Maco & Associates
News You Can Use
June 2010

In This Issue
Deadlines in June
July and Beyond
Stay Informed:
Visit Our Blog

Our Blog
For helpful tax information year-round, visit our blog, where we provide regular updates about tax law changes and even obscure credits that can help save you money.
Stay Connected
Twitter
For quick tips, news, and helpful links, follow
Maco & Associates on Twitter!

Don't Forget About Our Web Portal
Client Portal
If you haven't already, please contact us to establish your Web Portal password. The Portal is a secure place where you can access your tax records. The login is located in the top right corner of our website. Initially, you'll find your 2009 tax records here, and we'll be adding previous years shortly.
Record Retention Tips
Tax Records - how long should you keep them?
At this time of the year, we get a lot of questions about how long our clients should keep their tax records.

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.

However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit.

Visit our Record Retention Guide for more details.

Summer Tax Deadlines
Greetings!

Tax season feels like it just ended, but more deadlines are fast approaching already! In this issue of our newsletter, Maco & Associates brings you a calendar of upcoming tax deadlines. Every quarter, we bring important dates to your attention! As long as you're subscribed to our newsletter, you can count on these reminders.
Due this month...

June 10, 2010
  • Employees who work for tips: If you received $20 or more in tips during May, report them to your employer. You can use Form 4070 Employee's Report of Tips to Employer.
June 15 June 15, 2010
  • Individuals: Make a payment of your current estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in current year.

  • Employers: Nonpayroll withholding, social security, Medicare, and withheld income tax is due. If the monthly deposit rule applies, deposit the tax for payments in May.

  • Corporations: Deposit the second installment of estimated income tax for current. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
July and beyond...

July 10, 2010
  • Employees who work for tips: If you received $20 or more in tips during June, report them to your employer. You can use Form 4070.
July 15July 15, 2010
  • Employers: Nonpayroll withholding, social security, Medicare, and withheld income tax is due. If the monthly deposit rule applies, deposit the tax for payments in June.
July 31, 2010
  • Employers: Social Security, Medicare, and withheld income tax. File form 941 for the second quarter of 2010. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until August 10th to file the return.

    Federal Unemployment Tax is due. Deposit the tax owed through June is more than $500.

    If you maintain an employee benefit plan, such as a pension, profit sharing, or stock bonus plan, file Form 5500 or 5500-EZ for previous calendar year. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.
August 10, 2010
  • Employers: Social Security, Medicare, and withheld income tax. This due date applies only if you deposited the tax for the quarter in full and on time.

  • TipsEmployees who work for tips: If you received $20 or more in tips during July, report them to your employer. You can use Form 4070.
August 15, 2010

  • Employers: Nonpayroll withholding, social security, Medicare, and withheld income tax is due. If the monthly deposit rule applies, deposit the tax for payments in July.
September 10, 2010
  • Employees who work for tips: If you received $20 or more in tips during August, report them to your employer. You can use Form 4070.
September 15September 15, 2010
  • Individuals: Make a payment of your current year estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in the current year.

  • Partnerships : File a previous year return (Form 1065). This due date applies only if you were given an additional 5-month extension. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute K-1.
  • Corporations: File a previous year income tax return (Form 1120 or 1120-A) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension.

    Deposit the third installment of estimated income tax for current year. A worksheet, Form 1120-W, is available to help you make an estimate of your tax for the year.
  • S corporations: File a previous year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.
  • Employers: Nonpayroll withholding, social security, Medicare, and withheld income tax is due. If the monthly deposit rule applies, deposit the tax for payments in August.
Take advantage of these reminders, and check out our blog, where we frequently post information about tax-related issues throughout the year.

As always, we're here year-round to help you make sense of the numbers. Give us a call at 610-489-7215 or send us an email any time throughout the year. We look forward to hearing from you.
 
- Maco & Associates