While the One Big Beautiful Bill (OBBB) that President Trump signed into law on July 4, 2025, includes several important changes for U.S. taxpayers, one area where the OBBB does not impact taxpayers’ obligations is in relation to the disclosure of offshore accounts. Taxpayers who have qualifying offshore accounts remain obligated to disclose these accounts to the IRS, FinCEN or both—and failing to do so still carries steep penalties. Boston offshore tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

The One Big Beautiful Bill (OBBB) includes several key provisions for U.S. taxpayers. While some of these provisions impact specific groups of taxpayers (such as those who work for tips or receive overtime pay), others apply more broadly. Going forward, it will be important for all taxpayers to ensure that they have a clear understanding of how the OBBB impacts their tax liability—as improperly claiming credits, exemptions or deductions could trigger an IRS audit. Learn more from Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group: