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Category: Offshore Account Update

What Factors Do You Need to Consider Before Voluntarily Disclosing Information to IRS CI?

Offshore Account Update

Posted in on July 31, 2020

Under federal law, the penalties for tax evasion include six-figure fines and up to five years of federal imprisonment. Other tax-related crimes carry even greater penalties. While it is possible to avoid criminal prosecution through the Internal Revenue Service’s (IRS) Voluntary Disclosure Practice, there are several critical factors you need to consider before admitting to the commission of a federal crime. Here, New Jersey IRS voluntary disclosure lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an introduction to what you need to know.

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Top 10 FAQs About FBARs

Offshore Account Update

Posted in on January 31, 2020

FinCEN Form 114, better known as a Report of Foreign Bank and Financial Accounts (FBAR), is a federal tax form that must be filed by taxpayers who own or have a financial interest in certain types of offshore accounts. The FBAR rules are complicated and failing to properly file FBARs when required can lead to substantial IRS penalties.

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IRS and Joint Chiefs of Global Tax Enforcement Targeting Offshore Tax Evasion in 2020

Hot Topics, Offshore Account Update

Posted in on January 28, 2020

In 2018, the Internal Revenue Service (IRS) joined forces with tax authorities in four other countries to form the Joint Chiefs of Global Tax Enforcement, known as the J5. In 2020, the J5 announced its first multinational tax evasion investigation, and it warned that banks and taxpayers should expect more similar efforts going forward.

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2019 Year in Review: What New Jersey Taxpayers Need to Know

Offshore Account Update

Posted in on December 31, 2019

With 2020 just around the corner, it is time to take a look back at the topics that had us talking during 2019. While federal tax law may not be a riveting topic by most people’s standards, there were actually some pretty newsworthy developments over the course of the year. In addition to discussing hot topics in federal tax law, we published several articles with practical tips for New Jersey taxpayers as well. Here is a look back at our top nine articles from 2019:

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Top Things to Ask a New Jersey Offshore Tax Attorney

Offshore Account Update

Posted in on November 4, 2019

If you are facing U.S tax issues on your offshore accounts, then you have a lot on your plate. You could face significant penalties, fines, and possibly even criminal prosecution Whether you need to make tax disclosures or want to come into reporting compliance, you will need competent guidance. A New Jersey offshore account attorney can give you that guidance.

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