This section is dedicated to important tax law changes and reporting requirements that may effect the preparation of your tax return

* Control of Foreign accounts-If at any time during the tax year you had a financial interest in or signature authority over a financial account located in a foreign country you must check yes on the reverse side of Schedule B.  If the amount totals $10,000 or more you must file form FinCEN Form 114 must be electronically filed with the Financial Crimes Enforcement Network (FinCEN) at the following website: http://bsaefiling. fincen.treas.gov/main.html by April 15th after the close of each tax year, the same as your tax return.

TD F 90-22.1 is now obsolete and no longer part of the tax filing services I can provide because FinCEN Form 114 can only be filed online.  I will assist you in filing this form with the FinCEN outside of the income tax filing system.

If you are required to file FinCEN Form 114 but do not properly do so, you may have to pay a civil penalty up to
$10,000. A person who willfully fails to report an account or provide account identifying information may be subject to a civil penalty equal to the greater of $100,000 or 50 percent of the balance in the account at the time of the violation. Willful violations may also be subject to criminal penalties.

* New York State requires that you file your return electronically if prepared by a tax professional.  There are no opt out provisions and you may be subject to a penalty if you do not comply.

* Foreign Assets-New IRS regulations require you to report details of all foreign assets in excess of $100,000 ($50,000 if filing single) on your tax return.  This information is reported on form 8938 that must be attached to your tax return.  Click HERE for a copy of the form and please provide the information that would enable me to complete your tax return.  Penalties for non-compliance range from $10,000 to $50,000.