Bank finance articles and tips

The Report of Foreign Bank and Financial Accounts Form TD F 90-22.1 ("FBAR") is due June 30, 2011. This form must be filed by a United States person with a financial interest in or signature authority over a foreign financial account if the total value of all of the accounts exceeded $10,000 at any time during the year. This form is merely an information form. There is no tax due with this return.

This form must be received on or before June 30, 2011. There is no extension of time to file this return. Even if your individual income tax return is on extension, it doesn't matter. Please note it must be received by June 30, 2011, not postmarked. File this form with the Treasury Department, not the Internal Revenue Service. Unlike income tax returns, this form cannot be filed electronically. It must be mailed in. Caution should be exercised to assure the form arrives by the due date. As with other returns and forms, it is recommended that you send it "Certified Mail, Return Receipt Requested"....

Form 709, is required to be filed if a gift is made to someone for more than $13,000 in one year. Gifts between spouses are not required to file. Gifts can be made to an unlimited number of people in a year provided they are below the $13,000 per person annual exclusion.

The return is due on April 15 following the year of the gift. For example, for gifts made in 2011, the return is due on April 15, 2012.

This due date can be extended two ways. First, you can file for an extension on your individual income tax form using Form 4868. The other option is to file Form 8892, Application for Automatic Extension to File Form 709. The extension will extend the filing due date for six months. A return with a valid extension would be due on October 15.

HMRC Arrests Tax Evaders - Reason Why Tax Advice is Precious

There are several reasons why financial advisers continue to provide tax advice. For starters, by paying the right amount of tax, you stay out of the authorities' radar. Back in August of this year, five plumbers were taken into custody for not paying the correct amount of tax. Some 600 more were under civil investigation conducted by HM Revenue and Customs (HMRC) for the same charges. Some of the people involved owe as much as £150,000...

As Benjamin Franklin said, 'the only things that are certain in life are death and taxes', a statement which has stood the test of time and Inheritance Tax touches on both of these issues. When you pass away, an assessment is made as to the value of your estate, including cash, property businesses and so on. If this exceeds the current nil rate band (set at £325,000 until 2014) then your family will have to pay 40% tax on all other assets.

This tax bill can be reduced through various methods, but you must consider the impact of these options and do an Inheritance Planning Review as there is rarely one solution which suits most people. For example the easiest way to avoid it is to gift your money away and live longer than 7 years so that the gift is completely outside your taxable estate. However there are obviously issues here regarding whether you would like access to this money again, whether it is wise to give your beneficiaries large amounts of money when they are young and so on.

Whether it's back taxes, money owed following an audit, or taxes due from the current year, owing money to the IRS can have devastating repercussions if left unpaid. The IRS has the right to place levies and liens against your property to insure tax repayment. This could lead to seizure of your home, automobile, or bank account with serious effects on your credit. When the IRS wants money, there are several options available. There are many ways a CPA can help.....

It's no secret that filing taxes is a confusing business, even for those who are relatively familiar with the process. The literature that surrounds the business of tax returns literally numbers in the millions of pages, and understanding the dense legalese that surrounds taxes can end up giving people headaches. Many people end up turning to professional tax filers in order to let somebody else take care of the mess, but there are millions of underprivileged Americans that do not have the funds to afford a private tax service and who are unable to wholly understand the process of tax-filing on their own.

This is where the Volunteer Income Tax Assistance comes in. This is a program that is run by the IRS but is staffed by people just like you-the ones that care about helping out their fellow man in figuring out the difficult business of paying the government.