Current Planning Considerations
 At DS&B Certified
Public Accountants, Consultants & Advisors , it is our job to
stay on top of the tax, business and financial topics that shape
your growth and bottom line. That's why we continually look for
timely topics that can help you better create, grow and preserve
wealth. Feel free to browse any of the current articles below —
written by DS&B professionals — to learn how you can better
plan your professional and personal financial future.
- IRS Foreign Reporting Deliquency Relief
The IRS recently announced relief to taxpayers who were not aware of the reporting requirements if they have signature authority over an account in a foreign bank exceeding $10,000 on any day during a taxable year. The required filing is done on Form TD F 90-22.1 and is due by June 30th following the year in question. There are no extensions of time allowed and civil penalties that are substantial could be assessed.
The announced relief will apply with the filing of a delinquent 2008 report by September 23, 2009 along with a statement as to why the report is late. This relief applies to the reports for all years 2003 through 2008,
If you have reported the income previously, the only concern relates to the filing of the annual reports.
If you have not reported the income previously, the concern relates to paying tax on the income and to the filing of the annual reports.
In the case of not reporting the income, there is an amnesty program in place through that same September 23, 2009 date to amend returns, pay tax, interest and a limited amount of penalties on previously unreported income from these foreign accounts for the years 2003 through 2008.
If either the relief or the amnesty applies to your situation, we suggest that you contact us immediately regarding this matter.
Tax Report
The tax report is the DS&B bi-monthly newsletter that keeps you in the know about taxes and your business. Check out the latest Tax Report.
Details on the Healthcare Reform and changes to Medicare can be accessed through the DS&B Summer 2010 Newsletter. Check to see if these tax credits can be applied to you.
In November 2009, President Obama signed the bill which both extended and liberalized the first-time homebuyer tax credit. This credit was scheduled to expire on November 30, 2009. The new law extends and expands the first-time homebuyer credit by:
Extending the deadline for purchase to April 30, 2010, and closing by June 30, 2010, with the 2010 purchases being claimed on either the 2009 or 2010 income tax return.
Authorizing the credit for long-time homeowners that purchase a replacement residence at an amount of up to $6,500.
Increasing the income limitations before phase-out of the credit occurs, for purchases after November 6, 2009.
Providing additional liberalization for service members.
However, there are some new restirctions, which are:
Imposing an $800,000 purchase-price limitation, which means that event if it is $1 over the limitation there in no qualifying credit.
Requiring a miniumum age of 18 to claim the credit.
Prohibiting dependents from claiming the credit.
Requiring the taxpayer to attach a signed copy of the settlement statement to their return. This requirement excludes the taxpayer from electronic filing. The service had noted that no refunds will be issued until late March f the credit is being claimed on the 2009 return.
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