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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

Under relevant provisions of the Internal Revenue Code (IRC), U.S. taxpayers who own real estate of historical significance can receive tax breaks for agreeing to preserve their property in its current condition. In the words of the Internal Revenue Service (IRS), “In recognition of our need to preserve our heritage, [the IRC allows] an income tax deduction for owners of significant property who give up certain rights of ownership to preserve their land or buildings for future generations.” Read More

When you sign, seal and file your 2020 tax returns, will it be time to breathe a sigh of relief knowing that you can put tax season behind you for another year? Or, will you need to hold your breath in case the Internal Revenue Service (IRS) comes calling? Read More

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently announced plans to propose a new disclosure requirement for U.S. taxpayers with offshore cryptocurrency accounts. If the proposal moves forward, all taxpayers who own more than $10,000 in cryptocurrency held in offshore accounts would be required to file FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR) on an annual basis. Read More