With everything that life throws at you, it can be hard to keep track of your fiscal responsibilities both as an individual and as a
company. Every spring, Americans try to figure out which forms they need to file, and the deadlines associated with each season. Though the initial rush has already passed, it’s still not quite over for many of us.
If you filed for an extension on your 2017 tax returns, here’s our friendly reminder that your time is almost up. The six months the government grants you can seem like forever, but in reality, time really does fly.
Here’s the information you need to know before it’s too late:
S-Corporation, Partnership, Trust, C-Corporation Tax Return Deadlines.
Remember that corporate tax return you had to de-prioritize because your company’s needs demanded your attention elsewhere? Well, it’s time to give your filing the effort it deserves, or risk government penalties otherwise. Normally, this year’s IRS deadline for S-Corporations and Partnerships would fall on September 15th. However, in the event that the 15th falls on a weekend or a federal holiday, official policy is to push the date to the next business day. What does this mean for you? It gives your organization until September 17 to file its tax returns as a result of their extensions. Per IRS guidelines, this means S-Corporations should provide each shareholder with a copy of their final or amended Schedule K-1 (Form1120S); and Partnerships should provide each partner with a copy of their final or amended Schedule K-1 (Form1065).
C-Corporations and Trusts, on the other hand, have a bit more breathing room. While others have the September deadline, Trusts have until September 30 to post their form 1041. C-Corporations should provide a Form 1120 by October 15.
Foreign Bank Account Reports (FBARs) and Individual Tax Return Deadlines.
While companies often have checks and balances to make sure their taxes get done, on the personal level, this responsibility can often slip peoples’ minds. It’s hard to balance driving the kids to school, making car payments, family vacations and more, while still keeping tabs on everything you need to fill out for your taxes. We’re here to help. For FBARS and Individual tax returns, you have until October to file.
According to the IRS, “if you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund or another type of financial account, you must complete a Form TD F 90-22.1,” also known as an FBAR, by October 15. If filing for your individual tax return, make sure that you’ve completed Forms 1040, 1040A, and 1040EZ by the October 15 deadline, and you should be in the clear.
What To Do Now.
Now you’re here. Depending on which categories you fall into, you’ve got between a week and just over a month to get the job done. You’re nervous. The team has a big report due, that’s going to take up a lot of your time. Maybe you’re having trouble understanding all of the forms, and what they entail. The bottom line is: You need to have these completed, but need a little help.
That’s where we come in. Tight deadlines aren’t ideal, but that’s what CPAs are for. Regardless of the type of returns you are filing, your tax bracket, or your industry, our team is here to get you through the final stretch of the extended tax season. We pride ourselves on a job well done and promise to turn your qualms into a thing of the past.
Navigating the ever-changing tax landscape can often be difficult, but it doesn’t have to be. For over 35 years, we’ve helped guide businesses in the right direction. For more information on how we can take the guesswork out of your financial and accounting needs, click here.