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Category: Offshore Account Update - Page 16

Can You Avoid Late FBAR Penalties Based on “Reasonable Cause?”

Hot Topics, Offshore Account Update

Posted in on October 29, 2021

Under the federal Bank Secrecy Act (BSA), U.S. taxpayers who own qualifying offshore accounts and other foreign financial assets are required to file a Report of Foreign Bank and Financial Accounts (FBAR) on an annual basis. Failure to comply with the BSA can lead to steep penalties—even if the failure is inadvertent. With this in mind, U.S. taxpayers who discover that they are behind on their FBAR filings must take proactive steps to come into compliance. As Washington D.C. international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this may mean submitting a statement of “reasonable cause.”

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What Should You Do if You Need to File a Late FBAR?

News, Offshore Account Update

Posted in on October 15, 2021

The automatic extension for filing an FBAR expired on October 15, 2021. If you haven’t yet filed an FBAR for the 2020 tax year, your FBAR is now late. As the IRS noted in a recent reminder, “[t]hose who don't file an FBAR when required may be subject to significant civil and criminal penalties.” Here, Washington D.C. international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what you should do if you need to file a late FBAR.

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Charitable Donations, Tax Deductions and IRS Audits: What Taxpayers Need to Know in 2021

News, Offshore Account Update

Posted in on September 30, 2021

Charitable donations have long been a tool for U.S. taxpayers to reduce their federal income tax liability. Taxpayers who itemize their deductions rather than taking the standard deduction can reduce their tax liability significantly—or eliminate it entirely in some cases—and charitable donations to qualifying organizations qualify for itemized deductions. But, as Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, taxpayers claiming deductions for charitable donations must be careful in order to avoid unwanted scrutiny from the IRS.Read More

Should Businesses Use the IRS’ Voluntary Classification Settlement Program (VCSP)?

Hot Topics, Offshore Account Update

Posted in on September 17, 2021

Improper classification of employees as independent contractors can lead to big problems with the Internal Revenue Service (IRS). But, the IRS also offers some options for businesses that want to voluntarily come into compliance. One of these options is the Voluntary Classification Settlement Program (VCSP). In this article, Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains when businesses might (and might not) want to use the VCSP.Read More

What Form(s) Do You Need to File to Comply with FATCA?

Offshore Account Update

Posted in on August 31, 2021

If you own offshore bank accounts, foreign securities or other foreign financial assets, you may be subject to the Foreign Account Tax Compliance Act (FATCA). Taxpayers that are subject to FATCA must file an additional form (or possibly additional forms) with their annual tax returns—and failure to do so can lead to significant penalties. So, what form(s) do you need to file to comply with FATCA? Here is an overview from Washington D.C. international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.Read More

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