We are fast approaching the
March 15 deadline for calendar year S-corporations (Form 1120S) and --new this year-- LLC's and partnerships (Form 1065). And we should have your information by now for the
April 18 deadline for individuals (Form 1040), trusts (Form 1041), and --new this year-- calendar year C-corporations (Form 1120).
If you missed our
submission deadlines for all of your documentation or if your return requires additional time, it is likely that we will file an
extension. The extension form filed with the IRS extends the tax return due date for 6 months; however, we still need your information to estimate any tax liability.
Even with an extension, you are still expected to pay any taxes owed by the original due date to avoid penalties and interest.
What are the benefits of extending my return?
It provides additional time to file when waiting for missing information or tax documents
You may qualify for additional time to fund some retirement accounts, other than IRA's
It is less expensive than having to amend your return later
Extending does not increase the likelihood of being audited
Please contact your Tax Manager if you have any questions!
PORTAL TIPS
Please check which
email address is associated with your secure Portal. This is especially important if you regularly use a business email, but your portal is linked to a personal email account and our notifications and uploads, which include forms to sign and return, get missed. To check your account details, click on your name in the top right corner of your home screen. Click "Edit Account" to view your email address and login, and you can make changes here if necessary.
Remember you can
upload several files all at once through File Exchange - up to 2 GB in size. No need to scan and upload each page separately!
Summa Holdings Inc. v. Commissioner
What do you think I might have to say about a major Appellate Court opinion in which the nice judge compares the work of the IRS Commissioner to that of the insane Roman Emperor
Caligula, who was note-worthy for posting his tax laws and decrees so high up on the pole that nobody could read them, let alone comply with them? And the judge goes on to say that the Internal Revenue Code is clearly more accessible to the average U.S. citizen, who is further entitled to read it and believe that the words written by Congress mean what they say?
"It's about time, that's what I say!"
The "common sense" rule of law whereby Congress writes the law and the IRS only administers it -- this is how the law is supposed to work.
