filing deadline

Beware the Ides of March — If You Own a Pass-Through Entity

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Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities.

Not-so-ancient history

Until the 2016 tax year, the filing deadline for partnerships was the same as that for individual taxpayers: April 15 (or shortly thereafter if April 15 fell on a weekend or holiday). One of the primary reasons for moving up the partnership filing deadline was to make it easier for owners to file their personal returns by the April filing deadline. After all, partnership (and S corporation) income passes through to the owners. The earlier date allows owners to use the information contained in the pass-through entity forms to file their personal returns.

For partnerships with fiscal year ends, tax returns are now due the 15th […]

2018 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

October 15

  • If a calendar-year C corporation that filed an automatic six-month extension:
    • File a 2017 income tax return (Form 1120) and pay any tax, interest and penalties due.
    • Make contributions for 2017 to certain employer-sponsored retirement plans.

October 31

  • Report income tax withholding and FICA taxes for third quarter 2018 (Form 941) and pay any tax due. (See exception below under “November 13.”)

November 13

  • Report income tax withholding and FICA taxes for third quarter 2018 (Form 941), if you deposited on time and in full all of the associated taxes due.

December 17

  • If a calendar-year C corporation, pay the fourth installment of 2018 estimated income taxes.

If you have questions or need help preparing for one of the upcoming tax deadlines, please reach out to your Linkenheimer CPA.

By |September 13th, 2018|filing deadline, tax deadlines|0 Comments

2012 Year-End Tax Planning Takes a Different Direction

Each year we meet with our clients to review their projected taxes for the year and see what actions can be taken to minimize their tax liability.  The usual actions are to defer income to the following year, accelerate deductions into the current year, and take advantage of tax credits. This year, the year-end tax planning process is turning in a different direction.  
With the looming expiration of many tax deductions and increase in tax rates that begin in 2013, some clients are considering taking a reverse course by accelerating income and deferring deductions as a plan to minimize taxes. In addition to changes in the income tax code, unless Congress passes new legislation, the estate taxes are dramatically changing in 2013. Until December 31, 2012 each person can make gifts during their lifetime of up to $5,120,000 without incurring a gift tax. Starting in 2013, unless new legislation is passed, the lifetime exemption drops back to $1,000,000. This exemption is in addition to the annual exemption on gifts of $13,000 or less.  
As year-end is quickly approaching, now is the time to review […]

September 17th Filing Deadline

The final due date for all December 31, 2011 year-end partnership, trust and estate income tax returns is September 17, 2012. Please contact us as soon as possible so that any 2011 partnership, trust or estate income tax returns you have on extension can be completed on a timely basis.
In addition, please note that September 17, 2012 is also the final due date for filing 2011 extended corporate tax returns for corporations with a December 31, 2011 year-end.  
And a reminder too that if your 2011 individual income tax return is on extension until October 15, 2012 that you might have a 3rd quarterly estimate payment due on September 17. Please contact us to make sure that has been considered.