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Changed Deadline By IRS For Foreign Bank Accounts

Changed deadline by IRS for foreign bank accounts

Watch the Video to learn more about foreign bank accounts

  • Does your CPA use an organizer to ask you about foreign bank accounts?  
  • One of the things that we do to ensure that our clients are getting the best deductions is to have them fill out tax organizers.

Hi, everyone. It’s Shauna, the Tax Goddess. One of the most interesting facts that I learned today is that the IRS has changed the deadline for foreign bank accounts (foreign to the USA where the balance is more than $10,000). The form FinCEN 114 that had to be filed in June is now due April 15 (along with 1040 tax returns).

Does your CPA use an organizer to ask you about foreign bank accounts?  We find that for many clients, especially those that have moved here from somewhere else, were never asked this important question and could potentially be costing themselves thousands in penalties by failing to file a form they didn’t even know was required!

One of the things that we do to ensure that our clients are getting the best deductions is to have them fill out tax organizers. That way, we know what kind of deductions and information they have and what other additional deductions they might not be aware of so that we can get them the best and the lowest tax rates for what they are doing.

I’m attending the IRS National Forum that is being held in Maryland over the next 3 days so let’s see what other juicy tidbits I can gather for everyone!

 

 

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PLEASE NOTE: As of late Aug 2018 there was a proposed law change that would disallow a double deduction for these charitable credits at the federal level for contributions made after Aug 2018. You are still eligible for the AZ state tax credits as the change would only impact your ability to take them as charity donations at the federal level.
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