Deadline extended for filing report on cash held overseas –more background on implications of FBAR reporting – part 2

This series of posts is discussion the FBAR in general and an extension of the deadline to file the reports from 2009 and earlier. It is important to note the deadline for filing the 2010 reports is still June 30, 2011. Not much time left for those reports. Previously discussed the filing requirements for Continue reading

Deadline extended for filing report on cash held overseas – that FBAR report applies to NPO’s – part 1

Federal law requires filing a report with the Treasury Department when you have foreign bank accounts with balances over a certain amount. This law applies to NPOs. Deadline for filing all of the past reports has been extended by the IRS. How can this be an issue in the nonprofit community? If you have Continue reading

Helpful comments from 2017 CalCPA Not-for-profit conference, part 1

Here are a few of the comments from the May 24, 2017 Not-for-profit conference presented by California Society of CPAs that I thought would be of interest to others in the nonprofit community. Since all comments are the opinion of the speaker, neither their names nor organizations will be mentioned. The ideas mentioned can Continue reading

A few of the ways charities can create a requirement for reporting on foreign activities

Doing ministry overseas can generate several requirements to file reports with the IRS that you had no idea even existed. CliftonLarsonAllen provide some background on IRS Foreign Reporting Requirements for Nonprofit Organizations. Here is their technically worded description of the most common situations: Transfers of property to, or ownership interests in, foreign entities Financial Continue reading

Reminder – two weeks left before deadline to file paperwork for overseas cash accounts

The June 30 deadline is rapidly approaching to file the FBAR reports for overseas bank accounts on which you have signature authority when the account holds $10,000 or more at any time during the year. For mission organizations, think about those checking accounts you have in the field used to fund your local activities. Continue reading

Brief tax articles for charities

Here are a few articles on my growing backlog of ideas of interest to charities. Quick updates on a variety of topics: general reminders, maintain control over funds sent overseas, FICA taxes on 403(b) contribution, short list of regs impacting a missionary sending church, and cell phones as de minimis fringe benefit. 12/10/14 – Continue reading

June 30 deadline approaching for filing report if you hold overseas bank accounts

I’ve previously asked Do you use an overseas bank account in your ministry? Then you may have a filing requirement for that account. Here’s the issue: The federal government has a requirement to file a specific report if you have financial accounts outside the U.S. that have more than $10,000 in the account at any Continue reading

Do you use an overseas bank account in your ministry? Then you may have a filing requirement for that account.

If your ministry uses an overseas bank account to further your mission, you may have a requirement to file a report called an FBAR if the balance is over a certain amount at any point in the year. Even worse, if individuals in your organization, like you Ms. CFO or Mr. Treasurer or Mrs. Continue reading

Deadline for filing reports on overseas cash is only a week away – June 30

The IRS has a major push underway to identify people who have hidden cash overseas to avoid paying taxes. That enforcement effort is  obviously not a big deal to the nonprofit community. However, the reporting requirement still applies to ministries that have cash located in their overseas programs. Here’s the issue:  If an individual Continue reading

Is there any paperwork burden from ministry outside the U.S.?

The headline of a great article, Foreign Payees, Activities, and Financial Accounts Increase Your Compliance Burden, points towards an answer of yes. CPAs Daniel Skerbitz and Laurie Gnad, of Stanfield & O’Dell, provide a great introduction to the extra reporting paperwork that arises for overseas missions or even dealing with foreign missionaries when they are Continue reading

Deadline extended for filing report on cash held overseas – opportunity to get all reports filed – conclusion

I have several posts about the mandatory report of overseas bank accounts.  This issue can easily involve NPOs that have overseas operations. The form used to report and the whole process is referred to as FBAR. Actual name is Report of Foreign Bank and Financial Accounts. Extension of deadline The IRS has extended a deadline for filing Continue reading

Deadline extended for filing report on cash held overseas – penalties for not filing – part 3

Previously discussed the FBAR report and additional background on how easy it is for an NPO with overseas activity to generate a requirement to file the report.  Will get back to the extended deadline, but need to look at the downside of not filing. Penalties This is where things get ugly. The FBAR report says Continue reading