It’s Tax Season—Do You Need to Report Your Offshore Assets in 2021?
Offshore Account UpdatePosted in on January 29, 2021
It is a new year, and that means that it is tax time. While Tax Day is not until April 15, U.S. taxpayers must start preparing now in order to ensure that they will be able to file their state and federal returns by the due date. But, for taxpayers who own offshore assets, their federal returns may not be all they need to file in 2021. As New Jersey offshore tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group explains, these taxpayers may need to file an FBAR and IRS Form 8938 as well.
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