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Federal Due Dates for Extensions - 2017 Income Taxes

Posted by Admin Posted on July 27 2018

September 15 - S-Corporations (1120S) & Partnerships (1065)

File a 2017 calendar year income tax return (Form 1120S & 1065) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 15. Provide each shareholder with a copy of Schedule K-1 or a substitute Schedule K-1.

 

October 15 — Individuals (1040) & C-Corporations (1120)
 

     If you have an automatic 6-month extension to file your Individual income tax return for 2017, file Form 1040,             1040A, or 1040EZ and pay any tax, interest, and penalties due.

File a 2017 calendar year Corporation income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension

How Will New the Tax Cuts and Jobs Act Affect Your Business?

Posted by Admin Posted on June 19 2018

What Business Owners Need to Know

The biggest news to come from the tax law changes is the reduction of the corporate tax rate from 35 percent to 21 percent. The question is, do these changes apply to all businesses? No, they don't. But there are significant changes for businesses, regardless of structure.


While the C Corporation tax rate has been reduced to 21%, the Pass-Through entities are eligible for a qualified business income deduction.  Beginning this tax year, S-Corporations, Partnerships, Trusts, Estates & Schedule C (Sole Proprietors), and Schedule E filers might be eligible to a deduction of up to 20 percent of their qualified business income.

All these rate deductions sound great, but there are major shockers in what businesses will be able to write off as expenses under the new law.
One example: entertainment expenses will no longer be deductible under this new law. So whether you are buying season football tickets for clients to watch your favorite team, or going to the opera, these benefits are no longer write-offs on your tax return.
We are keeping up-to-date with new regulations as they come in and as additional guidance is issued.  We are including the new tax laws in all our tax planning.

The Tax Cuts and Jobs Act was passed with little guidance provided to the IRS and professionals on the rules for applying the new requirements.  We are constantly researching and seeking additional guidance on the implementation and will provide you with updates as we learn more.  We highly recommend you consult with us regarding your tax planning to learn how this Tax Cuts and Jobs Act affects you.

Call us at 727-398-2080 or email us: info@cpapartnersllc.com and we would be happy to set up a  Free half hour in office free consultation to discuss the new tax laws.

Affected by Hurricane Irma?

Posted by Admin Posted on Feb 09 2018

Important Updates & Reminders

Posted by Admin Posted on Feb 05 2018
https://cpapartners.tumblr.com/post/170544260662/updates-and-important-reminders-from-cpa-partners

Tax Relief for Victims of Hurricane Irma in Florida

Posted by Admin Posted on Sept 19 2017
https://cpapartners.tumblr.com/post/165519913482/victims-of-hurricane-irma-that-took-place

How to Know it’s Really the IRS Calling or Knocking on Your Door

Posted by Admin Posted on Aug 07 2017
https://cpapartners.tumblr.com/post/163912878452/how-to-know-its-really-the-irs-calling-or

THIS WEEKEND IS TAX FREE WEEKEND IN FLORIDA!

Posted by Admin Posted on Aug 04 2017
https://cpapartners.tumblr.com/post/163794092097/this-weekend-is-tax-free-weekend-in-florida

REMINDER: The Extended Deadline is Just Around the Corner!

Posted by Admin Posted on July 26 2017
https://cpapartners.tumblr.com/post/163448497762/dont-forget-to-bring-in-your-paperwork-the

Important Facts about Filing Late and Paying Penalties

Posted by Admin Posted on Apr 21 2017
https://cpapartners.tumblr.com/post/159829549702/important-facts-about-filing-late-and-paying

Team Spotlight: Toni Dennis

Posted by Admin Posted on Apr 05 2017
https://cpapartners.tumblr.com/post/159229036417/wed-love-for-you-to-get-to-know-our-team-here-at

Can I deduct this? Read these facts about charitable donations!

Posted by Admin Posted on Mar 30 2017
https://cpapartners.tumblr.com/post/158925656598/know-these-facts-before-deducting-a-charitable

MAKE SURE YOU’RE FILING YOUR ANNUAL REPORT WITH SUNBIZ.ORG AND NOT A THIRD PARTY SITE

Posted by Admin Posted on Mar 17 2017
https://cpapartners.tumblr.com/post/158513390832/make-sure-youre-filing-your-annual-report-with

IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2013 Tax Return

Posted by Admin Posted on Mar 01 2017
https://cpapartners.tumblr.com/post/157871708092/did-you-not-file-your-2013-tax-return-dont-be

“Where’s My Refund?” Updates Feb. 18 for Most EITC and ACTC Filers

Posted by Admin Posted on Feb 15 2017
https://cpapartners.tumblr.com/post/157275223812/wheres-my-refund-updates-feb-18-for-most-eitc

Staff Spotlight: Victoria Mann

Posted by Admin Posted on Feb 13 2017
https://cpapartners.tumblr.com/post/157194267492/staff-spotlight-victoria-mann-is-one-of-the

QuickBooks Group Training 3.8.17

Posted by Admin Posted on Feb 06 2017
https://cpapartners.tumblr.com/post/156892303157/quickbooks-group-training

IRS Warns Tax Payers About "Phishing" Scams

Posted by Admin Posted on Feb 01 2017
https://cpapartners.tumblr.com/post/156678385847/phishing-schemes-lead-the-irs-dirty-dozen-list

FRAUD ALERT!!

Posted by Admin Posted on Jan 30 2017
https://cpapartners.tumblr.com/post/156318742212/stay-alert-dont-let-someone-pretending-to-be

1099 & W-2 are Due January 31 2017

Posted by Admin Posted on Jan 30 2017
https://cpapartners.tumblr.com/post/156592335447/reminder-employers-must-file-forms-w-2-by-jan-31

Quickbooks Training

Posted by Admin Posted on Jan 13 2017
https://cpapartners.tumblr.com/post/155809877937/quickbooks-group-training

Health Care Information Forms

Posted by Admin Posted on Jan 12 2017
https://cpapartners.tumblr.com/post/155635970137/health-care-information-forms

Welcome to Our Blog!

Posted by Admin Posted on Sept 27 2016
This is the home of our new blog. Check back often for updates!