By: Sandy Furuya
Partnership returns (Form 1065) – New due date March 15th Extension deadline is Sept. 15th
Individual returns (Form 1040) – Due date April 18th Extension six months
Corporate returns (Form 1120) – New Due date April 18th Extension deadline is October 16th
S-Corporate returns (Form 1120-S) – Due date March 15th Extension September 15th
Trust returns (Form 1041) – Due date April 18th Extension deadline is October 2nd
The deadline for financial institutions to mail out Form 1099-B relating to sales of stock, bonds, or mutual funds through a brokerage account is quickly approaching-February 15th. We would like to remind the clients who invest with Wamhoff Financial Planning that this year we need you to provide these 1099s to your tax professional. You can mail in, fax to Mary Russo at 636-573-1253 or bring them by. In order to expedite your return we do need these 1099’s as soon as you receive them.
More questions to be asked regarding your children
Due to changes in the in law, there is an expanded and revised Form 8867 Paid Preparer’s Due Diligence Checklist for the Earned Income Credit (EIC), The Child Tax Credit (CTC)/ (ACTC), and/or the American Opportunity Tax Credit (AOTC). In order to perform the due diligence we will be requesting more information from you. Examples include:
- Copy of school records for the child
- Birth certificate
- Verification of the income
- Copy of Social security card
- Not only the Form 1098-T but also a copy of the detailed statement from the University or College your child is attending
- Reviewing how the tuition was paid-student loans, distributions from college plans such as a 529 plan
Any documents we request will need to be retained in the tax file. The Form 8867 must be completed in full and filed with the tax return.
Congratulations to Susan Taylor!
Susan is now an Enrolled Agent. Enrolled Agent status is the highest credential the IRS awards. Susan worked very hard to pass a three-part comprehensive test covering individual and business tax returns.
Please help me in congratulating her!