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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..