September 15 – Corporations
File a 2014 calendar year income tax return (Form 1120 or 1120-A) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension.
September 15 – S Corporations
File a 2014 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you requested an automatic 6-month extension.
September 15 – Corporations Read More
If you have a calendar year 2014 partnership, S-corporation, or trust return on extension, don’t forget the extension for filing those returns ends on September 15, 2015.
Pass-through entities such as Partnerships, S-corporations, and fiduciaries (trusts, estates) pass their income, deductions, credits, etc., through to their investors, partners, or beneficiaries, who in turn report the various items on their individual tax returns. Partnerships file Form 1065, S-corps file Form 1120-S, and Fiduciaries file Form 1041, with each partner, shareholder, or beneficiary receiving a Schedule K-1 from the entity that shows their share of the reportable items.
If all of the aforementioned entities could obtain an automatic extension to file their returns Read More
Every time I read a report about the challenges facing corporate tax executives, I think about the private conversations shared with them over three decades. For those who have little interaction or understanding of corporate tax leaders and their responsibilities, it is important to learn what keeps them awake at night!
As I grew up in retained search to find hundreds of leaders of corporate tax organizations over the years; hired to search for the first tax executive in China representing a US multinational; hired to find the first Tax Partners of U.S. tax practices alongside of their European counterparts;with a list of clients including https://www.taxconnections.com/search_services/clients, the lessons and insights were valuable. I learned what keeps lead tax executives awake at night! Read More
Recently, I received a call from a tax lawyer who is a former Partner in a Big Four firm, a former Partner in a multinational Law Firm, and a VP Tax from a major multinational corporation. We were discussing the future of tax organizations and how the world is moving rapidly towards the emergence of greater virtual tax organizations. What is a virtual organization? According to Businessweek it is “a temporary network of independent organizations linked by IT to share skills, costs and access to one another’s markets”. As more tax organizations are distributed geographically and virtually coordinated through electronic communications, changes are inevitable. The rise of virtual tax organizations will lead the way to extraordinary opportunities in how we all conduct business.
Virtual tax organizations enable each party to gain increased access to specialized Read More
Congress recently passed some legislation that changes the due dates of certain returns. Partnership and S Corporation returns using a calendar year will be due on March 15 (two and one-half months after the end of the fiscal year). This is effective for tax years beginning after December 15, 2015.
C Corporation returns using a calendar year will be due will be due April 15 (three and one-half months after the end of the fiscal year). This is effective for tax years beginning after December 15, 2015 unless the fiscal year ends June 30, in which case it is effective for tax years beginning after December 31, 2025. Go figure.
The new law also changes the due date for the FinCEN Report 114 to April 15. Remember Read More
Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are several tax tips that you should know if you travel while giving your services to charity.
• Qualified Charities. In order to deduct your costs, your volunteer work must be for a qualified charity. Most groups must apply to the IRS to become qualified. Churches and governments are qualified, and do not need to apply to the IRS. Ask the group about its IRS status before you donate. You can also use the Select Check tool on IRS.gov to check the group’s status. Read More
As a follow up to the very popular blog post “Corporate Tax Professionals Surprised By Stunning ‘Spans & Layers’ Report By Bain And Company“, I want to share with you several people sent me private emails commenting on the blog post because they did not want to post publicly. However, they wanted to acknowledge the article as something that hit a nerve for them. One comment that covered the thoughts of many was “It is much harder in corporate these days as the expectation is to do much more work with much less in-house support.” Corporate tax leaders are often pushed to the limit in a more complex tax environment. As a result, the future Read More
The three month highway funding extension was passed by the House July 29 and by the Senate July 30. The president signed the bill into law on July 31. The law contains several important tax provisions changing the due dates for partnership and C corporation returns, FinCEN Form 114-Report of Foreign Bank and Financial Accounts (FBAR), several common tax returns and several other IRS information returns It also overrules the Supreme Court’s Home Concrete decision, requires that additional information be reported on mortgage information statements, and requires consistent basis reporting between estates and beneficiaries. Read More
“Passion is absolutely necessary to achieve any kind of long-lasting success.” In a minute, I will share with you who that quote belongs to but for this moment remember that passionate people have very strong beliefs. As I was arranging speakers for the Internet Tax Summit, the passion these tax experts have in protecting taxpayers and businesses was prevalent. You know when you encounter people in life with purpose and passion for what they do; you know they get things done. You can expect to encounter tax professionals who get things done at TaxConnections Internet Tax Summit. You are invited to meet and interact with Tax Experts in this historical event where individual taxpayers and business leaders meet tax experts during an online event. It is free so all you need to do is register and we will send you a link to access the Internet Tax Summit. Read More
August 10 – Social Security, Medicare and Withheld Income Tax
File Form 941 for the second quarter of 2015. This due date applies only if you deposited the tax for the quarter in full and on time.
August 17 – Social Security, Medicare and Withheld Income Tax
If the monthly deposit rule applies, deposit the tax for payments in July.
August 17 – Non-Payroll Withholding
If the monthly deposit rule applies, deposit the tax for payments in July. Read More
Budgeting and forecasting are two of the most important financial exercises performed by businesses, regardless of their size. Unfortunately, they are also two exercises that many businesses fail to perform accurately or efficiently.
The biggest common problem is that most budgets and forecasts are created without any room for flexibility. Managers are told at the end of the year to make projections for revenue and spending for the next year, but these often end up being optimistic best guesses that are manipulated for the financial benefit of their department.
Here are 3 steps to help you improve your company’s budgeting and forecasting processes: Read More
National Hurricane Season is officially in progress. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are ten tips you should know about deducting casualty losses:
1. Casualty loss. You may be able to deduct losses based on the damage done to your property during a disaster. A casualty is a sudden, unexpected or unusual event. This may include natural disasters like hurricanes, tornadoes, floods and earthquakes. It can also include losses from fires, accidents, thefts or vandalism.
2. Normal wear and tear. A casualty loss does not include losses from normal wear and tear. It does not include progressive deterioration from age or termite damage. Read More
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