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Archive by Month: March 2021

Streamlined Filing vs. Voluntary Disclosure: Understanding the Differences

Articles/News, Offshore Account Update

Posted in on March 31, 2021

For U.S. taxpayers who fail to disclose their offshore accounts to the IRS, streamlined filing and voluntary disclosure provide two potential options for coming into compliance. However, both of these options are very different, and taxpayers must choose wisely when deciding how to address past filing deficiencies. Here, New Jersey FATCA attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains the key differences between these two options for remedying delinquent foreign financial asset disclosures:

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5 Important Facts About Income Taxes for Cryptocurrency Investors

Articles/News, Offshore Account Update

Posted in on March 19, 2021

It’s that time of year again when cryptocurrency investors need to review their transaction histories so that they can prepare their tax returns. While the IRS has extended Tax Day to May 17, 2021, for individuals, that date is just over the horizon, and investors need to make sure they have all of the information they need in order to accurately file their returns on time. Are you a cryptocurrency investor? Does your company use cryptocurrency to transact business? If so, here are five important facts from New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group:

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