News and Events

Each tax season, the Internal Revenue Service (IRS) publishes a number of important reminders for U.S. taxpayers living domestically and abroad. For the 2021 tax season, the IRS is encouraging taxpayers to ensure that they have all of the documentation they need to file complete returns, and it has provided some tips for taxpayers to avoid other mistakes as well. Here, US International Tax Advisors provides an overview of some of the key information taxpayers need to know:

Each tax season, the Internal Revenue Service (IRS) warns taxpayers to be careful about their choice of tax preparers. This year, the IRS is focusing in particular on “ghost” preparers or those who complete taxpayers’ returns but don’t sign their names as required by federal law.

Under the federal Bank Secrecy Act, U.S. taxpayers who own offshore financial accounts worth $10,000 or more are required to disclose these accounts to the Financial Crimes Enforcement Network (FinCEN) using FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR). At present, this requirement does not apply to offshore virtual currency accounts. However, as  US International Tax Advisors explains below, this may soon change.

Tax season is here again. While, for most people, this simply means preparing their state and federal tax returns, U.S. taxpayers who have offshore assets may have additional filing requirements as well. Here US International Tax Advisors explains the FBAR and FATCA filing requirements for 2021.