O'Neill & Bergado CPAs

Certified Public Accountants

Tax Deadlines coming up

To all friends and clients of ONeill & Bergado, Inc., Certified Public Accountants

Individual, trust and partnership tax returns are due Wednesday, April 15.  Any additional tax due on those  2014 tax returns is due at that time.   Corporate returns are due on Monday, March 16.

There are also additional filing requirements that must be met this time of year for businesses and individuals, which you may not be aware of.  The following is a brief description of a few “other” tax-filing requirements that may be important to know:

Forms 1099-MISC must be filed for all payments of $600 or more to non-corporate entities for services provided.  These forms are due to the recipients by January 31, 2015.   Most importantly, they also must be filed with the Internal Revenue Service no later than February 28, 2015.  There may be extended deadlines for electronically filing these forms.

Fourth quarter and year-end payroll tax returns, including Form 941, Form DE 6, Form 940, Form DE 7, as well as Form W-2 and related Form W-3, are all due by January 31, 2015.  Many payroll service companies will prepare these forms for you.  In addition, if you employed any household help during the year, you are required to report all wages paid to them – the “nanny tax” filing requirement.

San Francisco Payroll Tax Statements must be filed by February 28, 2015.  This filing requirement only applies to those businesses that operate in San Francisco.  The penalty for not filing a return by the February 28 deadline is severe, especially for those businesses that normally qualify for the Small Business Exemption and have no tax due.  If a business does not file on time, the $2,500 Small Business Exemption will NOT apply and the entire computed tax PLUS a $500 penalty becomes due.

Forms 571-L (Property Tax Statements) are due by April 1, 2015.  The county in which you do business will mail Form 571-L to you.  You are required to report certain property used in your business so that the county assessor’s office can determine how much property tax you owe (usually billed to you in July or August). There may be extended deadlines for electronically filling these forms.

We know the next few months can be hectic and hope this information will help you plan ahead with filing deadlines to come.  If you would like to get an early start on preparation on any of these forms, please be sure to send your information to us at least two weeks prior to the filing deadline to ensure timely filing.   We are available to help you with your needs with the preparation of any and all of these “other” tax filing requirements. 

If you have any questions on  the information or specific filing requirements, feel free to contact us.

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