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Category: Offshore Account Update

Is Your Bank, Broker or Exchange Sharing Your Transactions with the IRS?

Offshore Account Update

Posted in on August 31, 2021

The Internal Revenue Service (IRS) relies on information from various sources to examine taxpayer compliance. This includes information obtained from banks, brokers, and cryptocurrency exchanges. If your bank, broker or exchange has shared information about your transaction history with the IRS—and if this information is inconsistent with the information you reported on your federal tax returns—this could lead to a tax audit or investigation. Learn more from New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

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IRC CI is Investigating Taxpayers Suspected of COVID-19 Relief Fraud

Articles/News, Offshore Account Update

Posted in on August 13, 2021

Congress enacted several laws in 2020 in order to provide financial relief to individuals and businesses impacted by the COVID-19 pandemic, and it has continued to provide additional forms of relief in 2021. The Internal Revenue Service (IRS) and other agencies have taken various steps to help mitigate qualifying individuals’ and businesses’ financial strain as well. Many of the federal government’s COVID-19 relief programs have been impacted by widespread fraud, and IRS Criminal Investigation (IRS CI) is among several agencies that are actively targeting those suspected of pandemic-related crimes.

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Guide to Federal Tax Compliance for Cryptocurrency Investors

Articles/News, Offshore Account Update

Posted in on July 30, 2021

Cryptocurrency investors are facing enhanced scrutiny from the Internal Revenue Service (IRS) in 2021. As a result, it is more important than ever for investors to ensure that they are complying with the Internal Revenue Code and other pertinent federal laws. We have published several resources for cryptocurrency investors prepared by New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group. If you have questions about federal tax compliance related to cryptocurrency, these resources are your starting point for what you need to know:

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2021 FBAR and FATCA Compliance: What the IRS Wants You to Know

Articles/News, Offshore Account Update

Posted in on July 16, 2021

For many U.S. taxpayers who own foreign financial accounts, filing a Report of Foreign Bank and Financial Accounts (FBAR) and meeting the reporting requirements under the Foreign Account Tax Compliance Act (FATCA) are essential for avoiding unwanted scrutiny from the Internal Revenue Service (IRS). The IRS expects taxpayers to strictly comply with the FBAR and FATCA filing requirements—and to engage a New Jersey international tax lawyer to assist them when necessary. Recently, the IRS issued updated compliance guidance that all U.S. taxpayers with foreign financial accounts need to keep in mind.

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10 Reasons Why You May Be Under Investigation By IRS CI

Articles/News, Offshore Account Update

Posted in on June 16, 2021

The Internal Revenue Service’s Criminal Investigation Division (IRS CI) targets individual and corporate taxpayers suspected of criminal tax law violations. It investigates certain other types of criminal activity as well. If you have been contacted by IRS CI Special Agents, defending yourself (or your company) starts with engaging a New Jersey tax lawyer to determine why exactly you are being targeted.

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