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Sherayzen Law Office Successfully Completes Its 2025 Spring Tax Season

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On April 15, 2025, Sherayzen Law Office, Ltd., successfully completed its 2025 Spring Tax Season. It was a challenging and interesting tax season. Let’s discuss it in more detail.

2025 Spring Tax Season: Sherayzen Law Office’s Annual Compliance Clients

Annual tax compliance is one of the major services offered by Sherayzen Law Office to its clients. The majority of our annual compliance clients are individuals and businesses who earlier retained our firm to help them with their offshore voluntary disclosures. They liked the quality of our services so much that they preferred our firm above all others to ensure that they stay in full compliance with US tax laws.

It is natural that this group of clients is the largest among all other groups, because the unique specialty of our firm is conducting offshore voluntary disclosures.

A smaller group of our annual compliance clients consists of tax planning clients who also asked Sherayzen Law Office to do their annual compliance for them. While the group is smaller, it is usually the one always has a complex set of US tax compliance requirements due to the size of each client.

Finally, the last group of our annual compliance clients consists of businesses and individuals who were referred to our firm specifically for help with their annual compliance. These are usually foreign businesses who just expanded to the United States and foreign executives and professionals who just arrived to the United States to start working here. An important part of this group also includes foreign students.

2025 Spring Tax Season: Sherayzen Law Office’s Annual Compliance Services

Virtually all of our clients have exposure to foreign assets and international transactions. Hence, in addition to their domestic US tax compliance, Sherayzen Law Office prepares the full array of US international tax compliance forms related to foreign accounts (FBAR and Form 8938), PFIC calculations (Forms 8621), foreign business ownership and Section 367 notices (Forms 926, 5471, 8858, 8865, et cetera), foreign trusts (Form 3520 and Form 3520-A), foreign gifts/foreign inheritance (Form 3520), foreign ownership of US businesses (Form 5472) and other relevant US international tax compliance issues.

2025 Spring Tax Season: Unique Challenges and Opportunities

The 2025 Spring Tax Season was especially challenging because of the record number of deadlines that Sherayzen Law Office had to complete. During the season, Sherayzen Law Office filed a large number of FBARs, US income tax returns and US international tax returns such as Forms 3520, 5471, 8865, 8621 and 926.  Despite a very large number of deadlines that we timely finished prior to April 15, due to the international nature of our cases, Sherayzen Law Office extended ever more deadlines.

This year we also implemented on a grander scale new spreadsheets for clients, including the 3.2 version of Account Summary and 3.1 version of Summary of Entities. We also replaced the older versions of the Schedule C and Schedule E spreadsheets with the new 2025 versions. We hope to complete the process of firm-wide usage of updated spreadsheets by the end of the fall tax season.

Looking Forward to Completing Offshore Voluntary Disclosures, Additional Tax Planning and 2025 Fall Tax Season

Having completed such a challenging 2025 Spring Tax Season, Sherayzen Law Office now looks forward to completing our outstanding offshore voluntary disclosures and IRS audits.  During the Spring of 2025, we also expanded our portfolio of international tax planning clients. Finally, we will be working on completing the extensions prior to the October deadline.

Contact Sherayzen Law Office for Professional Help with US International Tax Law, including Offshore Voluntary Disclosures

If you have foreign assets or foreign income, contact Sherayzen Law Office for professional help. Our firm specializes in US international tax compliance. We have helped hundreds of US taxpayers to bring themselves into full compliance with US tax laws, and We Can Help You! Contact Us Today to Schedule Your Confidential Consultation!

2024 FBAR Deadline in 2025 | FinCEN Form 114 International Tax Lawyer & Attorney

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The 2024 FBAR deadline is a critical deadline for US taxpayers this calendar year 2025. What makes FBAR so important are the draconian FBAR penalties which may be imposed on noncompliant taxpayers. Let’s discuss the 2024 FBAR deadline in more detail.

2024 FBAR Deadline: Background Information

The official name of FBAR is FinCEN Form 114, the Report of Foreign Bank and Financial Accounts. US Persons must file FBAR if they have a financial interest in or signatory or any other authority over foreign financial accounts if the highest aggregate value of these accounts is in excess of $10,000. FBARs must be timely e-filed separately from federal tax returns.

Failure to file an FBAR may result in the imposition of heavy FBAR penalties. The FBAR penalties vary from criminal penalties and willful penalties to non-willful penalties. You can find more details about FBAR penalties in this article.

2024 FBAR Deadline: Pre-2016 FBAR Deadline

For the years preceding 2016, US persons needed to file FBARs by June 30 of each year. For example, the 2013 FBAR was due on June 30, 2014. No filing extensions were allowed. The last FBAR that followed the June 30 deadline was the 2015 FBAR; its due date was June 30, 2016. .

2024 FBAR Deadline: Changes to FBAR Deadline Starting with the 2016 FBAR

For many years, the strange FBAR filing rules greatly confused US taxpayers. First of all, it was difficult to learn about the existence of the form. Second, many taxpayers simply missed the unusual FBAR filing deadline.

Therefore, the US Congress took action in 2015 to alleviate this problem. As it usually happens, it did so when it passed a law that, on its surface, had nothing to do with FBARs. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”) changed the FBAR deadline. Starting with 2016 FBAR, Section 2006(b)(11) of the Act requires the FBARs to be filed by the due date of that year’s tax return (i.e. usually April 15), not June 30.

Furthermore, the IRS granted to US taxpayers an automatic extension of the FBAR filing deadline to October 15. For now, taxpayers do not need to make any specific requests in order for an extension to be granted.

Thus, starting with the 2016 FBAR, the Act adjusted the FBAR due date to coincide with the federal income tax filing deadlines. This is the case even if federal law requires a different filing date. For example, in situations where the tax return due date falls on a Saturday, Sunday, or legal holiday, the IRS must delay the due date until the next business day; the FBAR deadline will follow suit and also shift to the next business day.

2024 FBAR Deadline

Based on the current law, for the vast majority of filers, the 2024 FBAR deadline will be April 15, 2025. However, the deadline is automatically extended to October 15, 2025.

The 2024 FBAR must be e-filed through the US Financial Crimes Enforcement Network’s (FinCEN) BSA E-filing system.

Contact Sherayzen Law Office for Professional Help With Your FBAR Compliance

If you have unreported foreign accounts, contact Sherayzen Law Office as soon as possible. Sherayzen Law Office is a leader in US international tax compliance and offshore voluntary disclosures. We have successfully helped hundreds of US taxpayers around the globe with their FBAR compliance and FBAR voluntary disclosures; and we can help you!

Contact Us Today to Schedule Your Confidential Consultation!