What to Do if You Missed June 30 Business Tax Deadlines

April 15 is not the only tax filing deadline taxpayers need to be aware of. Tax expert Eva Rosenberg, aka TaxMama® reminds us in a post titled: Looming Deadlines that business owners changing employee classification and those with offshore bank accounts had until June 30th to file reports with the IRS in order to avoid hefty IRS penalties and fines.

Here is the important tax information TaxMama mentions:

Offshore bank accounts and assets – taxpayers with bank accounts or financial assets overseas containing a total of $10,000 or more at any time during 2012, must file an FBAR form with the U.S. Treasury Department by June 30, 2013 – not postmarked on that date. Note: The form is free but there is a minimum $10,000 penalty for not filing it.

Changes to Employee Classifications - The IRS was offering a special amnesty program for business owners who were treating their workers as freelancers and not issuing a 1099-MISC to those workers. This amnesty allows these business owners to pay a fraction of the payroll taxes owed for all those workers.

If you missed the June 30 deadline - consult an experienced tax professional who can file for you – but you need to act immediately. Don’t wait until the IRS comes knocking on your door before you do something.

A better strategy is to hire an expert tax professional that can get you back in the driver’s seat and in a more favorable position with the IRS.

These IRS problems solvers can request penalty abatement (and in some cases, interest) due to reasonable cause. They can also help you negotiate a properly structured IRS payment plan to pay of the tax debt. Make sure you consult with these professionals before you say anything to the IRS that you may come to regret later.

Additional tax deadline information from Eva Rosenberg:

Offshore account reporting:

http://www.marketwatch.com/story/be-sure-to-report-those-overseas-assets-2013-05-13

IRS employer amnesty

http://www.marketwatch.com/story/deadline-looming-for-irs-employer-amnesty-2013-06-25

More Tax Help, IRS News and Tax Relief Tips:

  1. Finding Tax Help for IRS Tax Debt
  2. Offshore Tax Evaders Get Preferred IRS Help
  3. Michael Rozbruch Interviewed in Opportunist Magazine
  4. Ask the Certified Tax Specialist – Small Business Back Taxes
  5. IRS Bankruptcy-Five Tax Relief Options for Back Taxes

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