| News You Can Use
June 2010
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Stay Informed:
Visit Our Blog
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| 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.
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Stay Connected
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| For quick tips, news, and helpful links,
follow
Maco & Associates on Twitter!
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Don't Forget About Our Web Portal
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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.
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Record Retention Tips
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| 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. |
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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.
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| 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, 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.
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| July and beyond... |
July 10, 2010 July 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.
- 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.
 Employees 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 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.
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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.
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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.
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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.
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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. |
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