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Tax Filing Reminders!

Taxonomy: 
Tax & Accounting
Body: 

As we near the end of the first week of August, we wanted to remind you of some upcoming filing deadlines.

September 15, 2014

  • 2014 third quarter estimated tax payments are due.
  • Final deadline to file 2013 Forms 1120, 1120A and 1120S—corporate tax returns.
  • Final deadline to file 2013 Form 1041—trust income tax returns.
  • Final deadline to file 2013 Form 1065—partnership tax returns.

October 1, 2014

Corporate Inversions

Taxonomy: 
Tax & Accounting
Body: 

        There has recently been a surge of U.S. companies moving their legal homes to foreign countries in order to minimize their U.S. taxes this year.  Only last week, the Chicago based AbbVie announced an agreement on a $54.7 billion merger with Britain’s Shire designed to cut its U.S.

Tax Implications for Same-Sex Couples After DOMA Ruling

Taxonomy: 
Tax & Accounting
Body: 

Today, June 26, 2013 the Supreme Court repealed aspects of the Defense of Marriage Act, same-sex partners who reside in a state which recognizes same-sex marriage will be entitled to a plethora of benefits which were previously denied to them.

There will be some restriction of benefits if you are a same sex couple who was married in a state which recognizes it but live in a state which does not.  The U.S. Department of Defense, however, will distribute military veteran’s spousal benefits to same-sex couples based on laws in the state where they got married.

Tax Relief Provided to Oklahoma Tornado Victims

Taxonomy: 
Tax & Accounting
Body: 

The IRS has provided tax relief to individuals and businesses affected by the tornadoes in Moore and Oklahoma City and other severe storms occurring in parts of Oklahoma.  The tax relief postpones various tax filing and payment deadlines that occurred starting on May 18, 2013, and affected individuals and businesses in Cleveland, Lincoln, McClain, Oklahoma and Pottawatomie counties will have until September 30, 2013, to file these returns and pay any taxes due.  This includes the June 17 and September 16 deadlines for making estimated tax payments, the July 31 deadline for second

IRS Extensions for Those Affected by Boston Marathon Bombings

Taxonomy: 
Tax & Accounting
Body: 

The IRS has provided a three-month extension of time to file and pay tax for individuals who were affected by the Boston Marathon explosions that occurred on April 15, 2013.  Those affected include persons who were participating in the race as well as spectators.  The closure of streets after the explosion to allow investigation and pursuit of suspects disrupted business activity in the area and potentially the ability of some taxpayers and return preparers to access their files.

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