I hope everyone had a great Labor Day weekend and are enjoying the cooler temperatures!  Of course, now that summer is over, there are more tax deadlines to deal with.  If you filed for an extension of time to file your partnership or corporate tax return last spring, the deadline for filing these returns is rapidly approaching.  The deadline for extended partnership & corporate tax returns (S Corp & C Corp) is September 15th.  Also, extended individual tax returns are due by October 15th.  We filed a lot of extensions for our clients this year so we expect to be very busy leading up to both of these deadlines.  If you filed for an extension and still need to file your return, we encourage you to contact us as soon as possible so we can get started on your return to ensure that it will be filed by the deadline.  The IRS is cracking down on late filing this year and is penalizing late filers $89 for each month that the tax return is late.  Get your tax return filed right away so you won't be penalized!

 

More tax changes continue to be made by congress and it is looking like many more will be made before the end of the year.  This has caused a lot of confusion amongst taxpayers as the laws are interpreted differently.  If you have any questions about how the new laws affect your tax situation, please contact us and we'll be happy to answer your questions.

 

Enjoy this month's newsletter!