Both the Form 8938 and FBAR forms require U.S. Persons to report Foreign Accounts to the IRS.
Tax Deadlines
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Filing a tax return during a global pandemic is proving to be an interesting feat.
The federal income tax filing and payment due dates for the 2020 tax year for individuals will be automatically extended from April 15, 2021, to May 17, 2021.
On April 30th, the IRS issued Notice 2020-32 pertaining to the deductibility of certain otherwise deductible expenses when the taxpayer receives a Paycheck Protection Program (PPP) loan.
Governor Steve Bullock extended the payment and filing deadlines for 2019 individual income taxpayers to July 15 in accordance with the new federal filing deadline.
Treasury Secretary Mnuchin announced today that C-corporations and individuals with April 15th filing deadlines now have until July 15th to file their returns.