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Report of Foreign Bank and Financial Accounts (FBAR)
If you are in possession of a monetary interest in or signature authority on a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or alternative kind of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may need you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Monetary Accounts (FBAR).

FBAR Information

On September 30, 2013, FinCEN posted a notice on their site announcing the current FBAR form, FinCEN Report 114, Report of Foreign Bank and Financial Accounts. FinCEN Report 114 supersedes the previous years’ form TD F 90-22.1 and is only accessible online through the BSA E-Filing System website.

The e-filing system allows the filer to go into the calendar year reported, including past years, to the on-line FinCEN Report 114. It also offers filers a choice to “explain a delayed filing” or to choose “Other” and enter up to 750-characters inside a text box to offer a further explanation of the delayed filing or to indicate whether the filing is manufactured together with an IRS compliance plan.

On their site, FinCEN posted a notice on July 29, 2013 introducing a fresh report to filers who submit FBARs jointly with spouses or who wish to have a third party preparer file their FBARs. The new FinCEN Report 114a, Record of Mandate to Electronically File FBAR Filing @ FBARFiling.org, isn’t submitted when filing an FBAR but, instead, is kept in FBAR records maintained by the filer along with the account proprietor and should be created available to FinCEN or IRS upon request.

Filling Out A US Mail Change Of Address Form For Your Business

 

As a business owner, it’s important to keep your customers, associates, stakeholders and all relevant government agencies aware of any changes in your business address. Not only will this expedite the flow of regular mail to your business and prevent lost packages and letters, but it will also ensure that the Internal Revenue Service can contact you regarding any tax errors, audits or other income-related issues. Due to this fact, submitting a US mail change of address form is one of the most important parts of the relocation process. Moreover, you will need to supplement this standard, US Post Office-issued request with a special form from the IRS. This is called form 8822-B and it should be submitted no later than 30 days after relocation has occurred.

us mail temporary change of address

Usps Change of Address Online Form

 

Getting Started With Your US Mail Change Of Address

There are two ways to file an application for a US Mail change of address. You can update the post office on the change in your company’s location by filling out a small, change of address card. These cards are similar in size to postcards and can be picked up at a local post office or requested from your mail carrier. It takes approximately 10 days for a card to be processed once it has been submitted and thus, it is a good idea to take care of this ahead of your move. Your local mail carrier will send a confirmation of this change to your former address as a way of verifying that the request is authentic.

It is also possible to handle your US mail change of address online. This eliminates the need to travel to the post office or wait for an in-mail verification. The post office will require you to use a credit card to verify your identify. This card will be charged exactly $1 and the billing address for this card must match the mailing address that you wish to change. This is the best method for submitting this request if you are already in the process of moving your company and have neglected to inform the post office ahead of time. Irrespective of when you are planning your move, this submission method is also considered the most convenient. You can get a us mail change of address printable form online and save a trip to the post office.

Dealing With The IRS

It is not enough to submit a US mail change of address form to your local post office or via the online platform. You must also update the Internal Revenue Service concerning the whereabouts of your business. Business owners can do this by completing and submitting form 8822-B ahead of their moves or within 30 days of having moved. This form can be found and downloaded on the official IRS website or picked up at a nearby IRS office during normal business hours

What You Need To Know About The ITIN Number

Resident and nonresident aliens are sometimes required to file tax returns with the Internal Revenue Service. In a person is required to file for tax returns and the person is not eligible for or do not have the Social Security Number (SSN), then these individuals use the Individual Taxpayer Identification Number (ITIN) to file their returns. Foreign investors in the United States real estate also need to use the ITIN to declare their tax returns. This is the case if they cannot declare their tax returns using the SSN.

itin number

Itin number application

The ITIN is a tax processing number issued by the IRS for tax purposes only. In any way, the ITIN cannot be used for identification purposes outside of the IRS. It is important for resident and nonresident aliens to investigate whether they are eligible to apply for the SSN before making an application for the ITIN.

The ITIN number ensures that you stay tax compliant. It is important to note that alien individuals are not allowed to have both the SSN and the ITIN. In case you do not know whether you need to apply for the ITIN number for tax purposes, then you need to ask yourself the following questions.

Are you a non-resident alien individual that need to file tax returns and are not eligible for an SSN?

Are you a resident alien individual that needs to file tax returns and are not eligible for SSN?

Are you a spouse or dependent of a U.S. citizen or resident alien?

Are you a spouse or dependent of a non-resident alien visa holder?

In case the answer to either of the questions is yes, then you most certainly qualify for the ITIN for tax purposes. The IRS sometimes issues exceptions for resident and non-resident alien individuals from having an ITIN. In order to know whether you qualify for the exceptions, it is important to familiarize yourself with the Internal Revenue Code.

It is important to note that having the ITIN number does not guarantee you the right to work or receive income in the United States. Federal law prohibits the IRS from sharing data with other government agencies such as the Department of Homeland Security. This assures unauthorized aliens living in the United States that they can pay their tax returns without fear that their illegal status will be exposed to the DHS for extradition purposes. Additionally, the ITIN cannot be presented as a valid identification document to other government agencies or in other business activities. To find out more about itin number processing time please check with your certified acceptance agent.

Getting An EIN – Understanding The Process

 

ss-4 form

IRS EIN SS-4 From

As someone, who runs a small business, you may be able to benefit from obtaining an EIN. On the other hand, obtaining the figure might actually be a requirement. With this in mind, it is absolutely pertinent to learn about the process of getting an EIN. The good news is that the process is straightforward and the majority of business owners will be able to complete it online, within just 15 minutes. Below, you’ll learn more about the process, so you can obtain your own EIN.

 

Are You Eligible?

 

Before attempting to obtain your EIN online, you should make sure that you’re eligible to do so. There are a few requirements, which must be met, in order to complete the application online. First and foremost, your principal business must be located within the United States or one of the US Territories. Also, you will only be able to complete the application online, if you have a valid EIN, SSN or ITIN. Finally, it is only possible to obtain a single EIN online per day.

 

Collect Information

 

The majority of people will jump right into their seat and begin filling out the form. This isn’t ideal. First, you should collect the required information. By obtaining the information ahead of time, you’ll be able to rapidly complete the application, without needing to stop and look up a detail or two. Below, you’ll find a list of details, which will be needed.

 

  • Personal information of the individual requesting the EIN
  • Business name and address
  • Business Type and principal activity
  • Reason for applying for the EIN

 

The majority of this information should be readily available, but you may need to scan through your records for the minor details. Once you’ve obtained all of the required credentials and information, you will want to sit down and begin filling out the online application.

 

EIN Application

 

If you are applying for an EIN, you can visit the IRS website. There you will find a self-explanatory application, but it is important to note that this is a one-session process. This basically means that you will have to fill out the application and submit it, in a time efficient manner. With this being said, if you leave your PC unattended for over 15 minutes, the current session will immediately expire. Your information will be validated during the open session and at the end of the session, you will receive an EIN.

 

Conclusion

 

Although the process seems straightforward and uncomplicated, it can be slightly more difficult than you could ever imagine. With this in mind, you should prepare yourself, by obtaining the necessary information, before sitting down and attempting to complete the online application.