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Tax Year 2018 deadlines in 2019

It is that time of the year where most people start to worry and talk about taxes for the prior year. Most people remember that personal taxes are due April 15th and that has not changed in a very long time. For businesses, both S-Corp and C-Corp entities, and partnerships, the tax deadlines have all recently changed.

The most important thing to remember is that an extension is an extension of time to file and not an extension to pay. Make sure to pay your taxes by the original due date to avoid penalties and interest.

Alex Roytenberg, CPA
Partnership Tax Deadlines:Due Date:
Original tax deadline for partnerships (Form 1065) March 15, 2019
Extension tax deadline for partnerships (Form 1065) September 16, 2019
S Corporation Tax Deadlines:Due Date:
Original tax deadline for S Corporations (Form 1120S) March 15, 2019
Extension tax deadline for S Corporations (Form 1120S) September 16, 2019
C Corporation Tax Deadlines:Due Date:
Original tax deadline for C Corporations (Form 1120) April 15, 2019
Extension tax deadline for C Corporations (Form 1120) October 15, 2019
Sole Proprietor and Individuals Tax Deadlines:Due Date:
Original tax deadline for sole proprietors and individuals (Form 1040) April 15, 2019
Extension tax deadline for sole proprietors and individuals (Form 1040) October 15, 2019
Nonprofit Tax Deadlines:Due Date:
Original tax deadline for exempt organizations (Form 990) May 15, 2019
Extension tax deadline for exempt organizations (Form 990) August 15, 2019

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New York now has economic nexus for Sales Tax as well.

New York is just the latest of states to add economic nexus as it relates to sales tax. New York just issued an Important Notice (N-19-1) where they say that a business that had no physical presence in New York State but has both made more than $300,000 in sales of tangible personal property delivered in the state and conducted more than 100 sales of tangible personal property delivered in the state in the immediately preceding four sales tax quarters is required to register as a sales tax vendor, and collect and timely remit the applicable state and local sales tax.

This will effect not just sellers on sites like Amazon and Shopify but also companies who have their own e-commerce platform. An interesting difference in New York vs. some other states is that the analysis is based on a rolling 4 quarters instead of the prior year like many other states have done. This will make the analysis slightly harder to do and also make it more likely for some companies to cross the $300,000 / 100 sales transactions limits depending on seasonality of products.

If you have any questions or needs please feel free to contact us and we would be more then happy to speak to you and see if this change could effect your business.

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Important January Tax Deadlines of Businesses

January usually bring with it a resurgence of energies and hope in the New Year. Businesses usually start to plan for expectations in the new year for growth, hiring, product launches, raising investment money and many other forward looking things. Before a company is able to properly move forward it needs to look back on the prior year and review what it has done. Taxes are very much the same – before we can really start with new tax year, there is a need to review all of last year’s payments to employees and contracts, and this comes in the form of W-2 tax reporting and 1099-Misc.

For companies that have employees working for them, in addition to paying them, a great way to make employees happy is usually to provide the W-2 forms for them as early in the month as possible. W-2 forms are required to be distributed to employees as well as eFiled to the IRS by January 31st. Providing the W-2 forms to both the employees and the IRS at the same time helps reduce possible tax fraud.

With the growth of the gig economy, we also need to consider freelancers, those who are self employed, or simply independent contractors. For the most part, the IRS requires that payments made to these individuals in amounts over $600 are reported to both the individuals and the IRS via the 1099-Misc, which is also due January 31st.

Timely filing with complete and accurate information is needed to avoid what could be very costly fines, penalties, and interest on the business.

Note: The year end of the company does NOT change the due dates of the tax forms. i.e. If a companies year end is March 31st the tax forms would still be due on Jan 31st and reporting information on a calendar year basis.

If anyone has any questions or concerns I am always happy and available to discuss.

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