Small Business Services

The IRS Forms 1120 and 1120S are required to be filed on the 15th day of the 3rd month following the close of the tax year. A 6 month extension filed on Form 7004 may be filed after the initial due date.

The IRS Form 1065 is required to be filed on the 15th day of the 4th month following the close of the tax year. Use Form 7004 to request a 6 month extension.

No. The VOW to Hire Heroes Act of 2011 made changes to the Work Opportunity Tax Credit (WOTC). The Act added two new categories to the existing qualified veteran targeted group and made the WOTC available to certain tax-exempt employers as a credit against the employer’s share of social security tax. The Act allows employers to claim the WOTC for veterans certified as qualified veterans and who begin work before January 1, 2013.
The credit can be as high as $9,600 per qualified veteran for for-profit employers or up to $6,240 for qualified tax-exempt organizations, but the amount of the credit will also depend on a number of factors, including the length of the veteran’s unemployment before hire, the number of hours the veteran works, and the veteran’s first-year wages. The amount of the credit for qualified tax-exempt organizations may not exceed the organization’s employer social security tax for the period for which the credit is claimed. All employers must obtain certification that an individual is a member of the targeted group, before the employer may claim the credit. The process for certifying the veterans for this credit is the same for all employers.
Normally, an eligible employer must file Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit, with their respective state workforce agency within 28 days after the eligible worker begins work. But under a special rule included in IRS Notice 2012-13, employers have until June 19, 2012, to complete and file this newly-revised form for veterans hired on or after Nov. 22, 2011, and before May 22, 2012. The 28-day rule will again apply to eligible veterans hired on or after May 22, 2012.
Use Form 8850 to claim the credit. Speak to your local CPA about the targeted group designation.

No. A partnership terminates when one of the following events takes place.
All its operations are discontinued and no part of any business, financial operation, or venture is continued by any of its partners in a partnership.
At least 50% of the total interest in partnership capital and profits is sold or exchanged within a 12-month period, including a sale or exchange to another partner.

The partnership's income, gains, losses, deductions, credits and preferences are computed as if the entities tax year closed on the date of the partner's death. The partner (to his social security number) receives a k-1 that represents the period on the year he was alive. The partner's estate (EIN of the estate) receives a k-1 for the remainder of the year. The estate continues to receive a k-1 until settled at which time the interest in the partnership terminates.

The law rquires you, the employer to verify that each new employee is legally eligible to work in the United States. Both the employee and the employer must fill out INS Employment Eligibility Verification Form I-9. In addition to Form I-9, each new employee must fill out IRS Employee's Witholding Allowance Certificate Form W-4.

Use Employer's Annual Federal Unemployment Tax Return Form 940. Use IRS E-file to file and EFTPS to pay. Go to IRS.gov to E-file and www.eftps.gov or call 1-800-555-4477 to call for EFTPS The Federal Unemployment Tax (FUTA)is reported and filed separately from the Employer's Quarterly Federal Tax Return Form 941.

Yes. There are different penalty and interest calculations incurred for not filing timely, not paying and not paying timely, or when a balance due exists. You will want to avoid the failure to file by the due date when a balance due exists penalty. Therefore, file the tax return by the due date and pay whatever you can at that point in time to minimize your total penalty and interest calculations.

Federal and state laws prohibit prospective employers from asking certain questions that are not related to the job they are hiring for. Questions should be job-related and not used to find out personal information. In general, employers should not be asking about your race, gender, religion, marital status, age, disabilities, ethnic background, country of origin, sexual preferences or age. Some questions you should not ask during an interview are: Do you have any disabilities?, How old are you?, What is your religious affiliation?, What is your ethnic background?, Are you married?, Do you have children?, or What is your sexual orientation?.