Looming Deadlines

Today TaxMama® wants to alert you about some important deadlines looming at the end of June 2013.


Dear Family,

There are two important deadlines coming up on June 30, 2013. Beware, even though that date falls on the weekend, I am not seeing any evidence that the deadline has been extended to the following Monday, July 1st.

First deadline is for taxpayers with bank accounts or financial assets overseas containing a total of $10,000 or more at any time during 2012. You must file an FBAR form with the U.S. Treasury Department – Form TD F 90.22-1. It must be in their hands by June 30, 2013 – not postmarked by then. The instructions on page 7 of the form provide for a mailing address you can use with a commercial overnight service. There is no fee for this form – but a minimum $10,000 penalty for not filing it. For more details, please read this May MarketWatch article.

Second is for business owners who have been treating their workers as freelancers, when they should have been employees. And have not been issuing a 1099-MISC to those workers. The IRS has a special amnesty program to allow you pay a fraction of the payroll taxes you would have owed for all those workers. You can read more about the details in this week’s MarketWatch article.

And remember, you can find answers to all kinds of questions about tax deadlines and other tax and business issues, free. Where? Where else? At www.TaxMama.com.

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