FinCEN Withdraws Notice regarding Dec 31 2020 deadline

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 US Tax Advisor

How to Choose a Qualified US Tax Advisor

How to Choose a Qualified US Tax Advisor By Alexey Manasuev, U.S. TAX IQ Principal US tax law is complex and can apply in various scenarios, even when one might think US tax does not have anything to do with a transaction at hand. In addition to the complexity, US tax law is constantly changing….


U.S. Citizens and Green Card Holders Residing Outside the United States: Options to Become Tax Compliant

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…