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Archive by Month: September 2022

Do U.S. Taxpayers Have to File an FBAR for Cryptocurrency in 2022?

Posted in News, Offshore Account Update on September 30, 2022

In 2020, the Financial Crimes Enforcement Network (FinCEN) provided guidance regarding the FBAR implications of holding cryptocurrency overseas. At the time, FinCEN made clear that “a foreign account holding virtual currency is not reportable on the FBAR (unless it is a reportable account . . . because it holds reportable assets besides virtual currency).” However, FinCEN also stated that it intended to propose amended regulations that would require FBARs for offshore cryptocurrency accounts. Read More

What Virginia Business Owners Need to Know About the IRS’ Work Opportunity Tax Credit

Posted in News, Offshore Account Update on September 16, 2022

The Internal Revenue Service (IRS) recently announced that it has extended the federal work opportunity tax credit through 2025. Like the employee retention credit offered for 2020 and 2021, Virginia businesses claiming the work opportunity tax credit must be careful, as improperly claiming eligibility can lead to liability for back taxes, interest and penalties. Read More

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