Author Archives: Matin Wasay
FBAR deadline extended to October 31st 2020
The Foreign Bank and Financial Accounts Reports (FinCEN Form 114 aka ‘FBAR’) are due on April 15th annually, however, there is an automatic extension to the FBAR deadline given until October 15th. On October 14th, 2020, the eve of the 2019 FBAR deadline, FinCEN posted an incorrect message on its Bank Secrecy Act (BSA) E-Filing […]
IRS Publication Error: Were you misled by the IRS Publication 54?
The Federal tax return filing thresholds were updated for the 2018 tax year, with the most significant change being for individuals filing as “Married Filing Separately.” The income tax return filing threshold was reduced from $4,050 in 2017 to just $5 for 2018. However, Publication 54 – Tax Guide for U.S. Citizens and Resident Aliens […]