Friday, December 6, 2013

Important Tax Info: Tax Season 2014; Tax Deadlines, Forms & More

As this year is coming to an end, we hope you had a very successful and enjoyable year.  The new tax season is approaching and we are prepared to help you meet the various filing deadlines, make your filing more efficient and offer you the same excellent and high standards of service you have received in the past. This letter includes some reminders to help you avoid any costly penalties.

Please keep the following due dates in mind when organizing your records and scheduling appointments.

  • January 30th - Employers must furnish W-2 statements to employees. 1099 information statements must be furnished by banks, brokers, and other payers. 2013 4th quarter payroll reports are due.
  • March 17th - Corporations: File Form 1120 for calendar year and pay any tax due. For automatic 6-month extension, file Form 7004 and deposit estimated tax. S Corporations: File Form 1120S for calendar year and pay any tax due. Furnish a copy of Sch. K-1 to each shareholder. File Form 2553 to elect S Corporation status beginning with calendar year 2014.
  • March 31th - Electronically file Forms W-2, W-2G, 1098, 1099, and 8027
  • April 15th - Individuals: File Form 1040, 1040A, or 1040EZ. For automatic 6-month extension file Form 4868 and deposit estimated tax. Pay the first installment of 2014 estimated tax.  Partnerships: File Form 1065 and furnish a copy of Sch. K-1 to each partner.
  • September 15 - Corporations: File calendar year Form 1120 or 1120S if you timely requested a 6-month extension. Partnerships: File Form 1065 if you timely requested a   5-month extension.
Although we prefer that your financial data is computerized and you can simply email us you files; for those who are not currently using a computerized accounting system please use the Taxable Deductions for Small Businesses form to help you allocate your business expenses which will save time and money.

If you have year end tax preparation questions or you’re ready to schedule your appointment, please don’t hesitate to contact us today (914) 266-0354 to discuss your options.

Again, we look forward to working with you this coming tax season. If you know of someone else who is in need of assistance with managing their business finances or tax preparation questions, I would appreciate it if you would have them contact me.  Our referral program continues to offers great incentives for your confidence and efforts.
Season’s Greetings and a Happy New Year we hope that you enjoy your holidays!

Theresa Todman
Managing Partner/CEO

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