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Tax Filing Deadlines
Employee W 2 Issuance -- Jan 31
1099 (Independent Contractor ) Issuance -- Jan 31
PA W3 Transmittal Return Filing -- Jan 31
Soc Sec W3 Transmittal Return Filing -- Feb 28
IRS Corporate Return Filings -- March 15
PA Corporate Return Filings -- April 15
IRS Partnership and LLC Filings -- April 15
Pa Partnership and LLC Filings -- April 15
IRS, State amd Local Personal Return Filings - April 15
Non Profit Organization Return Filings - 15th day of the 5th month of fiscal year
EXTENSION DEADLINES -- 2014 FILINGS
IRS/PA CORP FILINGS 1120 / 1120S --- SEPT 15 2015
IRS/PA PARTNERSHIP RETURN (1065) -- SEPT 15 2015
IRS, State amd Local Personal Return Filings - OCTOBER 15 2015
HOT TAX ISSUES
- Independent Contractor VS Employee
>> What is an Independent Contractor ??
Determination is based on degree of control business has over the worker. Independent contractors generally are temporary while employees work year-round.
Independent contractors work on their own while employees are controlled by employer directions.
Independent contractors set their own hours while employees work set hours.
>> Are penalties significant for misclassification ??
Possible crimminal charges or stop work orders. Misclassifications result in underpayment of employer payroll taxes ( FICA/ Medicare , State Unemployment etc ).
- CASUALTY , DISASTER LOSSES
Keep all receipts for payments made on repairs, property replacements, insurance claim/ reimbursement information.
- OBAMACARE TAX ASSESSMENTS
Starting Jan 1 2013 >> 2 surtaxes will be assessed against earned income asa result of the implementation of OBAMACARE.
One is a .9% assessment charged against wages ( payroll ) for anyone making over $200,000 ( single ) or $250,000 ( married ). Does NOT impact retirees or other income received by individuals not employed.
Another assessment is charged against INVESTMENT INCOME at a rate of 3.8%. for anyone making over $200,000 ( single ) or $250,000 ( married ) when calculating ADJUSTED GROSS INCOME. AGI is basically all income you report on your tax return when filing prior to deductions / exemptions etc.. This assessment is calculated against the smaller of EXCESS AMOUNT of the applicable threshold of $200,000 or $250,000 or the net investment income. Investment income is capital gains / losses on sale of investments , dividends etc..