Month: August 2017
When is FBAR Due
Source: http://freedomtaxaccounting.com/when-is-fbar-due/
All individuals who have a financial interest or signature authority over a foreign account or investment that amounts to more than $10,000 are obligated to file the FBAR with the US Treasury Department. The individual or filer, or an individual whos authorized by the filer (in writing) has to complete the FinCEN Form 114a and submit it electronically via the BSA E-Filing System. Failing to do so could lead to significant civil, and in some cases, criminal penalties. According to the FBAR, all individuals having a foreign financial account that exceeds the given threshold in the form of the following are required under the Bank Secrecy Act to provide information of their foreign accounts on a yearly basis.
- Bank and retirement accounts.
- Insurance policies.
- Mutual funds or equity interest in the fund.
- Individually owned bonds, stock certificates, notes.
- Annuities with cash surrender value.
- Foreign Online Gambling Accounts
Important Note: The threshold of $10,000 applies to all foreign accounts that are either owned jointly or separately, including those foreign accounts where you may not have any financial interest, but have signature authority over (business accounts that you are in charge of).
When to File an FBAR?
For many years, the FBAR filing dates had been out of sync with the deadlines for filing of federal tax returns. For US citizens living overseas, the US federal return was due before June 15th rather than April 15th, which can be further extended to October 15th. The complicated deadlines only made it harder for expatriates to make their FBAR and tax filing. However, in 2016, a big change was made for FBAR reporting, with the FBAR deadline moving up to the fall and in line with Tax Day. This change has made it easier for expats living abroad to stay compliant with their FBAR filing. The new annual due date for the FBAR is April 18, 2017, which coincides with the federal income tax filing deadline. The FinCEN announced that all FBAR filers get an extension for 2016 reporting until October 15th of 2017.
Expat Income Tax Returns
The deadline for expats to file their tax returns for 2016 was June 15, 2017 since expats living abroad qualify for an automatic-two month filing extension. Although the two-month filing extension does apply to FBARs as well, the six-month automatic extension does supersede the shorter extension and will provide expats with more time to get their documents in order. But, more importantly, expats living abroad will still have to pay their taxes that are due by April 18, 2017, even if they plan on filing their return by June 15.
Important Note: Those who fail to pay their taxes due by April 18, 2017 will find that the IRS wont assess a failure-to-pay penalty if they file and pay by June 15, 2017. But, you will still be charged interest on the unpaid amount if your taxes are not paid by the April deadline. This is why it is best to start your tax filing as soon as possible, even if you are missing a document or two.
How To Find The Best Roofing Contractors Aurora, Colorado
Putting a new roof on your home is a huge job that requires specialized tools and equipment. While there are some homeowners that could be up to the challenge, it’s really a job best done by professionals for a lot of different reasons. Even if you have some of the tools, half the knowledge, and some friends to help out, it still could be dangerous to proceed on your own.
Roofing Companies Have Insurance, Licenses, and Bonding
These are all very necessary for all contractors working on your home, especially roofers, for a variety of reasons. For one, if a worker lets go of a hammer or other tool and it slides down the roof and sails through the air breaking a car window, who’s going to pay? If the roofer doesn’t pay, his insurance company will, that’s why he’s required to have it.
There are a thousand other scenarios involving ladders falling, broken windows, chimneys collapsing, employee theft from the home, even employees sliding off the roof and getting hurt. The roofing contractor is liable for all these mishaps and more. However, when the homeowner chooses to re-roof his own home, he won’t be covered and neither will his buddies that come over to help. If one of them falls off of the roof, the homeowner could be sued for negligence and lose in court.
The insurance, license, and bonding are all the ways that keep the contractor from causing harm to their customers and it’s why those regulations are in place. You’ll always want to know if the contractor you’re dealing with is properly covered before they start work. As you search for roofing contractors Aurora, Colorado, you should find that their credentials are prominently displayed on their websites. If not, ask to see them before you sign any contracts.
You Should Get A List Of Roofing Contractors Aurora From Friends And Neighbors
Once you have a long list of recommended contractors then you should go online and read some of their reviews. Most will have good or excellent customer reviews, those that don’t you should eliminate from your list. Any that aren’t on the Internet or don’t have reviews should also be passed by. This is to prevent poor contractors with bad reviews from changing their name to run from their bad service records.
You should also insist on a written estimate when the representative arrives to look at your roof. On the estimate should be their warranty and what is covered so read it carefully and don’t rely just on what the salesman says. After you accept the price and terms, you should be given a written contract signed by both you and the company representative to make it legal. This is binding, so if they try to charge more, don’t finish the job, or have some other problems, this is your proof of what was ordered, for how much, and by what time.
If you’re replacing a roof, it may be the last one you ever have to do if you choose the materials wisely. For that reason, it’s important to have it installed correctly and with care so that you never have to re-roof your house again for the rest of your life.
Aries Roofing-Aurora
18121 E. Hampden Ave Unit C #128
Aurora, CO80016
720-500-6469
https://www.mapquest.com/us/colorado/business-aurora/aries-roofing-aurora-376990896
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