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Archive by Year: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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5 Top Enforcement Priorities for the IRS in 2021

Articles/News, Offshore Account Update

Posted in on February 26, 2021

When you file your 2020 tax returns, will you be meeting your obligations for yet another year? Or, will you be exposing yourself to the risk of an Internal Revenue Service (IRS) audit or investigation? Oversights and other mistakes can lead to IRS scrutiny—especially when these mistakes involve the IRS’s current enforcement priorities.

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The IRS is Continuing to Target Micro-Captive Insurance Transactions

Articles/News, Hot Topics, Offshore Account Update

Posted in on February 12, 2021

In March of 2020, the Internal Revenue Service (IRS) began sending warning letters to micro-captive insurance companies and their clients. This initiative was based on information the IRS received from various sources indicating that some micro-captive insurance companies were engaging in abusive practices—with attendant tax fraud implications.

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It’s Tax Season—Do You Need to Report Your Offshore Assets in 2021?

Offshore Account Update

Posted 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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