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Category: Offshore Account Update

What are the 2023 FBAR Cryptocurrency Reporting Rules?

Offshore Account Update

Posted on January 31, 2023

Now that we’re well into 2023, Tax Day is right around the corner. For cryptocurrency investors and businesses that accept Bitcoin and other cryptocurrencies as a form of payment, this means that it is time to figure out how much gain and loss they realized on their transactions throughout 2022. But does it also mean they need to prepare to file an FBAR with their annual returns?Read More

IRS CI Continues To Target PPP Loan Fraud in 2023

Articles/News, Offshore Account Update

Posted on January 20, 2023

While it has been more than a year and a half since the Paycheck Protection Program (PPP) ended, the program is still making headlines. The PPP initially made headlines due to the unprecedented pace of its rollout and its positive impacts on the country’s struggling economy at the height of the COVID-19 pandemic. But, in 2023 it is making headlines for an entirely different reason.Read More

2022 Year In Review: Lessons Taxpayers in Massachusetts Should Carry Into the New Year

Offshore Account Update

Posted on December 30, 2022

With 2022 in the books, it’s time to look ahead to the New Year. But, before we do that, it’s worth taking a look back at some of the lessons we learned in the year that was. Here is a recap of some of our top articles for taxpayers in Massachusetts from 2022.Read More

Interest Rates for Federal Tax Underpayments To Increase in 2023

Offshore Account Update

Posted on December 16, 2022

In a Revenue Ruling published on November 29, 2022, the Internal Revenue Service (IRS) announced that the interest rates for federal tax underpayments will increase in 2023. When individual and corporate taxpayers pay less than they owe, interest begins to accrue immediately—often in addition to liability for financial penalties.Read More

Is Your Money-Making Hobby a Business? (Hint: It Should Be)

Offshore Account Update

Posted on November 30, 2022

Many people took up new hobbies during the height of the COVID-19 pandemic, and, for many, their new hobbies proved to be profitable. Making money from any endeavor has tax implications, so those who have newfound sources of income must now be sure to report their income on their federal returns.Read More

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