From the Desk of C.G, Johnson & Company:
We are hard at it this week. Working on Corporate tax returns. Did you get your 1099’s and W2’s filed and submitted to the recipients by January 31st? Good for you! Remember the first tax filling deadline is March 15th for Corporate tax returns that are not fiscal year returns. Extension may be filed for 6 months making them due September 15th. Make sure you have paid your State tax timely and if you owe anything to the IRS it must be paid by the 15th of March.
Individual returns are due on April 18th this year. Please remember, that if you need to file an extension, that extension is only an extension for the paperwork. If you think you owe, you need to pay in by the 18th so you do not get hit with Failure to Pay penalties and then of course the interest that is charged by both the IRS and State of California.
Some more news, If you qualify for Earned Income Credit (EITC), or a Refundable Additional Child Tax Credit (ACTC), your refund will be held up this year. This is to try and thwart any identity theft for any returns that might have been filed before February 15, 2017.
Speaking of Identity theft, there has been and increase in ID Theft in the past few years. The IRS, target and other large organizations have been breached in the past few years. If your tax preparer receives a reject on your return, stating that your return has already been accepted by the IRS, the preparer will contact the IRS E-file desk and get advice on your specific message. You might have to paper file your return. You will be advised by your tax preparer how this will be handled.
I will be offering a new product called Audit Protection for 54.00 on top of your tax return fee. Not all clients would qualify for this product or would need this product. It’s a way to offer another layer of support for items that could be considered “hot audit items”.
If you have any questions, please feel free to reach out. My website has an email contact page: www.CGJAccounting.com. my email is Robin@CGJAccounting.com.
Best Regards Always!