IRS Update - June 2013

Here's an update on recent IRS activity that may be of interest to you.

* IRS CLOSURES. The IRS will close all of its operations on June 14, July 5, July 22, and August 30, 2013. The current budget situation, including the sequester, has made these closures necessary; IRS employees will be furloughed without pay on these days. Taxpayers should continue to file returns and pay any taxes due as usual.

* TAX EXTENSIONS FOR TORNADO VICTIMS. The IRS announced that it will provide tax relief to individuals and businesses affected by the recent tornadoes and other severe storms. Tax filing and payment deadlines from May 18, 2013, on will be extended until September 30, 2013. For more information, contact our office.

* 2014 HSA LIMITS. The 2014 health savings account (HSA) contribution limit for individuals is $3,300; the limit for family coverage is $6,550. A catch-up contribution of an additional $1,000 is permitted for individuals who are 55 or older.