August 2020 Tax & Accounting Insight

Newsletter

Dear Clients, Colleagues and Friends,

Stay tuned for the announcement of the launch of our brand new website, www.ShiltsCPA.com!

Josh Shilts, CPA/ABV/CFF/CGMA, CFE

Some of the articles and content we want to make you aware of are

  1. Dirty Dozen Tax Scams: 2020 Edition – Compiled annually by the IRS, the “Dirty Dozen” is a list of common tax scams that target taxpayers. This year it includes several schemes related to coronavirus tax relief.
  2. Exiting a Business: Which Option Is Right for You? – There are four ways to exit your business. Which one is right for you?
  3. Protect Tax Records Before Disaster Strikes – Although hurricane season in full swing, natural and other disasters can strike at any time; taking these simple steps now will help you prepare and ensure a smoother financial recovery.
  4. Filing an Amended Tax Return – Have you filed your federal tax return and then later discovered a mistake? You might need to file an amended tax return.
  5. Tax Breaks for Teachers and Educators – As the new school year begins, teachers, administrators, and aides should remember to keep track of any education-related expenses that could help reduce the amount of tax owed next spring.

Other articles of interest

Tax Tips

Quickbooks Tips

Upcoming Events

The following are events Mr. Shilts will be speaking at. If you have questions or are interested in attending refer to the links below or contact us by clicking here.

Tax Due Dates

  • September 10 – Employees Who Work for Tips – If you received $20 or more in tips during August, report them to your employer. You can use Form 4070.
  • September 15 – Individuals – Make a payment of your 2020 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2020.
  • September 15 – Partnerships – File a 2019 calendar year income tax return (Form 1065). This due date applies only if you were given an additional 6-month extension. Provide each shareholder with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1.
  • September 15 – S corporations – File a 2019 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you made a timely request for an automatic 6-month extension. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.
  • September 15 – Corporations – Deposit the third installment of estimated income tax for 2019. A worksheet, Form 1120-W, is available to help you make an estimate of your tax for the year.
  • September 15 – Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in August.
  • September 15 – Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in August.

IRS Imposter Scams

 

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.