Employer Information Report (EEO-1) Due September 30th

The deadline for filing the Employer Information Report (also known as the EEO-1 Report) with the Equal Employment Opportunity Commission (EEOC) is September 30th. The report must be filed by: (1) employers with federal government contracts of $50,000 or more who have 50 or more employees; and (2) employers who do not have a federal government contract but have 100 or more employees.

The report requires employers to provide a count of their employees by job category, ethnicity, race, and gender. Employment numbers may be obtained from any pay period in July through September of 2010. The EEOC prefers the report to be filed using the EEO-1 online filing system. The system requires a login ID and password. Other filing options for private employers include submitting the report as a data file or filing the report as a computer printout. EEOC will only allow the report to be filed on paper if so requested by an employer with no Internet access.

The EEOC website contains a list of frequently asked questions on the report which can be viewed at http://www.eeoc.gov/employers/eeo1survey/faq.cfm. Further information on the reporting process can also be obtained by calling the EEO-1 Joint Reporting Committee at: (866) 286-6440.

Tax Exempt Organizations

I thought this might be of interest for those of you with tax exempt organizations. There have been some significant changes to the Form 990. If you haven't looked into the changes I would recommend doing that sooner rather than later. It may take longer to prepare the return this year. The IRS posted a list of FAQs (updated 4/5/10) to www.irs.gov/charities/article/0,,id=96581,00.html on the annual reporting requirements for exempt organizations. The applicable return (Form 990 or Form 990-EZ, the short form return) is due on the 15th day of the 5th month after the end of the organization's tax year. This is May 15th for calendar year organizations. Organizations with gross receipts and assets below certain thresholds at the end of their tax year can file Form 990-EZ. In addition, certain church-affiliated organizations and governmental organizations are not required to file an annual return. Organizations whose annual gross receipts are normally less than $25,000 are not required to file an annual return, but may be required to file an annual electronic notice (e-Postcard).

Small Business Tax Calendar

The IRS recently released its annual Tax Calendar for Small Businesses and Self-Employed Taxpayers. The calendar includes information on general business taxes, electronic filing and paying options, retirement plans, business publications and forms, and common tax filing dates. Welcome to 2010!

It's December 10th, Have You Paid Your Property Taxes

As a gentle reminder most property tax payments are due today. Make sure you have paid your 1st installment. Payments must be postmarked today or you will be assessed a late penalty.

Newsletter on Year-End Tax Planning

Our firm sends an occasional e-newsletter on such topics as tax planning, current tax developments, and important compliance matters. Our most recent e-newsletter on year-end tax planning for 2009 includes discussion about such items as:

• Expiring opportunities in depreciation.
• Expiring deduction for sales tax on new car purchase.
• Extended carryback period for business losses.
• Extended & Expanded Homebuyer Credit.
• Energy credits.
• Charitable donations.
• 401(k) contributions.
• Health savings accounts (HSAs).
• Health flexible spending accounts.
• Dependent care FSAs.
• Self-employed plans.
• Retirement income.
• IRA conversion.
• Capital losses.
• Income Deferral.
• AMT Considerations.
• Gift tax.
• Kiddie tax reminder.

If you would like to read the full newsletter, or subscribe for future newsletters, you may visit our Newsletter Archives.

Voluntary Disclosure of Foreign Bank Account Reports

In an attempt to garner voluntary compliance, the IRS is granting penalty abatement and agrees not to prosecute Taxpayers who voluntary disclose their offshore bank accounts by September 23, 2009. If you have (or had) foreign bank accounts, we can assist you with filing the correct forms so that you can take care of this matter. Foreign countries are disclosing more information to the United States than ever before, so we strongly encourage Taxpayers to take advantage of this opportunity. For more information, please take a look at the Internal Revenue website or contact us directly and we'll be happy to assist you.

Consider electronic payments for June 15

Many Americans are required to make quarterly estimated tax payments throughout the year. If you are one of those "lucky" taxpayers, you may want to consider going electronic. Tax author Kay Bell, who pays quarterly estimates herself, provides helpful information about electronic payments (as well as links) in a recent blog post. She points out that: "Once you're set up, you can schedule all four estimated payments -- if, like mine, they are all the same amount -- in just one session. Then you're done with them for the year." Whether you opt to pay electronically or by check, be sure to get those estimates in by June 15 to avoid penalties.

Tax deadlines for May & June

Even though the dreaded April 15 tax deadline has passed, more deadlines loom ahead. Here are the key tax deadlines for May & June: May 15: Non-profit tax returns are due. June 15: Quarterly estimated tax payments are due for the 2009 calendar year. This applies to individuals and corporations. June 15: LLCs must pay their estimated 2009 California gross receipts fee. The fee applies to LLCs with annual California gross receipts of at least $250,000.

Last minute filing info

If you're planning to mail your tax return today, be sure to check the office hours of your local post office at the USPS website. Don't have all of your information? Consider filing an extension, which automatically gives you an extra 6 months to file your return. But remember: an extension to file the return is not an extension to pay any tax due. For information about tax penalties for late payment, you can visit the FAQ section of our website.

If you are concerned about being able to pay tax due, consider these recommendations about payment, or a discussion of payment options from the IRS.

Double-check your return for these 9 common filing errors.

Breathe a sigh of relief when Tax Day 2009 is over!

Reminders for last-minute filing

As the tax deadline nears, the IRS published reminders for taxpayers who have not yet filed, including:

• File and pay on time. (An additional note: even if you can't pay, file a return or extension by April 15, as the penalties for late filing are significatly higher than those for late payment, as we discussed in a recent post. More information on penalties is also available on our website.)
• File Electronically
• Use IRS Free File
• Choose Direct Deposit
• Make Sure Your Paper Return is Error-Free
• Pay Electronically
• Request an Extension of Time to File
• Apply for an Installment Agreement
• Avoid Scams

The full article is available at the IRS website.

April filing deadlines

Common tax filing deadlines for the month of April: April 15

• Income tax returns for individuals, partnerships, and trusts are due for calendar year 2008. Any tax due must be paid by April 15, even if an extension is filed.

• Estimated tax payments for individuals, trusts, and corporations are due for the first quarter of 2009.

California Taxpayers

• California taxpayers must pay 30% of their total estimated tax in the first quarter (instead of the usual 25%).

• California corporations must make at least a first quarter payment, as all California corporations pay an $800 annual minimum tax.

• California LLCs must pay an $800 annual LLC tax.

April 30

• Federal Form 941 (Employer's Quarterly Federal Tax Return) due for the first quarter of 2009.

• California Form DE 6 (Quarterly Wage and Withholding Report) due for the first quarter of 2009.

March filing deadlines

Common tax filing deadlines in March 2009:

March 2: Forms 1098, 1099, and W-2 must be filed with the IRS, unless electronically filed.

March 15: Corporation income tax returns for the 2008 calendar year are due. Any tax due must be paid by March 15, even if the return is extended.

March 31: Electronically filed Forms 1098, 1099, and W-2 are due.

Returns due February 2

The following payroll tax and information returns are due February 2: Federal (http://www.irs.gov/)

• Forms 1098, 1099, and W-2s must be furnished to recipients.
• Form 940 (Annual Federal Unemployment - FUTA - Tax Return) due for 2008.
• Form 941 (Employer's Quarterly Federal Tax Return) due for the fourth quarter of 2008.

California (http://www.taxes.ca.gov/)

• DE 6 (Quarterly Wage and Withholding Report) due for the fourth quarter of 2008.
• DE 7 (Annual Reconciliation Statement) due for 2008.

Shorter Extension for 2008 Partnership & Trust Returns

Partnerships & trusts that file an extension must file their returns one month earlier than in years past, as they will now be granted a 5-month extension instead of the 6-month extension of previous years. Income tax return due dates for 2008 calendar year taxpayers are as follows: Corporations: Original 3/16/09... Extended 9/15/09 Partnerships & Trusts: Original 4/15/09...Extended 9/15/09 Individuals: Original 4/15/09... Extended 10/15/09

Individual Estimates Due January 15

Individual taxpayers who are required to make quarterly estimated payments must make their 4th quarter payments by January 15.

Starting in 2009, California will require certain high-income taxpayers to make payments electronically. This e-pay requirement does not apply to any fourth quarter state estimates due January 15.

The first date an individual may be subject to mandatory e-pay is April 15. We will be in contact with our clients to whom these rules apply, but you are always welcome to contact us with questions.

More information on the California electronic payment requirements for 2009 is available at: http://www.ftb.ca.gov/individuals/Mandatory_e-pay.shtml.

Tax Calendar for Small Business & Self-Employed

The IRS has provided a 2009 calendar with due dates for most tax filings required of small businesses and self-employed individuals. This does not eliminate the stress of managing deadlines, but at least it lists them all in one place. You can view a specific month in HTML format, print the entire calendar from a PDF document, or download the dates into a Microsoft Outlook calendar. The calendar is available at: http://www.irs.gov/businesses/small/article/0,,id=176080,00.html. The IRS welcomes feedback on the calendar, so please feel free to comment if you try it out, and we'd be glad to forward any feedback on to the IRS.