Important Tax Deadlines in June 2016 You Need to Know

Important Tax Deadlines June 2016

There are important tax deadlines in June 2016 that you will want to be aware of. Both the deadline for your second estimated tax payment and the deadline for filing a 2015 Foreign Financial Accounts are both this month. In addition, your business may qualify for the Work Opportunity Tax Credit with a deadline for filing at the end of this month.

Important Tax Deadlines for June 2016

June 15, 2016:
Deadline for Your Second Estimated Tax Payment

June 15, 2016, is the due date for making your second installment of 2016 individual estimated tax. You can pay online, by phone, with a credit or debit card, or by check. June 15 is also the due date for
calendar-year corporations to make second quarter 2016 estimated tax payments.

June 30, 2016:
Deadline For Filing 2015 Foreign Financial Accounts

June 30, 2016, is the deadline for filing the 2015 Form 114, Report of Foreign Bank and Financial Accounts, known as the FBAR.

Not sure if you need to file? The general rule is that a return is due when you have a financial interest in, or signature authority over, foreign financial accounts if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year.

The requirement applies to both individuals and entities such as trusts and businesses, and you may need to file even if your foreign account produces no income.

Be aware that June 30, 2016, is a “hard” deadline. Your 2015 Form 114 must be filed electronically with the Treasury Department no later than that date. No filing extension is available for 2015 forms – even if you filed an extension for your federal income tax return.

Does Your Business Qualify for This Extended Tax Break?

The Work Opportunity Tax Credit gives employers a tax credit for hiring veterans and others who are members of “target” groups. Normally, you have 28 days after an eligible worker’s first day to complete the necessary paperwork for the credit.

However, the 28-day rule has been extended for some new workers that you hired between January 1, 2015, and May 31, 2016. For certain employees hired within that time period, the deadline for filing the required form is June 29, 2016.

If you’re a business owner, the extended date provides an opportunity to review last year’s personnel files for credit-eligible employees.

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