The Financial Crimes Enforcement Network recently announced the inflation-adjusted penalty amounts for a failure to report an interest in a foreign financial account. This is done by filing a Report of Foreign Bank and Financial Accounts (FBAR). This article discusses the terminology used in FBARs and reveals the updated penalty amounts.
The IRS has added a frequently asked question (FAQ) to its offer in compromise (OIC) web page. The question concerns taxpayers who have agreed to an OIC and own an S corporation that owns a deferred foreign income corporation. This article provides background on Section 965, S corporations and OICs, and then describes the content of the new FAQ.
The IRS has provided guidance for nonresident alien taxpayers with central withholding agreements (CWAs) impacted by events canceled because of coronavirus (COVID-19). This brief article provides an overview.
You may have to use your working capital to survive during the time various embargos put in place by the U.S. Government are in effect. leaving insufficient working capital to restart your businesses.