We tend to think of summer as a slow time when it comes to taxes but it’s hardly a vacation for taxpayers and tax professionals. This summer, in particular, the Internal Revenue Service has a full calendar and June is no exception. Here are some notable dates to keep in mind:
- June 3. The IRS has announced tax relief for victims of the tornadoes in Moore, Oklahoma, and surrounding areas. Those businesses affected by the May 21 storms have until June 3 to make federal payroll and excise tax deposits normally due on or after May 18 and before June 3.
- June 14. The second planned closure for IRS due to furloughs will happen on June 14. All IRS offices, including all toll-free hotlines, the Taxpayer Advocate Service and the agency’s nearly 400 taxpayer assistance centers nationwide, will be closed on this day. No employees will report to work (they are furloughed without pay) so that means no answers to your phone calls or correspondences. No tax returns will be processed and no electronically filed returns will be accepted or acknowledged. No refund checks will be issued. You will also not be able to access the “Where’s My Refund?” tool and the Online Payment Agreement system. The furlough does not extend any due dates: tax-filing and tax payment deadlines will remain in place.
- June 17. Taxpayers who were out of the country on April 15 and therefore entitled to an automatic two-month extension must file their federal income tax return by June 17. You qualify if, on April 15, you lived outside the United States and Puerto Rico and your main place of business or post of duty was outside the United States and Puerto Rico; or if you were in military or naval service on duty outside the United States and Puerto Rico. This extension gives you an extra 2 months to file and pay the tax, but interest will be charged from the original due date of the return on any unpaid tax. Remember that the extension is automatic (you didn’t have to file a form 4868 to claim it) but you must include a statement showing that you meet the requirements. If you need more time, you must file the federal form 4868.
- June 17. Estimated payments are due for most individuals and corporations. Taxpayers impacted by the Oklahoma storms who would have been subject to the June 17 deadline have until September 30, 2013, to file these returns and pay any taxes due.
- June 30. If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or another type of foreign financial account, the Bank Secrecy Act may require you to file a Report of Foreign Bank and Financial Accounts (FBAR) with the IRS. FBAR returns are due on June 30 of the year following the applicable calendar year and there are no extensions.
Normal deposit and reporting requirements still apply throughout the month. Enjoy your summer!
