Archive by Month: July 2021

Guide to Federal Tax Compliance for Cryptocurrency Investors

Articles/News, Offshore Account Update

Posted in on July 30, 2021

Cryptocurrency investors are facing enhanced scrutiny from the Internal Revenue Service (IRS) in 2021. As a result, it is more important than ever for investors to ensure that they are complying with the Internal Revenue Code and other pertinent federal laws. We have published several resources for cryptocurrency investors prepared by New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group. If you have questions about federal tax compliance related to cryptocurrency, these resources are your starting point for what you need to know:

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2021 FBAR and FATCA Compliance: What the IRS Wants You to Know

Articles/News, Offshore Account Update

Posted in on July 16, 2021

For many U.S. taxpayers who own foreign financial accounts, filing a Report of Foreign Bank and Financial Accounts (FBAR) and meeting the reporting requirements under the Foreign Account Tax Compliance Act (FATCA) are essential for avoiding unwanted scrutiny from the Internal Revenue Service (IRS). The IRS expects taxpayers to strictly comply with the FBAR and FATCA filing requirements—and to engage a New Jersey international tax lawyer to assist them when necessary. Recently, the IRS issued updated compliance guidance that all U.S. taxpayers with foreign financial accounts need to keep in mind.

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