US IRS Reminds Of FBAR Filing Obligation
US IRS Reminds Of FBAR Filing Obligation
by Mike Godfrey, Tax-News.com, Washington
15 April 2021
The Internal Revenue Service is reminding US citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021.
The extension of the federal income tax filing due date and other tax deadlines for individuals to May 17, 2021, does not affect the FBAR requirement. However, filers missing the April 15 deadline will receive an automatic extension until October 15, 2021, to file the FBAR.
The Bank Secrecy Act requires US persons to file a FBAR if they have:
US Tax Season Begins
22 February 2021
The Internal Revenue Service launched tax season for individuals on February 15, 2021, highlighting the various supports available for taxpayers when preparing their returns.
Taxpayers have until Thursday, April 15, 2021, to file their 2020 tax return and pay any tax owed. The IRS expects to receive more than 160 million individual tax returns this year, with nine out of 10 returns filed electronically.
Taxpayers can securely access their IRS account information through their individual online account, which includes a number of new features.
For example, people can now check the amounts of their Economic Impact Payments (EIPs) to help them accurately calculate any Recovery Rebate Credit they may be eligible for on their 2020 tax return.
Register-Guard
On Sept. 8, Margaret Godfrey, 71, and her husband, Mike Godfrey, were enjoying a beautiful day at their home east of Blue River, Oregon.
They had just returned from a camping trip. He busied himself with stowing their camping gear, and she picked the last of the cherry tomatoes in the garden.
That evening, they were forced to flee as the Holiday Farm Fire swept down the valley and overran their property. Left behind in the chaos were their home, most of their belongings, two horses, two of three cats and a barn full of Margaret’s artwork.
The couple moved to the area in 1986, raised two daughters and worked on upgrading the house over the years. Along the way they added space inside an old pole barn on the property as a studio for Godfrey to do her artwork.
The COVID-19 pandemic and its effects on Utahns dominated the news this year. While it was five days after Gov. Gary Herbert announced a state of emergency over COVID-19, Utah Jazz star Rudy Gobert s positive test on March 11 ultimately signaled that normalcy as we knew it would change.
Yet it was the moments outside of COVID-19 that dominated this year s most-read KSL.com stories list. It might not much of a surprise when taking into account natural disasters like earthquakes, windstorms and wildfires all hit the Beehive State over the course of 2020. There were also historic human moments, such as this summer s protests over social injustice, and plenty of political moments.
Alabama Power coal ash cleanup estimate grows to $3.3 billion
Updated Dec 16, 2020;
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Alabama Power expects to spend $3.3 billion over the next several years to close its coal ash ponds, a growing expense that already led to higher utility bills across the state.
Last year Alabama Power estimated those cleanup costs to be around $2.8 billion, but the company’s assistant comptroller, Wendy Hoomes, told state regulators last week during a public hearing that the new estimate is $3.3 billion.
Last year, Alabama Power increased customer rates by about 3%, citing coal ash clean-up costs as a driving factor. Next year’s 2 percent increase, which takes effect in January, is not tied to coal ash or environmental compliance costs, but other infrastructure costs.