Form T-86 Bank Deposits Tax - Rhode Island

What Is Form T-86?

This is a legal form that was released by the Rhode Island Department of Revenue - Division of Taxation - a government authority operating within Rhode Island. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form T-86?A: Form T-86 is a tax form used in Rhode Island for reporting bank deposits.

Q: Who needs to file Form T-86?A: Individuals, businesses, and organizations in Rhode Island that have bank deposits exceeding certain limits need to file Form T-86.

Q: What is the purpose of Form T-86?A: The purpose of Form T-86 is to report bank deposits for tax purposes.

Q: What information is required on Form T-86?A: Form T-86 requires information such as the taxpayer's name, address, social security number or employer identification number, and details about bank deposits.

Q: What are the bank deposit thresholds for filing Form T-86?A: The bank deposit thresholds for filing Form T-86 vary depending on the taxpayer's filing status and type of entity. It is recommended to consult the instructions for the specific threshold amounts.

Q: When is Form T-86 due?A: Form T-86 is due on or before April 15th of each year.

Q: Is there a penalty for not filing Form T-86?A: Yes, failure to file Form T-86 or underreporting bank deposits may result in penalties and interest charges.

Q: Are there any exemptions or exclusions from filing Form T-86?A: Certain types of deposits, such as those related to loans, transfers, and other non-taxable transactions, may be excluded from the total bank deposit amount for Form T-86. It is recommended to review the instructions or consult a tax professional for specific exemptions.