News and Events

After being slowed by the COVID-19 pandemic in 2020, the Internal Revenue Service’s Criminal Investigation Division (IRS CI) is aggressively targeting taxpayers in 2021. IRS CI announced well over 100 criminal investigations in March, and it is set to surpass this monthly total in April. This far exceeds the monthly totals from the same time period last year. As US International Tax Advisors, explains, IRS CI’s recent enforcement activity highlights some notable trends for U.S. taxpayers residing both domestically and abroad.

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.

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.