Tax Alerts

FBAR Filing Deadline Extended for Individuals with Signature Authority but No Financial Interest in Certain Accounts, FinCEN Notice 2022-1

The Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for certain individuals to file a Report of Foreign Bank and Financial Accounts (FBAR) in light of ongoing questions regarding the filing requirement and its application to individuals with signature authority over, but no financial interest in, certain types of accounts. The filing due date is extended to April 15, 2024, for individuals whose filing due date for reporting signature authority was previously extended by FinCEN Notice 2021-1.

On March 10, 2016, FinCEN proposed to revise the regulations implementing the Bank Secrecy Act (BSA) regarding FBARs. One of the proposed amendments would expand and clarify the exemptions for certain U.S. persons with signature or other authority over foreign financial accounts. The proposed amendment seeks to address questions raised regarding the filing requirement and its application to the individuals with signature authority over, but no financial interest in, certain types of accounts as outlined in FinCEN Notice 2021-1.

This extension applies to the reporting of signature authority held during the 2022 calendar year, as well as all reporting deadlines extended by previous FinCEN Notices 2021-1, 2020-1, 2019-1, 2018-1, 2017-1, 2016-1, 2015-1, 2014-1, 2013-1, 2012-1, and 2012-2, along with Notices 2011-1 and 2011-2. For all other individuals with an FBAR filing obligation, the filing due date remains April 15, 2023.

FAQs Released on Energy Efficient Home Improvements and Residential Clean Energy Property Credits, FS-2022-40

The IRS has released frequently asked questions (FAQs) about energy efficient home improvements and residential clean energy property credits. The […]

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FAQs Released on Energy Efficient Home Improvements and Residential Clean Energy Property Credits, FS-2022-40

IRS, DOL Renew Employee Misclassification Memorandum of Understanding

The Internal Revenue Service and the U.S. Department of Labor announced they have renewed a memorandum of understanding (MOU) under […]

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IRS, DOL Renew Employee Misclassification Memorandum of Understanding

Transitional Guidance on Broker Digital Asset Reporting Provided, Announcement 2023-2

The Treasury Department and IRS have announced that brokers are not required to report additional information with respect to dispositions […]

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Transitional Guidance on Broker Digital Asset Reporting Provided, Announcement 2023-2

IRS Completes Final Corrections on 2020 Unemployment Compensation Tax Payments, IR-2023-2

The IRS recently completed the final corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation received in 2020. […]

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IRS Completes Final Corrections on 2020 Unemployment Compensation Tax Payments, IR-2023-2

FL - Additional guidance issued on tax relief for property made uninhabitable by Hurricanes Ian or Nicole

The Florida Department of Revenue has issued additional guidance regarding property tax relief for residential properties rendered uninhabitable for 30 […]

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FL - Additional guidance issued on tax relief for property made uninhabitable by Hurricanes Ian or Nicole

IRS Reminds Taxpayers to Check Tax Withholding Now to Avoid Paying Future Quarterly Estimated Payments, FS-2023-1; IR-2023-10

The IRS reminded taxpayers who earn wages to use the Tax Withholding Estimator tool to adjust their 2023 withholding. Checking now and […]

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IRS Reminds Taxpayers to Check Tax Withholding Now to Avoid Paying Future Quarterly Estimated Payments, FS-2023-1; IR-2023-10

2023 Standard Mileage Rates Released, Notice 2023-3

The IRS released the optional standard mileage rates for 2023. Most taxpayers may use these rates to compute deductible costs […]

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2023 Standard Mileage Rates Released, Notice 2023-3

Inflation Reduction Act Triggers Numerous Tax Form Changes

The passage of the Inflation Reduction Act in 2022 has triggered changes to many tax forms, tax form instructions, and […]

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Inflation Reduction Act Triggers Numerous Tax Form Changes

FL - Taxpayer properly applied cost-of-performance rule to its income producing activities

An out of state subsidiary (taxpayer) of a nationwide online and brick-and-mortar retailer (retailer) properly sourced its service revenue under […]

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FL - Taxpayer properly applied cost-of-performance rule to its income producing activities

FL - Guidance provided on tax relief for properties made uninhabitable by Hurricanes Ian or Nicole

Florida provides guidance regarding property tax relief for residential properties rendered uninhabitable for 30 days or more due to Hurricanes […]

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FL - Guidance provided on tax relief for properties made uninhabitable by Hurricanes Ian or Nicole