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Tax Season Update

Posted by Admin Posted on Jan 16 2019

 

2018 Tax Packets are out!  Here's a brief recap of deadlines for the Spring:

 

Friday, Jan 18

Turn in info to prepare 2018 1099's

 

Thursday, Jan 31

2018 4th quarter payroll reports filing deadline

2018 W-2's filing deadline

2018 1099's filing deadline

 

Thursday, Feb 21

Turn in info to prepare business returns (Form 1065 and 1120S) by 3/15/19

 

Friday, Feb 22

Turn in info to prepare Personal Property Tax Returns (Form 901)

 

Friday, March 15

FYE 12/31/18 business tax returns filing deadline (Form 1065 and 1120S); Or 6-month extension

2019 Personal Property Tax Returns filing deadline (Form 901 County Assessor Report)

 

Friday, March 22

Turn in info to prepare 2018 individual tax return (Form 1040) by 4/15/19

Turn in info to prepare FYE 12/31/18 C-Corp tax returns (Form 1120) by 4/15/19

Turn in info to prepare 2018 trust/estate tax returns (Form 1041) by 4/15/19

 

Wednesday, April 3

Turn in info to prepare 6-month extensions for individual tax returns

 

Monday, April 15

2018 individual tax return (Form 1040) filing deadline; Or 6-month extension

2018 trust/estate tax return (Form 1041) filing deadline; Or 5.5-month extension

FYE 12/31/18 C-Corporate tax return (Form 1120) filing deadline; Or 6-month extension

 

2018 Year-End Items for S-Corp Filers

Posted by Admin Posted on Dec 07 2018

 

It’s time to start gathering year-end items needed for the preparation of your 2018 S-Corporation tax return!  Please review the items below and send the information needed to our office by December 21st.  If you use a payroll service outside of Hyde & Company, please ensure the information provided to us is reflected on your year-end payroll forms.

 

Personal Use of Company Auto

Taxable fringe benefits from the personal use of a company automobile must be included as compensation on a W-2 and other payroll tax forms.  An employee is responsible for the employee portion of the Social Security and Medicare taxes.  Federal income tax should also be withheld; please let us know if you elect out of federal income tax withholding on this fringe benefit.

 

Info Needed (for each auto used for personal purposes):

Description of Automobile (make, model & year)

Total Miles Driven in 2018

Personal % Use of Auto

 

 

Health Insurance Premiums Paid by the Company

Accident and health insurance premiums paid by an S corporation on behalf of a greater than 2% shareholder-employee must be included in the shareholder’s taxable income, subject to income tax withholding.  However, the premiums are not subject to Social Security, Medicare, and unemployment taxes if insurance coverage was offered on a nondiscriminatory basis to all employees.  The portion of the premium paid by the shareholder-employee is not included in compensation.

 

Info needed (for each shareholder-employee):

Full Name

Amount Paid by S Corp in 2018

 

 

Document Retention Guide

Posted by Admin Posted on Nov 19 2018

 

Ever wonder how long you should keep your tax returns?  Or maybe employee records?  Below we have listed several items and the recommended amount of time they should be kept (electronic format or paper).

 

Bank Statements and Canceled Checks 4 years
Canceled Checks for Key Transactions (taxes, purchases of property, etc.) Permanent
Contracts and Leases 4 years
Stock and Bond Records Permanent Until Sold
Deeds, Mortgages, and Bills of Sale Permanent
Employee Records 3 years
Employment Applications 3 years
Business General Ledgers Permanent
Insurance Policies (Expired) 6 years
Invoices from Vendors 3 years
Real Estate and Improvement Records Permanent
Tax Returns and Related Documents 3 years
Financial Statements and Work Papers Permanent

 

 

 

 

 

 

 

 

 

 

Individual circumstances and questions should be directed to your lawyer and/or our office for specific recommendation.

 

Please visit the archive for previous articles.

This blog site is intended for educational purposes directed towards our clients and provides general information about tax, accounting and business related topics.  It is not intended to provide professional advice.  We are not investment advisors. Accordingly, we suggest that you seek the advice of qualified investment advisors appropriate to each investment being considered. By using this blog site, you understand that there is no CPA/client relationship between you and Hyde & Company CPAs, P.C. or its employees.  The blog and website, including all contents posted by the author(s), should not be used as a substitute for competent counsel from a qualified advisor in your state.  Hyde & Company CPAs, P.C. posts are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes.  Tax rules are frequently changed, added, amended, and/or left to expire – always check with your CPA or accountant regarding the most current tax rules and how they apply to your specific tax issue