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News & Events

Category: Offshore Account Update

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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2022 Year in Review: What Do New Jersey Taxpayers Need to Know in 2023?

Offshore Account Update

Posted in on December 30, 2022

As we head into 2023, taxpayers in New Jersey need to prioritize compliance. The IRS has made clear that it intends to ramp up its enforcement efforts in the years to come, and its Strategic Plan for Fiscal Years 2022-2026 highlights several enforcement priorities. With this in mind, here are some of our key insights from 2022 that taxpayers can (and should) carry into 2023.

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IRS Increases Underpayment Interest Rates for 2023

Offshore Account Update

Posted in on December 16, 2022

When taxpayers pay the Internal Revenue Service (IRS) less than they owe, interest begins to accrue immediately. Underpayment interest is calculated as a percentage of the unpaid amount, and this percentage changes based on fluctuations in the federal short-term rate.

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I Received a Letter from the IRS. Is It Legit?

Offshore Account Update

Posted in on November 30, 2022

When you receive a letter from the Internal Revenue Service (IRS), it is important to address the IRS’ correspondence promptly. Whether a revenue agent is simply seeking clarification or the IRS is auditing your personal or business returns, responding in an appropriate and timely manner can mitigate your risk significantly.

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