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News and Events

Archive by Year:2022

2022 Year in Review: What U.S. Taxpayers in Virginia Need to Know for 2023

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

Each year, we publish dozens of articles on our blog discussing topics of interest to individual and corporate taxpayers in Virginia. In 2022, we covered topics ranging from Paycheck Protection Program (PPP) fraud and cryptocurrency tax evasion to the rules regarding charitable distributions and offshore bank accounts. Here are some of the highlights. Read More

Are You Eligible for Penalty Relief from the IRS?

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

Taxpayers who fail to timely meet their obligations to the IRS can face immediate penalty liability. Penalties for late filings and payments are in addition to the interest that accrues on any taxes owed, and interest accrues on taxpayers’ penalty liability as well. Read More

Important Considerations for 2022 End-of-Year Charitable Donations

Posted in News, Offshore Account Update on November 29, 2022

From Giving Tuesday (the first Tuesday after Thanksgiving) through New Year’s Eve, many U.S. taxpayers choose to make charitable donations at the end of the year. Whether they give in the holiday spirit or after evaluating their impending tax liability, taxpayers who choose to make charitable donations can achieve significant tax savings—provided that they select their charities and plan their gifts carefully.

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IRS Spotlights Income Tax Compliance for U.S. Service Members and Veterans

Posted in Offshore Account Update on November 18, 2022

Earlier this month, the Internal Revenue Service (IRS) published a Tax Tip focused specifically on income tax compliance for U.S. service members and veterans. The Tax Tip includes a list of resources that are specific to current and former members of the military and notes that “[r]eviewing these resources is a good way [for service members and veterans] to prepare for the upcoming tax filing season.” Read More

These Are the Inflation-Adjusted Tax Brackets and Income Deductions for 2023

Posted in Offshore Account Update on October 31, 2022

On October 18, 2022, the Internal Revenue Service (IRS) announced its tax inflation adjustments for the 2023 tax year. Several key numbers are increasing as a result of U.S. inflation, and this means that taxpayers will need to prepare their tax returns carefully to ensure that they receive the benefits of these increased figures. Read More

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