News and Events

What should you do if you discover that you made mistakes on your 2020 tax return? If you are asking this question, you are not alone. Many taxpayers discover past filing mistakes when preparing their returns for the subsequent year; and, with all of the turmoil and challenges of 2020, there are plenty of taxpayers who need to correct filing mistakes in 2021. In this article, US International Tax Advisors provides an overview of the five primary options for fixing past filing mistakes.

The IRS is cracking down on cryptocurrency-related tax fraud in 2021. Over the past two years, the IRS has delivered thousands of “education letters” to cryptocurrency investors, and the agency has made clear that it will be aggressively targeting investors (“through a variety of efforts, ranging from taxpayer education to audits to criminal investigations”) who underreport and underpay their tax liability in 2021.

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.