Usman Mohammad was quoted in a recent Bloomberg Tax article entitled “High-Dollar Pandemic Fraud Offers Lessons for Next Relief Bill,” published February 9, 2021. The article discusses the challenges law enforcement has had in tackling fraud in the Paycheck Protection Program (PPP) that was established to provide financial relief to
By Usman Mohammad The CPA Journal August 2020 Edition Because U.S. taxpayers are required to report and pay taxes on their worldwide income, the U.S. government has fought to compel taxpayers to report their interests in overseas bank accounts. In the 1970s, the FBAR (Report of Foreign Bank and Financial Accounts) was created as part of
By Usman Mohammad The ABA Tax Times Vol. 39 No. 3 – Spring 2020 Puerto Rico, American Samoa, Guam, The United States Virgin Islands, The Northern Mariana Islands—these are all United States territories or possessions. Individuals born in these territories are deemed by law to be either United States citizens or
By Usman Mohammad The CPA Journal February 2020 Edition Foreign asset reporting—including the reporting of foreign retirement plans—is a high priority for the IRS, which in 2019 listed the “failure to report offshore funds” as one of its “Dirty Dozen Tax Scams,” and has done so for several years running. Individuals
Usman Mohammad participated in the webinar entitled “U.S. Tax Reporting of Foreign Retirement Accounts and Other Foreign Trusts” hosted by Strafford on January 23, 2020. This webinar covered tax considerations for individuals with interests in foreign retirement accounts and trusts and will benefit accountants, attorneys, and investment professionals serving these
This course explored foreign asset reporting on Form 8938, with a focus on issues that can be traps for the unwary. This includes differences between foreign account reporting on Form 8938 versus the FBAR, asset valuation issues that impact certain classes of taxpayers filing Form 8938, and the statute of
The Navigating Challenging Markets Through Alternative Investments Educational Seminar & Dinner was hosted by Arch Global Advisors on November 21, 2019. Usman Mohammad and John Donovan II, CFP covered topics including Financial Planning, Institutional Real Estate and International Tax Law. Click here for more information.
By: Usman Mohammad The CPA Journal January 2019 Edition On November 20, 2018, the IRS published an Interim Guidance Memo concerning voluntary disclosures, captioned “Updated Voluntary Disclosure Practice” (http://bit.ly/2UHHdLm). The memo sets forth the IRS’s current policy for handling voluntary disclosures (both offshore and domestic) following the closing of the IRS’s
