Archive by Month: January 2023

IRS Issues Several Reminders for 2023 Tax Season

Articles/News, Offshore Account Update

Posted in on January 31, 2023

Now that tax season is here, the Internal Revenue Service (IRS) is issuing several reminders for taxpayers. Errors and omissions on taxpayers' returns can lead to substantial penalties, and if an IRS audit uncovers evidence suggesting that a taxpayer has intentionally underreported or underpaid its federal tax obligations, this can lead to criminal prosecution in some cases. As a result, all taxpayers need to prioritize reporting compliance in 2023—starting with the basics.

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2023 FBAR and FATCA Compliance: Offshore Account Disclosure Rules Remain Unchanged from Last Year

Articles/News, Offshore Account Update

Posted in on January 20, 2023

The rules for FBAR and FATCA compliance are remaining unchanged for 2023. This means that U.S. taxpayers who own offshore accounts must assess their filing obligations as they have in years past, and they must file an FBAR, IRS Form 8938 or both if the aggregate value of their offshore accounts exceeds the relevant disclosure threshold(s).

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