IRS FATCA FAQs: What Do U.S. Taxpayers with Offshore Assets Need to Know in 2022?
Offshore Account UpdatePosted in on February 28, 2022
For U.S. taxpayers who own offshore bank accounts and other foreign financial assets, understanding their obligations under the Foreign Account Tax Compliance Act (FATCA) can be difficult. But, it is also extremely important—FATCA violations can carry civil or criminal penalties depending on the circumstances involved. In this article, New Jersey international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, highlights some key information from the IRS’s FATCA FAQs.
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