Do You Need to Disclose Your Offshore Assets to the IRS in 2021?
Offshore Account UpdatePosted on January 29, 2021
If you own offshore assets, you may have an obligation to disclose them to the Internal Revenue Service (IRS) in 2021. You may also be required to disclose them to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Failing to disclose foreign financial assets can lead to substantial penalties, up to and including six-figure fines and federal imprisonment. Here, Boston offshore tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an overview of the foreign asset disclosure requirements.
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