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Austin is a fast-growing city which attracts a large number of immigrants with assets in foreign countries. These assets may also generate foreign income which their owners must disclose on their US tax returns. Unfortunately many of these new residents of Austin have not correctly reported their foreign assets and foreign income to the IRS. […]
IRS Form 5471 is one of the most important US international information returns. In this brief essay, I will discuss the tax year 2021 Form 5471 deadline in the calendar year 2022. 2021 Form 5471 Deadline: What is Form 5471 Form 5471 is a US international information return. In general, the IRS uses Form 5471 […]
The beginning of a new tax season starts the clock on completing the required US international information returns, including Form 3520. In this brief essay, I will discuss the tax year 2021 Form 3520 deadline. 2021 Form 3520 Deadline: What is Form 3520 ? IRS Form 3520 is a US international information return used by […]
The 2021 FBAR deadline is a critical deadline for US taxpayers this calendar year 2022. What makes FBAR so important are the draconian FBAR penalties which may be imposed on noncompliant taxpayers. Let’s discuss the 2021 FBAR deadline in more detail. 2021 FBAR Deadline: Background Information The official name of FBAR is FinCEN Form 114, […]
While the year 2021 has ended, 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 2022 offshore voluntary disclosure options. In this essay, I would like to provide an overview of these 2022 offshore voluntary disclosure options. […]