Hello, my fellow taxpayers,
Now that it is officially Fall (actually, it began on the 21st), Autumn, or the Autumnal Equinox (“mid-autumn”) and if you are like me, you are wondering where the cooler weather is. Today, on the east coast, we reached the low 90’s while it feels like it is 100+ with the humidity. I was hoping to wear a “fallish” sports coat and suit for my two speaking engagements on the west coast of Florida this weekend. Alas, it is not to be…so I packed my summer weight clothes. I guess it is better than shoveling snow!
However, not only is it hot and humid, and the forecast predicts it will remain steamy, but it is also just two weeks or so until the extended due date expires for individual, or non-S-Corp tax returns. They are due on October 15. However, if you owe money with the return, you will be charged interest from April 18t. Also if you are late, penalties at 5%/month or “part thereof” will be assessed for late filing and late paying is an additional ½%/month. This applies if it is even one day late.
As an FYI, non S-corp returns also have to file a Florida return. This return is due on November 1st. If you file this return late, it still carries a $300 penalty even if no tax is due.
SFS is still accepting new clients, so don’t worry that we cannot be of service to you. Give us a call at 772-337-1040 or email me, [email protected] You can also go to our website (www.sfstaxacct.com) and book your appointment to meet with me.
Late breaking news! If you are the owner of a business and have employees, the Tax Cuts and Jobs Act added a provision that allows for a credit on wages paid if you pay an employee when they are on family or maternity leave. The IRS issued a notice yesterday that provides guidance as to what a business has to do to qualify for this credit. One is you must have a written policy with specific provisions. So if you have paid an employee in 2018 or are contemplating creating such a policy, you need to talk to your favorite neighborhood enrolled agent (and that is me, in case you did not know who I was talking about).
So until next time,
Jeffrey “keep those lightweight sports coats available” Schneider