FinCEN Clarifies FBAR Extensions October 16, 2020 On October 14, 2020, FinCEN posted an incorrect message on its Bank Secrecy Act (BSA) E-Filing website. FinCEN removed it within 24 hours. The message incorrectly stated there was a new filing extension until December 31, 2020 for all filers of Reports of Foreign Bank and Financial Accounts…
How to Choose a Qualified U.S. Tax Advisor By Alexey Manasuev, U.S. TAX IQ Principal Key Takeaways U.S. tax law is highly complex and constantly changing. With thousands of amendments and evolving enforcement initiatives (FATCA, BEPS, IRS programs), staying compliant requires up-to-date knowledge and resources. Not all tax professionals are equal. A qualified…
When Do You Need To Speak to a U.S. Tax Advisor? Have you ever faced a client who may have a cross-border tax issue? If you have, you probably know that when you deal with clients domestically (say, within Canada), you may not necessarily guess that they may be citizens of another country or be…
By Alexey Manasuev On June 18, 2014, the IRS released significant changes to its Offshore Voluntary Disclosure Program (“OVDP”) and enhancements to the Streamlined Filing Compliance Procedures (“SFCP”). For the first time since the IRS released in 2009 its OVDP initiative, the IRS clarified options to become tax compliant for U.S. taxpayers with undisclosed foreign…
The clock is ticking and hiding from IRS continues to be more complicated than ever. Delinquent U.S. taxpayers are being flagged by the Department of Homeland Security when crossing the U.S. border and face potential detention, questioning, embarrassment, and other follow-up actions from the IRS.
By Alexey Manasuev, U.S. Tax IQ** *The article was published by Tax Notes International on August 25, 2014. The full text of the article can be provided upon request. (Contact Us) **Alexey Manasuev is a Principal with U.S. Tax IQ, a boutique tax consulting and compliance firm with offices in Oakville and Toronto, Canada. In…
