4/30: Dates to Remember; Tax Refund Status; W-8BEN-E; and FinCEN 114

Tax Snacks

Tax Snacks: Bite-size tax news and information on the fly

Upcoming dates to remember:

May 15: Tax returns or extensions must be filed by most tax-exempt organizations
June 16: Corporate and individual 2nd quarter estimated tax payments are due
June 30: FinCEN Form 114 (Formerly TDF 90-22.1) is due, reporting certain foreign financial account holdings (see note below)

Where’s my refund?

If you recently filed Form 1040 and are expecting a refund, the IRS website offers a way to check the status of the refund online. To use this aptly-named “Where’s My Refund” tool, you simply enter your SSN, filing status and exact amount of refund shown on your 1040. The IRS suggests you wait at least three weeks before investigating your refund, to allow time for them to process it. The link to this feature can be found here.

W-8BEN-E

Form W-8BEN-E was very recently revised. This form is used by non-U.S. entities who receive payments from the U.S. that potentially are subject to withholding. New for 2014, it also is used to comply with the significant recordkeeping burden related to provisions of the Foreign Account Tax Compliance Act (“FATCA”). Most of those new requirements are effective on July 1, 2014. Any party receiving or making payments from a U.S. payer to a non-U.S. payee should become familiar with these rules. Please contact Stuart Lyons at 1-800-244-7444 with any questions related to this form or potential applicability of FATCA’s rules to your situation.

FinCEN 114

FinCen 114 is the replacement/successor to Form TDF 90-22.1. In general, this form must be filed no later than June 30 by any owner or person holding signature authority of a foreign financial account if the balance at any time in the prior year exceeded $10,000. Common examples include individual foreign bank accounts or corporate bank accounts for which an executive can sign checks. Unlike prior years, this form now must be filed electronically. BNN has written extensively on this subject. More information can be found here.

Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.

IRS CIRCULAR 230 DISCLOSURE:
Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained in this communication (including any attachment) is not intended to be used, and cannot be used, for purposes of avoiding penalties imposed under the United States Internal Revenue Code or promoting, marketing or recommending to another person any tax-related matter. Please contact us if you wish to have formal written advice on this matter.