Can you believe that we are already done with the first week of January? We have some tax deadlines these have changed a bit, and they directly impact businesses as well as individuals so please take note.
The first, most immediate one, which most businesses are somewhat aware of - W2s and 1099s are now due to both recipients and the government by the end of January.
Thinking why this matters to you? Well, you now have much less time to make sure that any potential errors, such as mailing addresses and incorrect Social Security numbers, have been corrected before filing the forms
To bring this point home, the IRS has also increased the accuracy related penalties that go along with these returns.
How this impacts you? As a business owner, it becomes even more important to get these things right the first time. And it also means that you should be even more on top of your year-end finances, more quickly. (If you want to learn how to do this without stress, email me for my paper discussing how to keep your information for 1099’s in an easy and effective way, year-round.)
The other significant changes to the filing deadlines are those of business returns. Basically, the idea here is that any entity that sends out a K1, (S Corp, LLC, Partnerships) the tax return due dates are now accelerated and are all due by March 15th. Extended due dates have also changed, now due by Sept 15.
This allows individuals that often have to extend because they are waiting for K-1’s to file their tax returns, to be better able to file on time without extensions.
While the business returns that I just mentioned are now due a month earlier, tax returns for C Corps now have an extra month to file - they are now due April 15 (with extensions due Sept 15).
So, pay attention these deadlines come up fast and be nice to your bookkeepers.
The first, most immediate one, which most businesses are somewhat aware of - W2s and 1099s are now due to both recipients and the government by the end of January.
Thinking why this matters to you? Well, you now have much less time to make sure that any potential errors, such as mailing addresses and incorrect Social Security numbers, have been corrected before filing the forms
To bring this point home, the IRS has also increased the accuracy related penalties that go along with these returns.
How this impacts you? As a business owner, it becomes even more important to get these things right the first time. And it also means that you should be even more on top of your year-end finances, more quickly. (If you want to learn how to do this without stress, email me for my paper discussing how to keep your information for 1099’s in an easy and effective way, year-round.)
The other significant changes to the filing deadlines are those of business returns. Basically, the idea here is that any entity that sends out a K1, (S Corp, LLC, Partnerships) the tax return due dates are now accelerated and are all due by March 15th. Extended due dates have also changed, now due by Sept 15.
This allows individuals that often have to extend because they are waiting for K-1’s to file their tax returns, to be better able to file on time without extensions.
While the business returns that I just mentioned are now due a month earlier, tax returns for C Corps now have an extra month to file - they are now due April 15 (with extensions due Sept 15).
So, pay attention these deadlines come up fast and be nice to your bookkeepers.
RSS Feed
