Accounting and tax prep/filing services

Forum|Forum|1 year ago
November 13, 2024
1 reply
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Does Turbotax provide accounting and tax prep/filing services on retainer for customers on their personal and business accounting needs?

Ask the Experts - Biz Tax Moves - Nov 2024

quorumof1

Hi There:

Turbo Tax can meet most of your tax preparation needs by either full service or by "Do It with Me Service". Quickbooks can assist with your accounting needs.

Neither Turbo Tax nor Quickbooks calls fees a retainer. But fees will usually apply. I recommend, before engaging a service, that you request the estimated cost of service and when payment will be due.

EPQAuthor

What about tax reporting (Fed and State (NJ)) that can include reporting assets and income outside USA? Is there an international tax expert who can also provide guidance on FBAR/FATCA/FINCEN regulations?

KarriC

TurboTax does not currently provide the ability to file FinCEN (US Treasury's Financial Crimes Enforcement Network) or BOI (Beneficial Ownership Information Report) with the US Department of the Treasury through TurboTax software.

FACTA (Foreign Account Tax Compliance Act) is a requirement that foreign financial institutions report on the foreign assets held by US account holders or be subject to withholding on withholding on withholdable payments. FATCA requires US taxpayers who have foreign financial assets in excess of the reporting threshhold (at least $50,000 as of today) to report information about those assets on Form 8938.

Form 8939 can be prepared in TurboTax Deluxe or higher versions.

You may have to file other reports about foreign assets, since Form 8938 does not relieve filers of FBAR (Report of Foreign Bank and Financial Accounts, FinCEN Form 114) filing requirements. These forms are not currently included in TurboTax.

Here are links to the Department of the Treasury's guidance for reporting requirements on:

FBAR

FATCA reporting for US taxpayers

Currently, you must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

For an international tax expert who can provide guidance on these regulations for both federal and state, try one of our TurboTax Verified Pros.

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