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Archive for the ‘Tax Deadlines’ Category

PostHeaderIcon IRS Looks to Reel In Foreign Taxpayers

It looks like the IRS isn’t happy with the level of compliance with US citizens who go overseas to work.  They’ve offered a special deal to certain overseas taxpayers that would allow them to escape penalties if they file their back tax returns.  This also applies to Reports of Foreign Bank and Financial Accounts.  The returns that are safe-harbored in are those where tax due is $1,500 or less and it requires you file three years of tax returns and six years of Reports of Foreign Bank and Financial Accounts.

PostHeaderIcon Corporate Extensions Due This Week

March 15 is when corporate returns are due.  For a lot of people, Form 7004 is an annual tradition.  This is the form that lets you extend your corporate for six months until September 15.  It’s a pretty straightforward form but keep in mind if your extending a Form 1120, it’s an extension to file not an extension to pay so if you think you’re going to owe money, you have to make your payment at the time of the extension.

One nice thing about 7004 is it doesn’t require a signature what I do is send an email to all of my clients, get their approval for an extension and then mail them out en mass.  You should still file one extension per envelope but not having to run down a signature makes it a lot easier.  So be sure to get those corporate extensions in by March 15, which is Thursday.