Davis Tax Services, LLP

Tax planning, preparation & problem resolution

Reminder: Quarterly estimated taxes due 6/15

If you make quarterly estimated tax payments, remember that the 2nd quarter payment is due June 15. For federal, mail to:

    Internal Revenue Service
    P.O. Box 51000 San Francisco, CA 94151-5100
Instructions and voucher forms are available from the IRS website.

Foreign asset reports due June 30

Anyone who had a bank or financial account located outside the United States with a $10,000 balance last year needs to file an FBAR by June 30.

FBAR refers to Report of Foreign Bank and Financial Accounts, which must be filed with the Financial Crimes Enforcement Network (FinCEN). It is not a tax form and cannot be filed with the IRS. The form must be filed electronically. You must file this report yourself; we cannot file this report for you.

In general, the filing requirement applies to anyone who had an interest in, or signature or other authority over foreign financial accounts whose aggregate value exceeded $10,000 at any time during last year.

The FBAR requirement is separate from the requirement to report specified foreign financial assets on Form 8938 with a U.S. income tax return. A brief comparison of the two filing requirements is available on IRS.gov.

In the mailbox

Have you received a letter from the IRS or Arizona Department of Revenue? Don't be frightened by a still-sealed envelope ... and don't be confused by a complicated sounding notice. Fax or mail a copy to us for review. Many IRS letters arrive during the summer, and we're available year-round to represent you in resolving tax problems.

Do you have an estate plan in place?

Estate planning is for everybody, not just the wealthy. An estate plan goes beyond a will, to manage your assets while you're alive as well as afterward. Davis Tax Services in conjunction with a leading law firm offers living trusts, a principal tool in many estate plans.
Did you know that there are alternatives to living trusts for people with simple financial situations? We can help you choose the best approach for you.