If your client has a financial interest in, or signature authority over, any foreign accounts, certain filing requirements with the U.S. Department of the Treasury, in addition to the Internal Revenue Service (IRS) may apply. Filing requirements may also apply to taxpayers that have direct or indirect control over a foreign or domestic entity with foreign financial accounts, even if the taxpayer does not have foreign account(s).
January 7, 2021
OverviewThe Consolidated Appropriations Act of 2021 (referred to as the "COVID-19 Relief Bill" or "Act") signed into law by the president on December 27, 2020, is the latest round of stimulus legislation. With more than 5,000 pages, the Act may be the largest piece of legislation ever passed. As such, it will take considerable time to sort through the legislation’s provisions and relief measures.
Steps to Take Now to Get a Jump on Your Taxes
- Forms W-2 from employers
- Forms 1099 from banks and other payers
- Other income documents and records of virtual currency transactions.