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IRS Grants Tax Relief to Oklahoma Tornado Victims

1.  IRS Grants Tax Relief to Oklahoma Tornado Victims; Return Filing and Tax Payment Deadlines Extended to Sept. 30

After Monday s devastating tornado in the Oklahoma City area, the Internal Revenue Service today provided tax relief to individuals and businesses affected by this and other severe storms occurring in parts of Oklahoma.

2.  A Reminder of U.S. Tax Obligations for Those with Foreign Assets

U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012, may have a U.S. tax liability and a filing requirement in 2013.

3.  Interest Rates Unchanged for the Third Quarter

The Internal Revenue Service announced that interest rates will remain unchanged for the calendar quarter beginning July 1. The rates will be:

"  three percent for overpayments [two percent in the case of a corporation]; 
"  three percent for underpayments; 
"  five percent for large corporate underpayments; and 
"  one-half percent for the portion of a corporate overpayment exceeding $10,000.

4.  Modernized e-File (MeF) Scheduled Downtime

Because of the current budget situation, the IRS plans to close onMay 24, June 14, July 5, July 22 and Aug. 30. The Modernized e-File (MeF) system will not be available on these dates. For all of these dates, the MeF system (Production and ATS environments) will be unavailable from 10:00 p.m. ETthe prior day until 9:00a.m.ET the following day. For example, when the closure falls on a Friday, the system will be unavailable from 10:00 p.m. on Thursday until 9:00 a.m. on Saturday.