What’s The Deadline 411

Tax season is here again! It’s time you make yourself aware of all of the upcoming important deadlines that will affect you and your business. In case you haven’t heard, many deadlines have changed this year. Please read through the list below to make note of which deadlines you’ll be facing this tax season.

Individual tax returns (Forms 1040, 1040NR, 1040A, and 1040EZ)

  • First deadline is April 18, 2017.
  • Extended deadline is October 16, 2017.

Partnership returns (Form 1065) – Change of deadline!

  • First deadline is March 15, 2017
  • Extended deadline is September 15, 2017.

Trust and Estate income tax returns (Form 1041)

  • First deadline is April 18, 2017.
  • Extended deadline is October 2, 2017
  • Note change: extensions for fiduciary returns are now five and a half months instead of five months.

C-Corporation returns (Form 1120) – Change of deadline!

  • First deadline is April 18, 2017 for corporations on a calendar year
  • Extended deadline is October 16, 2017.
  • For corporations on a fiscal year other than a calendar year, the first deadline is the 15th day of the fourth month following the end of the corporation’s fiscal year.

S-Corporation returns (Form 1120S)

  • First deadline is March 15, 2015.
  • Extended deadline is September 15, 2017.

Foreign Bank Account Reports (FinCen Form 114) – Change of deadline!

  • Deadline is April 15, 2017
  • Extended deadline is October 15, 2017
  • Unlike tax returns, FBARs do not have a next-business-day rule if the deadline falls on a Saturday, Sunday, or legal holiday.

It’s our goal to make this tax season your best one yet! Email us today at reception@alfanocpa.com to schedule your tax meeting. Are you unsure which tax documents to provide to us to prepare your tax return? Click here to find out exactly what we’ll need!

 

Micalah Bowden, Office Manager

CPA or No CPA? That is The Question

CPA or No CPA? That is The Question!

It’s tax filing time! The average Joe is dreading this time of year. Many important decisions need to made so as to not upset Uncle Sam, and at the same time, the quicker, easier and least painful the process, the better.  There are dozens of online tax preparation services, corner store tax prep businesses and the elite CPA firm in town. How do you know what is the right move for your personal taxes and or business taxes?

We are a successful CPA Firm in Old Greenwich, CT. We have clients nationwide and pride ourselves in providing personalized hands on service to all types of clients who have a wide variety of tax and financial situations. Wait! This is not an advertisement! We just want to make it clear who we are, and that we understand we are not for everyone. The wise course is to examine your needs and budget and then make the best choice for yourself.

The Examination

Ask yourself, ‘What are my needs?’ Do you need just simple tax preparation for yourself and family members? Or do you have various trusts, businesses of various entities and maybe an unresolved tax issue? These basic questions will help you determine if you trust yourself to handle your tax preparation or if you need professional eyes and keen awareness of the latest tax laws.

What’s my budget?

What can you spend on this service? Are you willing to pay more for a faster turn around? Cross your fingers that buyers’ remorse doesn’t set in should speed undermine accuracy. Can you afford to pay more for supplementary inclusive services?

Do I need more than just tax preparation?

Do you need more services? Business owners, do you have a bookkeeper you trust? Do you have year round access to a professional team that provides you with sound, timely advice? Do you have past IRS issues that you need to rectify? What about payroll help? Are you overwhelmed with managing payroll of each of your employees? Perhaps you need a team that can handle your accounting needs year round!

What choice should I make?

Now that you’ve done some self-examination, maybe an online tax service is perfect for your circumstances. Maybe you trust that tax prep office on the corner. But maybe you are overwhelmed and would like a team of qualified professionals on your side. If that’s the case, we are more than happy to help! Give us a call today to schedule a free-of-charge tax consultation so that we can get started on your accounting needs.

Whatever you decide, be alert to how your information is handled and be open-minded to change your method whenever your needs do change.

Happy filing!

Alfano & Company Team

BOOKKEEPING 101

January, 2017

Are you ready for tax season?  More specifically, are your business’ books ready for tax season?

If you or your bookkeeper are using QuickBooks to track your income and expenses you should be sure you can check off all of the following:

  • All income has been tracked appropriately in QB (whether using deposit data or tracking accounts receivables)
  • All deposits, debits, and checks have been entered into QB
  • All credit card transactions have been entered into QB
  • All credit card and bank statements have been reconciled in QB
  • All cash expenses have been appropriately captured in QB
  • Backup receipts and documents have been scanned and saved securely (for example in our secure online portal) in case of an audit
  • Appropriate Adjusting Journal Entries (AJEs) have been entered for items such as inventory and prepaid expenses
  • Any payroll expenses have been captured accurately tying out to filed payroll tax returns; payroll for Corporate Officers is broken out appropriately
  • Sales tax collected and paid have been captured accurately creating and reducing a liability account
  • Major purchases have been booked appropriately as fixed assets
  • Shareholder distributions from a corporation or member draw from an LLC are appropriately booked as equity transactions and not expenses
  • Health Insurance is appropriately captured split out for employees and owners/officers
  • Loan payments have been split according to loan statements to reduce the liability account and capture interest expense

Once you are confident your books are complete you are ready to print the reports we will need to prepare your tax return.  Be sure you are pulling reports on the same basis (cash or accrual) as you file your tax return; note: QuickBooks defaults to accrual reports but many taxpayers file their returns on the cash basis.  We will need the following reports:

  • Profit & Loss Summary (January-December)
  • Balance Sheet Summary with Prior Year Comparison (as of December 31st)
  • Detail of the following balance sheet items for January – December (not just as of December 31st):
    • Fixed Assets
    • Current Assets
    • Shareholder Distributions
    • Member Draw
  • Mileage report (showing the total miles you drove in the year and the total number of miles driven for business purposes) *this report will not be available in QB

Worried your books aren’t up to par?  E-mail me (liana@alfanocpa.com) and I will arrange a review of your QuickBooks file ASAP.  You can simply upload an accountant’s or backup copy of your desktop QB file to our secure portal or grant us accountant’s access to your QB online account.

Haven’t even started yet?  E-mail our schedule manager (reception@alfanocpa.com) and set up a meeting with either myself or David and we will see how we can help you get your business books on the right track.

Have very simple bookkeeping to do and no access to QuickBooks – e-mail Micalah (micalah@alfanocpa.com) for our Income & Expense excel spreadsheet.
Feeling overwhelmed?  Don’t worry, we are here to help!  Feel free to e-mail me (liana@alfanocpa.com) with any questions or concerns regarding your business accounting needs.

And remember… it’s not right until it’s reconciled!  Happy bookkeeping!

Liana Haydin, EA