United States taxpayers have an obligation to report their foreign financial accounts to the federal government. Most offshore account holders will need to file reports on an annual basis. One of these reports is the Report of Foreign Bank and Financial Accounts, known as FBAR.
In 2022, the U.S. Internal Revenue Service produced a number of announcements, guidance, and rules covering issues like partnerships, cryptocurrency reporting, syndicated conservation.
A thorough overview of the IRS Criminal Investigation Division’s (“IRS-CI’s”) current voluntary disclosure practice, designed for taxpayers to potentially avoid or mitigate prosecution for violating IRS and information reporting laws.
Taxpayers who employ workers have obligations under federal law to withhold and remit federal employment taxes to the IRS. In addition to this withholding and payment requirement.