A recent article in Forbes highlighted important tax dates that taxpayers should be aware of when dealing with the Internal Revenue Service in the month of June.
The first date taxpayers should keep in mind is June 3rd. According to a press release by the IRS, the victims of the Moore, Oklahoma have been granted tax relief. The relief is granted to businesses affected by the late May storms. The businesses have until June 3 to make federal payroll and excise tax deposits. For all other businesses, these particular taxes are due on or after May 18 and before June 3.
A date with broader consequence for taxpayers is the second IRS furlough day. On this day, one of five scheduled to occur this summer due to budget cuts, all IRS offices will be closed—including any hotlines, Taxpayer Advocate Offices, and taxpayer assistance centers. All employees are off without pay on this day, meaning no correspondence or calls will be answered. Tax Returns will not be processed on this day, nor will their receipt be acknowledged. The furlough affects extend to even the online resources, including the refund tracking tool and the payment system—both of which will not be functioning on that day. Unfortunately for taxpayers, the furlough day does not affect any deadlines. All deadlines remain the same.
For those taxpayers who were out of the country on April 15th, their automatic two-month extension for their federal income tax return expires on June 17th. Taxpayers must provide documentation that they meet the requirements for the late filing, including proof that they were either living out of the country and their main place of business was also out of the country, or they are serving in the U.S. military outside of the United States.
June 17th is also the date that estimated tax payments are due for both individuals and corporations.
Taxpayers with signature authority or any interest in a foreign financial account should be aware of the June 30th deadline if they are required to file an FBAR. If you have any questions regarding whether or not you are required to file an FBAR, it is best to contact your knowledgeable tax professional.
The article notes that any other payments required by any agreements are due when designated.Segal, Cohen & Landis 9100 Wilshire Blvd. Ste. 601E Beverly Hills, CA 90212 (310) 285-3999