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Upcoming Tax Deadlines for Individuals with Foreign Accounts and Gift and Generation-Skipping Transfers


Posted on June 21, 2013 by Joseph Saka

While many people breathe a sigh of relief after the April 15 deadline, there are a few other important dates to keep in mind. Many Berkowitz Pollack Brant clients have a financial interest in or signature authority over a foreign bank account, brokerage account, trust or other type of foreign account.

Individuals in this situation are required to file a Report of Foreign Bank and Financial Accounts (FBAR) by June 30. An FBAR is not filed with a federal income tax return and is not subject to extension.

Individuals who need assistance with FBAR reporting should call us right away. Our tax accountants will help you comply with the federal guidelines.

In addition, many families refined their estate plans when the amounts of gift tax and generation skipping exemptions were being debated by Congress as part of the Fiscal Cliff deal. A lot of these filings were extended past April 15 but can be completed during the slower summer months.

 We can help you complete the mandatory filings and answer questions about these and other requirements.

 

 

Joseph L. Saka is director in charge of the Tax Services practice of Berkowitz Pollack Brant. For more information, call 305-379-7000 or e-mail jsaka@bpbcpa.com