March 6, 2014
Beware the Ides of March (and that upcoming tax deadline)
When the ancient Romans referred to the Ides of March, they meant nothing more than the 15th of the month. Still, this date continues to strike fear in many hearts – and not just because we remember what happened to Julius Caesar.
March 15 is usually last call for corporate tax returns, affecting C and S corporations whose accounting year ends December 31. This year, as luck would have it, these companies get a “bye” since that date falls on a Saturday, making the official deadline Monday, March 17.
If you’re among those who must file by the 17th and you’ve already shared your docs with us, we salute you. If not, please take a moment to let us know if you’ll be filing on time or will need an extension, good through September 15 (Federal) and October 15 (Illinois).
And a friendly reminder to all our business clients who operate partnerships: April 15 is your big day.
Despite your best efforts, you may be stuck on a particular issue. Please don’t struggle with it alone. Just give us a call at 708-352-7377 or reach out via email. We are happy to help.
Even more fun, if you’re an accounting geek: This scene from The Big Bang Theory, where Sheldon reveals who the REAL celebrities are at award shows.
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.