Tax Alerts

FBAR Relief Available for Victims of Recent Natural Disasters

The Financial Crimes Enforcement Network (FinCEN) is providing filing relief to taxpayers who have been adversely affected by Hurricane Ida, the California Wildfires, Tennessee Severe Storm and Flooding, Michigan Severe Storms, Flooding, and Tornadoes, and Tropical Storm Fred. Victims who reside or have a business in affected areas have until December 31, 2021, to file their Reports of Foreign Bank and Financial Account (FBAR) forms for the 2020 calendar year. The FBAR for calendar year 2020 would otherwise be due October 15, 2021.

FinCEN is offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance as a result of these natural disasters. If FEMA designates other localities affected by these natural disasters as eligible for individual assistance at a later date, FBAR filers in those additional localities will automatically receive the same filing relief.

Taxpayers Outside Disaster Area
FinCEN will work with any FBAR filer who lives outside the disaster areas but who must consult records located in the affected areas in order to meet the deadline.

FBAR filers who live outside the disaster area seeking assistance in meeting their filing obligations (including workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization) should contact the FinCEN Regulatory Support Section at 800-767-2825, or electronically at frc@fincen.gov.

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 […]

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

FL - Relief for corporate income taxpayers impacted by Hurricane Nicole discussed

Florida will follow the corporate income tax relief granted by the Internal Revenue Service (IRS) for Hurricane Nicole affected taxpayers […]

Read More
FL - Relief for corporate income taxpayers impacted by Hurricane Nicole discussed

Elizabeth Askey Appointed As New Deputy Chief Of IRS Appeals, IR-2022-219

The IRS Independent Office of Appeals has announced the appointment of Ms. Elizabeth Askey, an alumnus of Harvard Law School, […]

Read More
Elizabeth Askey Appointed As New Deputy Chief Of IRS Appeals, IR-2022-219

IRS Issues Guidance on Form W-4 Substitute Submissions, Additional Guidance for Substitute Submissions of Form W-4

The IRS stated that, for 2022, general guidelines for electronic substitutes to paper Forms W-4 can be found in the […]

Read More
IRS Issues Guidance on Form W-4 Substitute Submissions, Additional Guidance for Substitute Submissions of Form W-4

TIGTA Launches New Website

The Treasury Inspector General for Tax Administration (TIGTA), J. Russell George, announced a redesign of the agency’s website, to better serve […]

Read More
TIGTA Launches New Website

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 […]

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

Courtney Kay-Decker Appointed as New Deputy Chief Taxpayer Experience Officer, IR-2022-222

The IRS has appointed Courtney Kay-Decker as the new Deputy Chief Taxpayer Experience Officer today. Kay-Decker will lead IRS efforts […]

Read More
Courtney Kay-Decker Appointed as New Deputy Chief Taxpayer Experience Officer, IR-2022-222

FL - Alachua County local government infrastructure surtax rate increased

Beginning January 1, 2023, the combined Florida state and local sales and use tax rate for Alachua County is 7.5%. […]

Read More
FL - Alachua County local government infrastructure surtax rate increased

FL - 2023 fuel tax rates announced

The 2023 Florida motor fuel, diesel fuel, and aviation fuel tax rates are announced. Annual adjustments to the state fuel […]

Read More
FL - 2023 fuel tax rates announced

IRS Will Not Publish Advance Release of OID Tables for TY 2022

The IRS will not publish an Advance Release of tax year (TY) 2022 Original Issue Discount (OID) Tables. The 2022 OID Tables […]

Read More
IRS Will Not Publish Advance Release of OID Tables for TY 2022