Author: Leon Clinton

Tax

Tax Due Dates for March 2013

Tax Due Dates for March 2013

March 11 Employees who work for tips – If you received $20 or more in tips during February, report them to your employer. You can use Form 4070.
March 15 Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.

Corporations – File a 2012 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S Corporations – File a 2012 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

Electing large partnerships – Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership. This due date is effective for the first March 15 following the close of the partnership’s tax year. The due date of March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 8736 or Form 8800.

S Corporation Election – File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2013. If Form 2553 is filed late, S treatment will begin with calendar year 2014.
Accounting Quickbooks

2013: The Year You Go Mobile With Financial Data?

There are only a few reasons why you wouldn’t be using QuickBooks Mobile on your smartphone. Maybe you don’t have a smartphone. Or when you’re out of the office, you don’t want to be available for accounting work. Or you might not think that it has enough features to make it worth using.

While the first two reasons are matters of personal preference, the third just isn’t true. QuickBooks Mobile automatically–and almost instantly–synchronizes the data from your desktop or laptop computer copy of QuickBooks. While it’s only focused on sales, not payables or payroll, you can manage receivables quite nicely whether you’re in a customer’s office or at a trade show or community event–or sitting on the couch at home.


Figure 1: You can see this screen no matter where you and your smartphone are (the recently-upgraded Android version is pictured here). 

Countless Scenarios

There are numerous situations where you might want to access, add or edit customers, estimates, invoices, sales receipts or payments when you’re not near the PC where QuickBooks is installed, like these:

  • You do a half day of onsite training and your client wants to pay you cash right then to qualify for a discount. You can record the payment and email a sales receipt.
  • You’re on the road and you want to see how well your bookkeeper is managing receivables. QuickBooks Mobile displays three views: recent activity, today and upcoming.
  • You’re with a client who would like to give you a check to get current, but he or she can’t find the invoice. Rather than calling your office and sitting on hold until someone has time to look, you can pull up the form on your smartphone to discuss it.


Figure 2: You can record sales receipts and payments on your smartphone, and even schedule appointments that move to your Google calendar. 

Paper or Plastic?

If you’ve been in business for very long and still don’t accept credit cards, you have an idea of how many sales you’ve lost. And QuickBooks Mobile won’t let you do so, anyway. You’ll need to get a merchant account from Intuit Merchant Service for QuickBooks (fees apply). A merchant account allows you to accept plastic through QuickBooks itself, your web browser, your web storefront–and on your smartphone or iPad.


Figure 3: Missed your flight and afraid you’ll miss the current payroll run, too? Intuit Online Payroll gives you access from your Android or iPhone. 

To do so, you’ll need to apply for a merchant account and download Intuit’s free GoPayment app. You can either swipe cards on the free mobile reader or type numbers in. Your customers sign their names on the surface of your mobile device, and you can print or email a receipt.


Figure 4: You’ll need to get acquainted with the Intuit Merchant Service Center to work with credit card payments. 

It would be nice if those credit card payments were just instantly zapped into the right places in QuickBooks, but alas, it isn’t so. You’ll need to do some setup and processing both within QuickBooks and in the online Intuit Merchant Service Center. We can help you with setup and your initial transactions to make sure all of your payments get through and are deposited and/or credited correctly.

We think you’ll find that once you start using all of the mobile payment services that Intuit offers, you’ll wonder what took you so long.

Tax

Penalty Relief for Farmers and Fishermen

The Internal Revenue Service announced that it will issue guidance on relief from the estimated tax penalty for farmers and fishermen who are unable to file and pay their 2012 taxes by the March 1 deadline due to the delayed start for filing tax returns.

The American Taxpayer Relief Act (ATRA), which was signed into law in early January affected several tax forms that are often filed by farmers and fishermen, including Form 4562, Depreciation and Amortization (Including Information on Listed Property).

The IRS is providing this relief because delays in the agency’s ability to accept and process these forms may affect the ability of many farmers and fishermen to file and pay their taxes by the March 1 deadline. The relief applies to all farmers and fishermen, not just those who must file late released forms.

Normally, farmers and fishermen who choose not to make quarterly estimated tax payments are not subject to a penalty if they file their returns and pay the full amount of tax due by March 1. Under the guidance to be issued, farmers or fishermen who miss the March 1 deadline will not be subject to the penalty if they file and pay by April 15, 2013. A taxpayer qualifies as a farmer or fisherman for tax-year 2012 if at least two-thirds of the taxpayer’s total gross income was from farming or fishing in either 2011 or 2012.

Farmers and fishermen requesting this penalty waiver must attach Form 2210-F to their tax return and can be submitted electronically or on paper. If you’re a farmer or fisherman and need to request a penalty waiver, do not hesitate to call us. We can help.

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