For U.S. taxpayers with offshore bank accounts, the deadline to disclose these accounts to the federal government was October 15, 2022. All U.S. taxpayers with qualifying offshore accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) annually, and while the filing deadline is technically April 15, all taxpayers receive an automatic six-month extension. So, now that October 15 has come and gone, what happens if you didn’t file an FBAR?Read More

While it has been well over a year since the federal Paycheck Protection Program (PPP) expired, the Internal Revenue Service (IRS) is continuing to target PPP loan recipients for fraud. This includes both (i) fraudulently obtaining PPP loans through falsified applications and fabricated documentation; and (ii) fraudulently obtaining PPP loan forgiveness through invalid certifications.Read More

The Internal Revenue Service (IRS) recently announced that it will be offering penalty relief to taxpayers, both individuals and businesses, that failed to timely file certain 2019 and 2020 returns during the COVID-19 pandemic. While the IRS will automatically issue more than $1.2 billion in refunds or credits to taxpayers that have already paid penalties, taxpayers who are not eligible to receive this automatic relief can have their failure-to-file penalties “waived or, to the extent previously assessed, abated, refunded, or credited” if they file in time.Read More

For U.S. taxpayers who own “specified foreign financial assets,” Tax Day doesn’t just come with an obligation to file an annual income tax return. These taxpayers must file additional forms to disclose their foreign financial assets as well. Fortunately, for those who fail to file, the Internal Revenue Service (IRS) provides an automatic extension to October 15.Read More