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Archive by Month: August 2021

When Don’t You Need to File Under FATCA?

Offshore Account Update

Posted on August 31, 2021

The Foreign Account Tax Compliance Act (FATCA) is a federal law that establishes reporting requirements for U.S. taxpayers who own offshore accounts. For taxpayers who are subject to FATCA, compliance is extremely important, as non-compliance can lead to civil—or even criminal—penalties. On the same token, if your offshore assets are not subject to FATCA, you don’t want to report them if you don’t have to. So, when don’t you need to file under FATCA? Boston international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.Read More

Senate Infrastructure Bill Proposes New Tax Reporting Requirements for Cryptocurrency

Articles/News, Offshore Account Update

Posted on August 13, 2021

The Senate infrastructure bill passed on August 10, 2021, includes three critical provisions for cryptocurrency investors. While these provisions do not create new cryptocurrency taxes, they do create new cryptocurrency tax reporting requirements—and these requirements could lead to enhanced enforcement by the Internal Revenue Service (IRS).Read More

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