptocurrency (or “virtual currency”); and, at the same time, it warned that it is, “actively addressing potential non-compliance in this area through a variety of efforts, ranging from taxpayer education to audits to criminal investigations.” If you are concerned that you may be behind on your federal tax obligations, you should speak with a New Jersey tax attorney promptly.

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Top 10 FAQs About FBARs

Offshore Account Update

Posted in on January 31, 2020

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.

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IRS and Joint Chiefs of Global Tax Enforcement Targeting Offshore Tax Evasion in 2020

Hot Topics, Offshore Account Update

Posted in on January 28, 2020

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.

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