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If you own foreign financial assets, you may have an obligation to disclose these assets to the IRS. Under the Foreign Account Tax Compliance Act (FATCA), U.S. taxpayers must report foreign financial assets that have an aggregate maximum value (AMV) of $50,000 or more at any point during the relevant tax year (this is in addition to the FBAR requirement for offshore accounts with an AMV of $10,000 or more). If you are subject to FATCA, what are your voluntary disclosure options in 2021? Virginia offshore tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: Read More

If you owned cryptocurrency in 2021, you have an obligation to report all related gains and losses on your 2021 federal return. When preparing your return, however, you need to be extremely careful to avoid mistakes that could garner unwanted attention from the IRS. In this article, Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses five common mistakes that have the potential to lead to IRS audits and investigations. Read More