April 15 – C-Corporations File a 2024 calendar year income tax return (Form 1120) and pay any tax due. If you need an automatic 6-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information and Other Returns, and deposit what you […]
April 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than April 10. Your employer is required to withhold FICA taxes and income tax withholding […]
The Internal Revenue Service (IRS) has released its annual “Dirty Dozen” list of tax scams for 2025, cautioning taxpayers, businesses, and tax professionals to remain vigilant against prevalent schemes that endanger their tax and financial data. These fraudulent tactics, which range from phishing email schemes to deceptive tax credits, tend to surge during the tax […]
Business owners across the United States can breathe a sigh of relief with the latest announcement from the Financial Crimes Enforcement Network (FinCEN) about BOI reporting. On March 21, 2025, FinCEN revealed an interim final rule that lifts the burden of Beneficial Ownership Information (BOI) reporting requirements on domestic companies. This move, aimed at relieving […]
Tax planning is a crucial aspect of financial management, yet it often remains underutilized by many taxpayers. One area that frequently causes confusion and potential financial strain is the management of estimated tax payments and the associated penalties for underpayment. Understanding the intricacies of estimated safe harbors, the requirement for payments to be made ratably, […]
March 3 - Farmers and Fishermen File your 2024 income tax return (Form 1040 or 1040-SR) and pay any tax due. However, you have until April to file if you paid your 2024 estimated tax by January 15, 2025. March 17 – Partnerships File a 2024 calendar year return (Form 1065). Provide each partner with a copy of […]
March 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. See Pub. 531 for more information on how to report tips to your […]
June 17 – Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, June 17 is the due date for you to make your deposit of Social Security, Medicare, and withheld income tax for May 2024. This is also the due date for the nonpayroll withholding deposit for May 2024 […]
June 17 – Estimated Tax Payment Due It’s time to make your second quarter estimated tax installment payment for the 2024 tax year. Our tax system is a “pay-as-you-earn” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-earn” requirement. These include: When a taxpayer fails to […]
Ditching manual transaction entry should be your number one priority now that QuickBooks Online streamlines the process of importing transactions from your bank. When you manually input transactions, you open the door to data transposition errors, potentially leading to inaccuracies in customer billing, reports, and taxes. Plus, it’s a time-consuming task that eats into hours […]