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Archive by Month: August 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 UpdatePosted on August 13, 2021