Changes May Be Coming to Offshore Cryptocurrency Disclosures in 2021
Posted in News, Offshore Account Update on January 29, 2021
Posted in News, Offshore Account Update on January 29, 2021
Posted in News, Offshore Account Update on January 15, 2021
Posted in News, Offshore Account Update on December 31, 2020
Posted in News, Offshore Account Update on December 17, 2020
U.S. taxpayers with financial assets overseas have an obligation to report these assets to the federal government. While there are certain thresholds, most individuals and entities with offshore financial assets will need to report them, and failing to do so can lead to substantial penalties. In order to avoid these penalties, it is strongly advised that all U.S. taxpayers with offshore assets consult with a Virginia international tax attorney.
Read MorePosted in News, Offshore Account Update on September 30, 2020
As a U.S. taxpayer, it is up to you to make sure you meet your obligations to the Internal Revenue Service (IRS) on time. This includes not only paying what you owe but making all requisite filings as well—even if they do not come with tax liability attached. If you fall behind on your federal tax obligations, using one of the IRS' “voluntary compliance” options can help mitigate your exposure; however, you need to be extremely careful in order to avoid increasing your risk of prosecution and penalization. With this in mind, it is important to work with an experienced Virginia tax attorney to decide on your best path forward.
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