Date: 2007-06-28
JACKSON HEWITT® REMINDS TAXPAYERS WITH FOREIGN ACCOUNTS ABOUT JULY 2 FILING DEADLINE
PARSIPPANY, N.J., June 28, 2007– Taxpayers who maintain or have authority over financial accounts in countries outside of the United States are required to inform the Internal Revenue Service about these holdings each year. Jackson Hewitt Tax Service®, a leader in the tax preparation industry, reminds those who will file a Report of Foreign Bank and Financial Accounts (FBAR) that they have two extra days to file this year. Since the June 30th deadline for filing a FBAR form falls on a Saturday, the IRS has extended the deadline until Monday, July 2, 2007.
A FBAR form (Form TD F 90-22.1) must be filed by anyone from the United States who has a financial interest in, or signature or other authority over, financial accounts in a foreign country and the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. Bank accounts (such as savings, checking, deposit and other), securities and securities derivatives held for the 2006 calendar year are included.
“Taxpayers living in the U.S. with these kinds of accounts should remember that an FBAR must be filed each year that the $10,000 threshold is met, regardless of whether or not the foreign account generates any interest or dividend income,” said Mark Steber, Vice President of Tax Resources, Jackson Hewitt Tax Service Inc. “They should also know that there is no extension option for filing a FBAR as with an annual income tax return, so the July 2 deadline must be met to avoid penalties.”
The IRS considers a foreign country to be all geographical areas outside the United States, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, and the territories and possessions of the United States (including Guam, American Samoa, and the United States Virgin Islands).
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. (NYSE: JTX), with over 6,500 franchised and company-owned offices throughout the United States during the 2007 tax season, is an industry leader providing full service individual federal and state income tax preparation. Most offices are independently owned and operated. The Company is based in Parsippany, New Jersey. More information may be obtained at www.jacksonhewitt.com. To locate the Jackson Hewitt Tax Service office nearest to you, call 1-800-234-1040.
Contact:
Melissa Connerton
CooperKatz & Company
212-455-8001
Jorge Lavina
CooperKatz & Company
212-455-8041