Don’t overlook the following two deadlines this month if they apply to you:
* The second quarterly payment of estimated income tax for 2014 is due on June 16.
* If you have foreign bank, savings, or investment accounts that exceeded $10,000 in 2013, you are required to file “Treasury Department Form 114″ by June 30, 2014.
Form 114 is new this year, replacing the prior Form 90-22.1. This report is not a form that you file with your income tax return. Rather, it is a separate form that must be filed electronically with the Treasury Department in Detroit. The report must be received by the Treasury Department by the June 30 due date. No filing extension is available. Penalties for failing to meet this filing requirement are severe and can include jail time.
Contact our office if you need details about these requirements or filing assistance.