Foreign Accounts Call for Specific Reporting Requirements

14 05 2018

Foreign Accounts Call for Specific Reporting Requirements

In an increasingly globalized society, many people choose to open offshore accounts to deposit a portion of their wealth. When doing so, it’s important to follow the IRS’s strict foreign accounts reporting requirements. In a nutshell, if you have a financial interest in or signature authority over any foreign accounts, including bank accounts, brokerage accounts, mutual funds or trusts, you must disclose those accounts to the IRS and you may have additional reporting requirements.

To do so, your tax preparer will check the box on line 7a of Schedule B (“Interest and Ordinary Dividends”) of Form 1040 — regardless of the account value. If the total value of your foreign financial assets exceeds $50,000 ($100,000 for joint filers) at the end of the tax year or exceeds $75,000 ($150,000 for joint filers) at any time during the tax year, you must provide account details on Form 8938 (“Statement of Specified Foreign Financial Assets”) and attach it to your tax return.

Finally, if the aggregate value of your foreign accounts is $10,000 or more during the calendar year, file FinCEN (Financial Crimes Enforcement Network) Form 114 — “Report of Foreign Bank and Financial Accounts (FBAR).” The current deadline for filing the form electronically with FinCEN is April 15, 2018, with an automatic extension to October 15.

Failure to disclose an offshore account could result in substantial IRS penalties, including collecting three to six years’ worth of back taxes, interest, a 20% to 40% accuracy-related penalty and, in some cases, a 75% fraud penalty. For further information, contact us.





Crooks Direct Taxpayers to IRS.gov to “Verify” Calls

14 05 2018
Crooks direct taxpayers to IRS.gov to “verify” calls

Photo: Rawpixel

WASHINGTON – The Internal Revenue Service warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick taxpayers into paying non-existent tax bills.

The IRS and its Security Summit partners – the state tax agencies and the tax industry – urge taxpayers to remain alert to tax scams year-round, especially immediately after the tax filing season ends. Even after the April deadline passes, the tax scam season doesn’t end.

In the latest version of the phone scam, criminals claim to be calling from a local IRS TAC office. Scam artists have programmed their computers to display the TAC telephone number, which appears on the taxpayer’s Caller ID when the call is made.

If the taxpayer questions their demand for tax payment, they direct the taxpayer to IRS.gov to look up the local TAC office telephone number to verify the phone number. The crooks hang up, wait a short time and then call back a second time, and they are able to fake or “spoof” the Caller ID to appear to be the IRS office calling. After the taxpayer has “verified” the call number, the fraudsters resume their demands for money, generally demanding payment on a debit card.

Fraudsters also have been similarly spoofing local sheriff’s offices, state Department of Motor Vehicles, federal agencies and others to convince taxpayers the call is legitimate.

IRS employees at TAC offices do not make calls to taxpayers to demand payment of overdue tax bills. The IRS reminds taxpayers it typically initiates most contacts through regular mail delivered by the United States Postal Service.

There are special, limited circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, or to tour a business as part of an audit or during criminal investigations.

Even then, taxpayers will generally first receive several letters (called “notices”) from the IRS in the mail.

Note that the IRS does not:

  • Demand that you use a specific payment method, such as a prepaid debit card, gift card or wire transfer. The IRS will not ask for your debit or credit card numbers over the phone. If you owe taxes, make payments to the United States Treasury or review IRS.gov/payments for IRS online options.
  • Demand that you pay taxes without the opportunity to question or appeal the amount they say you owe. Generally, the IRS will first mail you a bill if you owe any taxes. You should also be advised of your rights as a taxpayer.
  • Threaten to bring in local police, immigration officers or other law enforcement to have you arrested for not paying. The IRS also cannot revoke your driver’s license, business licenses, or immigration status. Threats like these are common tactics scam artists use to trick victims into buying into their schemes.

Taxpayers who receive the IRS phone scam or any IRS impersonation scam should report it to the Treasury Inspector General for Tax Administration at its IRS Impersonation Scam Reporting site and to the IRS by emailing phishing@irs.gov with the subject line “IRS Phone Scam.”





Health Reimbursement Arrangement (HRA) Video Playback

17 07 2017

HRA video coverGroup plans don’t always fit small businesses.  We have a better solution.

A Health Reimbursement Arrangement (HRA) commonly referred to as a health reimbursement account, is an IRS-approved, employer-funded, tax-advantaged employer health benefit plan that reimburses employees for out-of-pocket medical expenses and individual health insurance premiums.

We recently hosted a one-hour event sharing insights into how these plans could save you money on your taxes.

Complete this form to receive an email with the session playback link.





Free HRA Event – June 28th

22 06 2017

deadline

A Health Reimbursement Arrangement (HRA) commonly referred to as a health reimbursement account, is an IRS-approved, employer-funded, tax-advantaged employer health benefit plan that reimburses employees for out-of-pocket medical expenses and individual health insurance premiums.

Group plans don’t always fit small businesses. We have a better solution.

find out more

Join us, and our partners, TASC, on June 28th for an HRA Event. Learn more about how these plans could save you money on your taxes.

 

Register today!

 

Event to Take Place:

Wed, June 28, 2017

3:00 p.m. – 4:00 p.m. EDT

 

RBSK Partners PC

224 N Broadway Street

Greensburg, IN 47240

 





Save an average of more than $5,000 a year on your taxes!

16 06 2017

The key to these savings is the ability to declare medical expenses as a business expense rather than a personal deduction.

These plans enable qualified small business owners to deduct 100 percent of federal, state, and self-employment taxes for family medical expenses. If you are a farmer, realtor, trucker, or other small business owner, these plans may be able to help you and your family save thousands of dollars each year. Learn more about AgriPlan and BizPlan here.

Join us and TASC for the BizPlan and AgriPlan HRA Event to learn more about how this plan can save you money on your taxes.

BizPlan and AgriPlan HRA Event Details

Wed, June 28, 2017
3:00 p.m. – 4:00 p.m. EDT

RBSK Partners PC
224 N Broadway Street
Greensburg, IN 47240

Directions + Map

Register Today!





Money Advice from Dad

14 06 2017

Father advice with Dog_TW

In honor of Father’s Day, several of our staff shared some money advice their fathers shared with them. What money advice has your father shared with you?

John – “Never put anything on a credit card that you can’t pay off next month.”

Marilyn – “Don’t spend beyond your means.”

Nick – “Dad taught me how to fix things. It helps to know when to call someone or when to fix it yourself. Learning basic car repair, plumbing, electrical, or appliance repair can save you money by doing it yourself and not having to call someone.”

Jean – “Don’t spend more than you have.”

Barb – “My dad always saved some money from each paycheck, no exceptions.”





RBSK partners with Chamber for “Fair Labor Standards Act Overtime Final Rule” Seminar

26 10 2016

Thursday, October 20th, RBSK Partners PC had the pleasure of partnering with the Greensburg Decatur County Chamber of Commerce to host a presentation on the “Fair Labor Standards Act Overtime Final Rule” to more than 30 local Chamber members.


Mr. Steve Garrett, Senior Investigator with the United States Department of Labor Wage and Hour Division, served as our presenter. Mr. Garrett is currently assigned a temporary duty station in the Indianapolis District Office with 20+ years with the US Department of Labor. Mr. Garrett delivered an informative presentation allowing for questions to be answered throughout. He also allowed for more personal one-on-one questions following the presentation.


A big thank you to the Decatur County Schools Administration for the use of their facilities. And a big shout out to Corner Store Deli & Catering for providing the lunch and snacks during the event.