Tax Newsletter - April 2019
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Reminder April 15 is Monday
April 15 has crept upon us! If you owe taxes to the IRS, or your state, Monday is the deadline to pay without any additional costs of penalties or interest. As long as your tax payment is postmarked on April 15, you will have met the deadline. The IRS offers options in either a check or online payment. However, keep in mind that the IRS charges a fee for online payments. Some states also offer the same options.
If you are getting a refund, or owe no tax, you do not have to worry about the April 15 deadline but should file as soon as possible ... especially if a refund is coming your way!
If you are going to be out of the country on April 15, or reside abroad, your deadline for filing is June 17, 2019. (Normally June 15).
Keep in mind that everyone has the option of filing an extension to October 15. However, also be aware that if you owe tax, the payment is still due on April 15 but you can file later. So by filing an extension on April 15, be certain to send your payment as well.
FBAR Reminders
If you have a foreign financial asset (bank, securities, or pension accounts for example), you must file a FBAR if you meet the requirements. The FBAR is due April 15 and must be filed online to the US Department of Treasury directly. However, you are allowed an automatic extension until October 15. If you are not sure what is a "FBAR" or if you meet the thresholds to file, see more detail information here.
Tax News Links Around the Globe
United States: Logic And The Repo Man: SCOTUS Holds That Nonjudicial Foreclosure Firms Are Not "Debt Collectors" Under The FDCPA ... read here.
European Commission: EC announces final state aid decision on financing income exemption within UK’s CFC rules ... read here.
United States: Tax Alert: Foreign Entity Ownership Compliance – Don't Ignore The Repatriation Tax ... read here.
United States: IRS issues QAs on 965 transition tax issues for 2018 returns ... read here.
United States: Recent Proposed Regulations Could Mitigate Harsh US Taxation Of Individuals Under GILTI Rules ... read here.
United States: The Tax Institute publishes their Tax Questions of the Week for Q1 ... read here.
United States: Trump delays closing US-Mexico border for at least a year ... read here.
Mexico: How Mexico's Federal Revenue Law 2019 Will Impact Your Business ... read here.
United States: Treasury Issues Final Regulations Reversing Proposed Rules On Mutual Funds' Investments In Non-U.S. Corporations ... read here.
United States: US Tax Reform For Exporters That Both North Carolina Manufacturers And Triangle High Tech Businesses Can Love ... read here.
United States: 2020 Presidential Election Watch: Democratic Candidates Call For Higher Estate Tax And Lower Exemption ... read here.
United States: Are Your Business Interest Expenses Deductible? ... read here.
United States: Coming To Terms With BEAT: Unique Challenges For Asset Managers ... read here.
United States: Owning A Vacation Home Requires Tax Planning ... read here.
United States: Cadwalader Unveils Cannabis Finance Topic Page (Video) ... view here.
United States: Cash Is King ... read here.
Tax Changes Highlights for 2018
Watch the videoclip.
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Baseball season is upon us again as normal tax season is ending!