Friday, May 27, 2022
Where's my refund?
Click here to get an instant answer from the IRS. You'll need the exact dollar amount of your refund, Social Security number and filing status.
For Arizona refunds, visit Check Refund Status.
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.
Does an LLC or LLP make sense for you?
The new business structures, limited liability companies and limited liability partnerships, offer streamlined alternatives to S-corporations. Davis Tax Services can help you choose the best structure for your new business, form your company, get established with the tax authorities and plan your financial recordkeeping.