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Category: News - Page 2

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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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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