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Treasury issues guidance to assist CPAs in relation to Russia sanctions

Written on Jun 16, 2022

Journal of Accountancy  

The Treasury's Office of Foreign Assets Control (OFAC) on June 9 issued guidance that will assist CPAs and firms providing tax services to U.S. subsidiaries of Russian companies. 

In May the U.S. announced expanded sanctions against Russia in response to the war in Ukraine. Those sanctions prohibited "U.S. persons from providing accounting, trust and corporate formation, and management consulting services to any person in the Russian Federation," according to a White House statement. 

Practitioners had questions about the sanctions' applying to various types of services, including tax-related services, and clarity has been provided by an update to frequently asked questions posted by OFAC.