Preparing for the Tax Year 2021 Compliance | US International Tax Lawyer

Good morning and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen; I’m an international tax attorney and owner of Sherayzen Law Office, Ltd.

I am continuing with a series of vlogs from Mexico City and today I’d like to talk about the upcoming tax season for the tax year 2021. The tax season started at the end of January 2022, and you might as well be preparing for it now, especially if you have foreign assets like foreign business ownership interests and foreign corporations, foreign partnerships or foreign disregarded entities, also if your have foreign financial accounts because you are looking at a significant amount of compliance, which has increased since the last year.

It’s not just a matter of doing the same thing that you have done in the past, it’s also a matter of taking into account the extra compliance that will come into play this year.

What you need to do right now is to start gathering all of the information for the calendar year 2021; put everything together: financial statements for the foreign corporations, financial statements for foreign trusts, if you are a beneficiary or owner of a foreign trust, financial statements for foreign partnerships, as well as things like fixed asset appreciation reports and things as simple as foreign bank account statements that will cover the entire year 2021.

In the next blog, I will continue talking more about your tax year 2021 tax compliance.

Thank you for watching, until the next time.