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A Friendly Reminder to our Calendar-Year Corporate Customers

On June 16th your second estimated tax payment is due!

Don’t forget to send in Form 1040-ES along with your check to the United States Treasury. Calendar-year corporations making their second quarter-estimated tax payment is also due June 16th.

If you hold foreign bank or financial accounts with a total value of the account exceeding $10,000 then you’re required to file a Treasury Department report called FBAR (Form 114, Report of Foreign Bank and Financial Accounts)! This is separate from Federal Income Tax filings with a different deadline, June 30, 2014, and rules. This form is new this year and replaces the prior Form 90-22.1. This must be filed electronically and no filing extension is available!

A Quick Look Forward:

Make sure you are prepared for next year! The Medicare surtax is here to stay. You will owe the 3.8% Medicare tax if your investment income exceeds certain thresholds. Items that would be considered investment income are: most taxable income sources, interest dividends, capital gains, and passive activity income.