Gwinnett/Duluth CPA: Don’t Miss the Final Due Date for Your 2011 Corporate Income Tax Return
Gwinnett/Duluth CPA: Don’t Miss the Final Due Date for Your 2011 Corporate Income Tax Return
Final Due Date for Your 2011 Corporate Income Tax Returns is September 15, 2012
The final due date for your 2011 Corporate Income Tax Returns is September 15, 2012. If you are either a C Corporation or an S Corporation this is the final due date.
If you are a C Corporation please be reminded that:
If you owe any income taxes that there should have already been paid either as an Estimated Tax or with your Federal Extension Form 7004. The Estimated Tax Payment Forms would be paid by IRS Tax Form 1040ES and the Estimated Tax Payment Forms to the State of Georgia by GA Tax Form 500ES.
That the IRS & the state will assess penalties and interest for any late payment, so care should be taken with CPA to ensure appropriate tax planning is done so that you do not unnecessarily incur undue penalties and interest.
The tax form that you will file with the IRS for your C Corporation Income Tax Return is IRS Tax Form 1120.
That ASAP that you work with you accountant/CPA to evaluate converting your C Corporation or LLC to an S Corporation for tax purposes by filing IRS Form 2553: Election by a Small Business Corporation.
If you are an S Corporation please be reminded that:
That your S Corporation does not pay income taxes and that the profits “flow through” to an individual shareholders personal return.
An S Corporation Owner will want to ensure that they have paid sufficient taxes against their federal and state income taxes, which will be reflected on their Personal Income Tax Return/IRS Form 1040, to ensure that all of their individual taxes will be paid as due.
That the IRS & the state will assess penalties and interest for any late payment, so care should be taken with CPA to ensure appropriate tax planning is done so that you do not unnecessarily incur undue penalties and interest.
The tax form that you will file with the IRS for your S Corporation Income Tax Return is IRS Tax Form 1120S.
Please be reminded that Congress has recently considered legislation that may change the way S Corporations have been taxes for the last five plus decades. Write your Congressman and the President today to ensure that Small Business of America/The Backbone of the U.S. Economy is not unduly hampered. Stay tuned for more details.
We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.
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