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Archive by Month: October 2021

Foreign Financial Assets, FBARs and Streamlined Filings: What Maryland Taxpayers Need to Know

Posted in Hot Topics, Offshore Account Update on October 29, 2021

For taxpayers who own offshore bank accounts and other foreign financial assets, filing a Report of Foreign Bank and Financial Accounts (FBAR) is an important part of federal tax compliance. Taxpayers whose accounts exceed the statutory thresholds must file FBARs on an annual basis, and failure to do so can lead to steep penalties. So, what if you haven’t met your FBAR filing obligations? Maryland international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group explains:

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What To Do if You Missed the October 15 FBAR Deadline

Posted in News, Offshore Account Update on October 15, 2021

The deadline to file FBARs for the 2020 tax year expired on October 15, 2021. For taxpayers who missed the deadline, simply filing late can have significant negative consequences. However, there are a few options available for remedying delinquent FBAR filings—including one option that eligible taxpayers can use to avoid penalties entirely. Maryland FBAR attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: Read More

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