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Category: Offshore Account Update - Page 5

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

Report: Approximately 1.4 Million PPP Loans May Be Ineligible for Forgiveness

Posted in Offshore Account Update on October 17, 2022

While the Paycheck Protection Program (PPP) served as a financial lifeline for many businesses at the height of the COVID-19 pandemic, it is now well-known that the program was also a prime target for fraud. While the U.S. Small Business Administration (SBA) has previously estimated that lenders issued as many as 70,000 fraudulent loans under the program, a recent report suggests that the real number could be as high as 1.4 million. Read More

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

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