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Category: Offshore Account Update - Page 2

FinCEN Seeks to Mandate FBAR Filings for Offshore Virtual Currency Accounts

Posted in News, Offshore Account Update on January 29, 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 Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains below, this may soon change. Read More

2021 FBAR and FATCA Requirements: Do You Need to File?

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

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, Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains the FBAR and FATCA filing requirements for 2021. Read More

2020 Year in Review: What Do Maryland Taxpayers Need to Know about IRS Compliance in 2021?

Posted in News, Offshore Account Update on December 31, 2020

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 Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, in 2020: Read More

If I File IRS Form 8938, Do I Also Need to File an FBAR?

Posted in News, Offshore Account Update on December 17, 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, Maryland offshore tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains why filing Form 8938 alone may or may not be enough to protect you from IRS scrutiny. Read More

Maryland Taxpayer with Offshore Accounts? Here’s What You Need to Know about FATCA

Posted in Hot Topics, News, Offshore Account Update on October 30, 2020

For U.S. taxpayers who live in Maryland and have funds stored in offshore accounts, federal tax law compliance involves more than simply filing your annual income tax returns. Among various other requirements, ownership of offshore accounts triggers a requirement to comply with the Foreign Account Tax Compliance Act (FATCA). Failure to comply with FATCA can have serious consequences; and, in order to avoid substantial tax penalties, U.S. taxpayers who have offshore accounts need to ensure FATCA compliance with the help of an experienced Maryland offshore tax attorney. Read More

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