We have a lot to get to today, so let’s dig in…
Return Filing Due Dates
Please note the following changes and plan your schedule accordingly
Form Filing Deadline
PTETC Deposit December 15, 2023
BOI December 31, 2024
4th Qtr EST January 15, 2025
W-2, W-3 January 31, 2025
1099, 1096 February 28, 2025
1065 March 17, 2025
1120S March 17, 2025
1040 April 15, 2025
1041 April 15, 2025
1120 April 15, 2025
Fincen 114 (Fbar) April 15, 2025
990 Five months and fifteen days from year end
5500 Last day of the Seventh month after plan year end
2024 Extension Dates by Return Type
Form Filing Deadline
1065 September 16, 2025
1120S September 16, 2025
1041 October 15, 2025
1120 October 15, 2025
1040 October 15, 2025
FinCen 114 (Fbar) October 15, 2025
Many of these changes are so that the IRS can electronically match forms like 1099’s to the 1040’s being filed. Please also note that the final materials and answers to our questions must be received no later than 15 days before these returns are due. If not, we cannot guarantee that the returns will be completed timely.
Extensions and Payments on Forms are due by the Original Due Date
Please notice how I said “and payments”. Extensions do nothing but extend the date when the return is due. They don’t change the date that the tax is due.
If you end up owing income tax once the return is done, and didn’t make a payment to cover it with the extension, you will pay additional penalties and interest.
Offshore Asset Reporting – International Taxation
Generally a United States person who has a financial interest in or signature or other authority over one or more foreign financial accounts must report those assets if the aggregate value of the foreign financial account or accounts exceeds $10,000 at any time during the calendar year. This includes US Entities such as trusts, corporations, partnerships, or LLC’s created under U.S. Law.
The types of reportable accounts include but are not limited to bank accounts, security accounts, an insurance or annuity policy with a cash value, and mutual fund accounts.
Offshore Asset Reporting Penalties
Civil and/or criminal penalties may be imposed for violation of the statute that include but are not limited to:
Civil penalties up to $10,000 per violation
Willful failure to report an account or an account’s identifying information may result in a penalty that is the greater of $100,000 or half of the balance of the account at the time the violation occurred.
Criminal penalties of up to $250,000 or five years imprisonment or both may be imposed.
Identity Theft and Security Protocols
As is required, we have enhanced our Security Standards. In keeping with the new protocols, we will no longer be able to email you a return. It can only be forwarded via secure means. Facsimile machines, being on dedicated lines, are secure. Anything emailed must be encrypted. The U.S. postal service, while being slow, is secure from hackers.
Please also note that when you are forwarding materials to us, you should send it by either facsimile, encrypted email, or regular mail. If you use a regular non-encrypted email, your data is at risk.
Ransomware, Phishing and Scams Targeting Payroll Data
All clients should review their individual security protocols at least annually. Please understand that this can happen to any of us.
Ransomware is a virus that completely shuts down your system. You are then required to pay a “Ransom” to have the hacker release the system back to your control.
Phishing is where a hacker gets into your system and steals data. Normally this is payroll information so that identities can be hacked.
This also applies to customer information if you have copies of customer EIN’s along with their addresses. Preventing these problems is neither impossible, nor terribly expensive. But having these problems is an easy way to lose clients, employees, and days of operation.
Please review your security protocols today.
Let me leave you with this…
I’d like to re-emphasize something that you may not be considered when it comes to securing data.
I’m familiar with one large accounting program which is encouraging all of its clients to go on the cloud from its desktop version. They’re doing this specifically so they can charge monthly for the software and increase their profits.
Cloud computing is a magnet for hackers and criminal organizations seeking to steal identities. Be careful.
In 35 years, whether it’s regular accounting, tax, or any of the payroll solutions we provide, I’ve never had a problem. We take this very seriously and spend large amounts of money to keep our client’s data safe. At times it feels like I’m running Fort Knox instead of an Accounting Firm.
But I can tell you about two of my clients who had over half of their employee’s identities stolen over a period of 48 hours. It happened so quickly that they couldn’t do much about it.
Each of those clients were using the same cloud based program for their general ledger and payroll processing. And each of those clients ended up losing employees as a result.
That being said, Thanksgiving is coming next week. I’m sure that many of you are busy either traveling or getting your homes ready to receive friends and family.
If I don’t have your January through October 2024 Financial Statements completed, please get your work into us today. Once we get back from the Thanksgiving Break, tax season begins again for us.
This is the fourteenth column in my series trying to get my clients ready for our December Tax Planning Appointments.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.SalarySolutions.net
www.AccountingSolutionsLtd.com
Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.