During a recent webinar, an IRS official stated that for purposes of the current (2013) filing season, taxpayers aren’t required to report virtual currencies on a Report of Foreign Bank and Financial Accounts (FBAR) with the U.S. Treasury. However, while this previously disputed matter appears to be settled at present, the official stated that this position may well be subject to change. Read more here.
The IRS has issued its “Reference Guide on the Report of Foreign Bank and Financial Accounts (FBAR),” which summarizes information regarding the new FinCEN Form 114 which must be filed every June 30 by U.S. persons who have financial interests in or signature authority over financial accounts maintained with financial institutions located outside of the U.S.
Legislative action resulted in the repeal of the Enterprise Zone Act and the dissolution of Enterprise Zones (EZ) effective December 31, 2013. The California Department of Housing and Community Development (HCD) has added an Enterprise Zone wind-down page to its website. In order to allow EZ businesses an opportunity to apply for hiring tax credits already earned for qualified hires made before January 1, 2014, vouchers may be applied for and issued until December 31, 2014. This is the only state EZ benefit which will remain available after the repeal of the EZ program on December 31, 2013. Click here to read more.
We are once again providing the 2012-2013 Tax & Financial Planning Guide as an online resource which will give you access to updated information throughout the year. Feel free to forward it to friends and family who you think might find it interesting or helpful. We hope this Guide will prove to be a convenient reference tool for you throughout the year. If you have any questions after reviewing the information presented, please do not hesitate to give us a call. Click here for a downloadable version.