News and Events

The IRS is cracking down on cryptocurrency-related tax fraud in 2021. Over the past two years, the IRS has delivered thousands of “education letters” to cryptocurrency investors, and the agency has made clear that it will be aggressively targeting investors (“through a variety of efforts, ranging from taxpayer education to audits to criminal investigations”) who underreport and underpay their tax liability in 2021.

Under the federal Bank Secrecy Act, U.S. taxpayers who own offshore financial accounts worth $10,000 or more are required to disclose these accounts to the Financial Crimes Enforcement Network (FinCEN) using FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR). At present, this requirement does not apply to offshore virtual currency accounts. However, as  US International Tax Advisors explains below, this may soon change.

Tax season is here again. While, for most people, this simply means preparing their state and federal tax returns, U.S. taxpayers who have offshore assets may have additional filing requirements as well. Here US International Tax Advisors explains the FBAR and FATCA filing requirements for 2021.

While the end of 2020 is likely to mean many different things to many different people, one thing that it means for everyone is that Tax Day will be here before we know it. As we head into 2021, it is important to keep the impending filing deadline in mind—and to take appropriate steps to ensure that you are not putting yourself at risk for an IRS audit or investigation. There is a lot you need to know, and we covered some important issues for Maryland residents on our blog throughout the year. Here is a look back at 10 of the top articles published by US International Tax Advisors, in 2020:

Owning foreign financial assets triggers disclosure requirements for U.S. taxpayers; and, as we discussed previously, filing FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR), is not enough for many individuals and businesses. But, what if you file IRS Form 8938? Does this satisfy your FBAR filing requirements? Here US International Tax Advisors explains why filing Form 8938 alone may or may not be enough to protect you from IRS scrutiny.