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Archive by Month: February 2022

IRS FATCA FAQs: What Do U.S. Taxpayers with Offshore Assets Need to Know in 2022?

Offshore Account Update

Posted 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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Specified Foreign Financial Assets: When Do You Need to File IRS Form 8938?

Articles/News, Offshore Account Update

Posted in on February 14, 2022

If you own “specified foreign financial assets,” you may have an obligation to disclose these assets to the Internal Revenue Service (IRS). So, what types of assets qualify, and what do you need to disclose on IRS Form 8938? New Jersey FATCA attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.  

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