Here are some important dates to bear in mind in relation to your taxes. Firstly, a phone forum will be held August 19th on filing taxes online for small businesses and the self-employed. Participants will be told what to beware of and the best way to file your taxes online to avoid being cheated by scams and identity thieves. In particular, you will learn how the IRS protects your tax information, how to report problems, what kind of help is available to you if you fall prey to such schemes and what exactly to do when you discover a phishing activity. Participation in the forum is free but you have to register first. Register at www.attevent.com.
Secondly, the AICPA, the American Bar Association and the Society for Trust and Estate Practitioners are jointly conducting a teleconference with the IRS on the IRS’ new Voluntary Disclosure Program for offshore funds. The teleconference will also cover all that is required when filing FBAR Form TDF 90-22.1, the Treasury’s Report on Foreign Banking and Financial Accounts that is used to file details of your offshore bank accounts. It is a requirement if you have more than $10,000 in offshore accounts to declare your interests in those foreign banks.
Under the Voluntary Disclosure program, the IRS is giving applicable taxpayers the opportunity to voluntarily disclose details of their bank accounts held in foreign countries. Those who take up this opportunity will avoid criminal prosecution and be given a reduced IRS penalty for overlooked prior year filings. If you qualify, you can file 2008 and earlier FBARs free of penalty. The deadline for taking advantage of this amnesty is September 23rd. If you hold offshore bank accounts, you must participate in the Voluntary Disclosure program before the IRS gets to you.
The teleconference on this matter is scheduled for August 20th from 11 a.m. to 12.30 p.m. Eastern. The registration fee is $20 for AICPA Tax and PFP Section members and $30 for all others. You can submit questions in advance for the teleconference or get more information at the American Bar Association’s website, http://meetings.abanet.org.
Don’t miss the events on both these days.
Check out more IRS Reports stories by clicking that link.
Law Offices of Darrin T. Mish, P.A.: Tax Attorney