Beneficial ownership information reporting is a key initiative introduced by the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA), aimed at increasing transparency in corporate ownership and combating illicit financial activities. Background The Corporate Transparency Act, enacted in 2021, mandates that many entities doing business in the United States disclose information about [...]
DEADLINES AND PAYMENTS: In the end of March 2020, the IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. The IRS has also said Taxpayers can defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and [...]
For U.S. citizens or resident aliens, the rules for filing income tax returns and paying estimated tax are generally the same whether taxpayers are in the U.S. or abroad. All worldwide income is potentially subject to U.S. income tax. For U.S. citizens living oversea, there are additional filing requirements/deadlines that need to be addressed. Please [...]
FinCEN Form 114 (FBAR) Report of Foreign Bank and Financial Accounts is an annual filing required for U.S. persons that have a financial interest in or signature authority (such as your relatives’ or employer’s account(s)) over foreign financial accounts, if the aggregate value of the foreign accounts exceeds $10,000 at any time during the year. [...]