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September 2010
Issue: 31
Extended Partnership & Corporate Tax Returns Due September 15th
 
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!
Health Coverage Doesn't Alter Tax Status
 
Last spring's overhaul of health care coverage has spurred some recent tax-related questions. Here with answers is IRS tax specialist Jesse Weller.
 
Question: I have been told by my accountant that there will be a new W-2 form next year. The change will add the cost of your employer-provided health care to your gross income. Therefore, we will now be taxed on a higher gross income. Since this is not earned income, how can this be true? Please clarify the reality of this happening.
 
 
Brace yourself: The chances of being audited are rising. So if it happens to you, here's what to do-and what not to do.
 
With Washington searching for ways to cut the budget deficit, IRS officials face intense pressure to collect more revenue. The agency plans more audits, especially of taxpayers in high brackets or those who are self-employed and deal in large amounts of cash. The IRS also has turned up the heat in such areas as offshore tax evasion, including undisclosed foreign bank accounts.
 
In This Issue
Health Coverage Doesn't Alter Tax Status
How to Fight the IRS
Back to School for Boss? Tax Breaks Can Help
Upcoming Tax Deadlines

Back to School for Boss? Tax Breaks Can Help

If you're a small-business owner seeking more training for yourself or for your staff, now is the time to enroll for the fall term. Fortunately, Uncle Sam helps defray the costs of education by providing important tax breaks.
 
Successful business owners often pursue higher education or take courses in sales, software or other specialized learning programs. What's the best way to write-off the cost of education that the owner pays for personally? It depends on several factors, including the type of education, the entity used by the business (such as a sole proprietorship or C corporation) and the owner's personal tax picture. Here's a short list.
 

Upcoming Tax Deadlines

September 15th - Extended deadline to file 2009 C Corp, S Corp, & Partnership tax returns
 
September 15th - 3rd installment of 2010 estimated taxes are due.
 
October 15th - Extended deadline to file 2009 individual income tax returns
 
Please let us know if there is anything we can do for you!!

Thomas R. Vetscher, CPA
John T. Vetscher, CPA

651-690-2250

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