Foreign Bank/Financial Reports Due
The IRS is reminding citizens, resident aliens, and other entities that the extension deadline to file their Foreign Bank and Financial Accounts Report (FBAR) is October 15, 2021. Automatic extensions were granted to filers who missed the annual April 15 due date earlier this year. FBARs are required to be filed by those who have financial interest or authority over bank accounts, mutual funds, or other financial accounts located outside the US, and whose combined holdings exceed $10,000 at any time during the year. Those affected by a natural disaster may have their FBAR deadline further extended.
Check Withholding As Year Ends
The IRS reminds taxpayers that this last quarter of 2021 is a good time to check payroll withholding. Personal situations such as a marriage, divorce, birth of a child or a new home can affect your proper withholding amount. Additionally, circumstances like Coronavirus tax relief, job loss, and natural disasters can be reasons to adjust withholding. The IRS has a convenient Tax Withholding Estimator to help taxpayers determine if they should adjust their withholding, or make an estimated tax payment.
Tax Assistance Grants Announced
The IRS recently awarded over $41 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants to organizations that provide free federal tax return preparation to those who qualify. The TCE program provides free tax counseling and federal tax prep assistance to individuals age 60 or older. The VITA program serves low- and moderate-income individuals, and those with limited English proficiency. The IRS partners with various organizations to develop these programs, which include non-profit agencies, faith-based organizations, community centers and large employers. Tax law training, certification, and oversight of these organizations are provided.