The usual employer tax deadlines continue through the month for paying over tax payments to the IRS. If you have been paying quarterly remember to check each quarter that you are still eligible to do so. The test only goes back one quarter.
Other tax deadlines this month include:
September 10 – Employees must report to their employer all tips for August if they total more than $20.
September 17 – Individuals pay third estimated tax payment for 2012. If you have had a big change in your circumstances this year such as a big increase in income or change in deductions or exemptions it may be worth getting your tax preparer to check if you need to start making estimated tax payments.
September 17 – Partnerships must file their 2011 tax return form 1065 if they have an extension. There are heavy penalties for late filing of the form 1065. If the return is filed late the late filing penalty is $195 per partner per month the return is late, up to 12 months late. It doesn’t take long for this penalty to build up.
September 17 – Corporations and S-Corporations must file their 2011 tax return forms 1120 and 1120S if they have an extension. The late filing penalty for form 1120 corporation tax returns is tax related like it is for individuals. It is 5% of the unpaid tax for each month the return is late up to a maximum of 25%. For S Corporations filing form 1120S the late filing penalty is the same as for partnerships at $195 per member per month the return is late, up to 12 months late.
If you need assistance with preparing your 2011 Partnership Tax Return form 1065, 2011 Corporation Tax Return form 1120 or 2011 S-Corporation Tax Return form 1120S we would be pleased to help you. More details about our business tax preparation services are available on our business tax page.
A heads up for October 2012. Individuals who filed an extension must file their 2011 tax returns, forms 1040, 1040A or 1040EZ by October 15, 2012. So, now is a good time to set an appointment with your tax preparer to get your return prepared and filed by the deadline.
Posted by Mark Smith an accountant and tax preparer with over 28 years accounting and tax experience. He is the owner of Cranmere Accounting and Tax Services LLC. He can be contacted on (480) 363-4808 or by email at firstname.lastname@example.org if you need assistance with any of the above.
Disclaimer – This article does not constitute personal tax advice to the reader and is only offering general information. You should seek professional advice for your own situation as the most appropriate tax planning depends on your personal and unique circumstances.