A common issue in small business is missing important tax related deadlines. This creates fines and stress that are easily avoided with simple preparation, now, at the end of the year. Every business should have a “Dead Line Calendar”. A simple wall calendar dedicated to business related deadlines for government issues. Federal and State taxes often change, and as your business grows, new laws may apply to you.
If you think you may be adding more employees, put a page on the office wall that has the tax changes and deadlines that apply to jumps in employee numbers. This may also apply to full time versus part time employees. This is a simple check for a business owner to review, as their business grows, to make sure they are always in compliance. A helpful place to check this is directly with the IRS.
Tax deadlines need to have a cushion of advanced warning to avoid the stress of waiting to the last minute. On the Deadline Calendar, Put the deadline date in red pen, then draw a yellow marker out two weeks before the deadline to draw your attention to the need to get things ready. Seems simple, but it works amazingly well in getting our attention, and the need to get the information ready.
We all know that the government does not give any credit if you miss a filing date that has been changed. It is your responsibility to check the new filing laws for 2017. Here are some of the important changes regarding tax deadlines:
- Partnership Returns (1045 returns) are due March 15th instead of April 15th, and the extension period is still September 15th.
- C-Corp Returns (1120 returns) with year end of June 30th or December 31st, are due April 15th instead of March 15th, and the extension period is still September 15th.
- C-Corp Returns (1120 returns) with any other end of year dates, are due the 15th day of the 4th month after year end with an extension date of the 15th of the 10th month after year end.
- Exempt Organizations (990 returns) no longer have to file a 90-day extension, it is only a 6-month extension due November 15th.
- Information returns, such as W2s and 1099-miscs are now due to the government the same day as they are due to employees. That means they must be sent out by January 31st, even if you file them electronically. That means they are due one to two months sooner than they were before.
If you found your business type or situation has been affected, contact your tax professional to make sure there are no other items you need to address before those deadlines.