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IRS Form 5471 is one of the most important US international information returns. In this brief essay, I will discuss the tax year 2023 Form 5471 deadline in the calendar year 2024. 2023 Form 5471 Deadline: What is Form 5471 Form 5471 is a US international information return. In general, the IRS uses Form 5471 to collect information about certain US persons who are officers, directors, or shareholders in […]
The 2023 FBAR deadline is a critical deadline for US taxpayers this calendar year 2024. What makes FBAR so important are the draconian FBAR penalties which may be imposed on noncompliant taxpayers. Let’s discuss the 2023 FBAR deadline in more detail. 2023 FBAR Deadline: Background Information The official name of FBAR is FinCEN Form 114, the Report of Foreign Bank and Financial Accounts. US […]
Streamlined Foreign Offshore Procedures has been the best voluntary disclosure option since its creation in 2014 for eligible US taxpayers with undisclosed foreign assets and foreign income, and I predict that it will remain so in the year 2024. Let’s discuss in more detail the unique advantages of the 2024 Streamlined Foreign Offshore Procedures. 2024 Streamlined Foreign Offshore Procedures: Background […]
Even as the year 2023 nears its end, numerous taxpayers continue to be substantially noncompliant with various US international tax laws. Hence, it is important for US taxpayers with undisclosed foreign assets to consider their 2024 offshore voluntary disclosure options. In this essay, I would like to provide an overview of these 2024 offshore voluntary disclosure options. 2024 Offshore Voluntary Disclosure […]
The 2023 IRS quarterly interest rates IRS interest rates are relevant for a great variety of purposes. Let’s highlight three of its most important uses. First, these rates will determine the interest a taxpayer will get on any IRS refunds. Second, the 2023 IRS quarterly interest rates will also be used to establish the interest […]