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Category: Offshore Account Update

2020 Year in Review: Lessons Learned and Insights for Avoiding IRS Scrutiny in 2021

Articles/News, Offshore Account Update

Posted in on December 31, 2020

As we close the books on 2020, Tax Day is suddenly right around the corner once again. While 2020 presented unprecedented challenges for New Jersey residents and businesses, the IRS still expects and demands full compliance, and even unintentional tax mistakes could lead to significant repercussions in 2021. So, as a New Jersey taxpayer, what do you need to know in order to avoid unwanted scrutiny? Here is a look back at 10 of the top articles that New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, published in 2020:

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5 Important Facts About FBAR Compliance

Offshore Account Update

Posted in on December 17, 2020

If you have foreign bank accounts, or if you own a business that has foreign bank accounts, you may be required to file FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR), with the U.S. Treasury Department’s Financial Crimes Enforcement Network on an annual basis. Here are five important facts about FBAR compliance from New Jersey foreign bank account lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group:

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FATCA vs. FBAR: What is the Difference?

Offshore Account Update

Posted in on October 16, 2020

If you live in New Jersey and you own assets held in foreign countries, you may have compliance obligations under the Bank Secrecy Act. You may also have obligations under the Foreign Account Tax Compliance Act (FATCA). These are federal laws that impose reporting requirements for U.S. taxpayers who own offshore accounts and other offshore assets; and, while they overlap in coverage to a certain extent, they each impose unique compliance obligations, and many taxpayers must comply with both laws in order to avoid IRS penalties and other consequences. Here, New Jersey international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains the key differences between Bank Secrecy Act and FATCA compliance for U.S. taxpayers.

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What is the Difference Between the IRS’ Voluntary Disclosure Practice and Its Streamlined Filing Compliance Procedures?

Offshore Account Update

Posted in on September 30, 2020

When you fall behind on your federal tax obligations, voluntarily coming into compliance can save you from substantial penalties and the risk of criminal prosecution for federal tax evasion or tax fraud (or both). However, while the Internal Revenue Service (IRS) offers various “voluntary compliance” options for delinquent taxpayers, these options both (i) offer different benefits, and (ii) are available under different circumstances. As a result, when seeking to come into compliance, you need to make informed decisions, and it is important to rely on the advice of an experienced New Jersey IRS lawyer.

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5 Common Misconceptions about Voluntarily Disclosing Offshore Accounts to the IRS

Offshore Account Update

Posted in on September 23, 2020

The Internal Revenue Service’s (IRS) Voluntary Disclosure Practice and its Streamlined Filing Compliance Procedures provide ways for individual and corporate taxpayers to mitigate their liability for failing to timely disclose offshore accounts as required by law. However, while the IRS’ Voluntary Disclosure Practice and Streamlined Filing Compliance Procedures offer significant benefits when utilized effectively, there are certain risks associated with voluntary disclosure as well. As a result, U.S. taxpayers must be extremely careful to avoid mistakes that could potentially lead to unnecessary penalties, and they must rely on the advice of counsel when disclosing their offshore accounts to the IRS.

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