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Archive by Month: August 2022

The Extended Deadline for 2022 FATCA and FBAR Compliance is Approaching—Do You Need to File By October 15?

Posted in Offshore Account Update on August 31, 2022

U.S. taxpayers who own qualifying offshore bank accounts and other foreign financial assets need to report these assets to the IRS annually. Technically, the deadline to report these “specified foreign financial assets” is April 15. However, all taxpayers receive an automatic extension to October 15. Read More

Do Businesses in Virginia Have to Pay Income Tax for Crowdfunding Campaigns?

Posted in News, Offshore Account Update on August 12, 2022

Crowdfunding platforms have become popular tools for businesses to launch new products and services. Using these platforms allows businesses to secure funding without going into debt or giving up shares to venture capitalists, and it allows them to promote their new offerings in ways not available through other means. Read More

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