Summary: You thought we were all done with deadlines on the 15th? Yet, here are some more for you to consider. And some great classes coming up. Â Â Â Â Â Â Dear Family, Let’s get the upcoming deadlines out of the way, then we can get to more interesting information about how to learn more about dealing with tax issues. October 31 – FBAR – The foreign bank account filing deadline for folks in general. December 31st for folks in Presidentially-declared disaster areas. You can file the FinCEN 114 form online at no charge. (There are no taxes related to this.) The penalty for not filing each year starts at $10,000. Oh, you think this doesn’t apply to you? Oh Yeah? Do you have family outside the U.S.? Do you sign jointly on your parents’ bank accounts in case anything happens to them? Did they open an account for your child and have been funding it in the child’s name? Lots of traps and pitfalls that could generate a penalty, even if you’re innocently ignorant. October 31 – All the 3rd quarter payroll and sales tax returns are due for the IRS and your states, if you’re an employer. It’s in your best interest to try to file these reports and make your payments electronically. The IRS still hasn’t quite cleared up all their mountain of unopened mail. November 10th – National EIP Registration Day, with a big publicity push to get non-filers registered before the final deadline on November 21st. Folks who don’t normally file tax returns, but want those Economic Impact Payments, it’s time to get into the system. Just so you know, the IRS has been actively trying to locate people who are chronically homeless or in shelters to try to get the funds to them. If you know someone who qualifies and isn’t in the system, please help them register. And if they don’t have bank accounts, help them get a prepaid debit/credit card to receive their payments. (No, don’t rip them off.) Note: This is for people who don’t normally have a filing obligation due to very low income – AND they are not someone’s dependent. No games, please. Online Education Opportunities with TaxMama®
