#WakeUpWednesday#TMG – What Tax Filings Should I Be Thinking About In The Coming Months?

Managing Partner Paul Talbert points out a few things you and your company should be thinking about as it relates to tax filings in the coming months…

As we get further into the year and we have completed our 1099/1096/W2/W3 and other annual payroll filing, we start to prepare our 1042S/1042T/1042 filings. These filings have to do with reporting certain incomes and or withholdings made by your business to a foreign entity that are required by the Federal Government “see web-links below with further instruction and comments”. It should be noted that these 1042S/1042T/1042 filings are due by March 15^th of 2017.

Here are some helpful links on how to file the above mentioned forms:

• https://www.irs.gov/instructions/i1042s/ch01.html
• https://www.irs.gov/pub/irs-pdf/f1042t.pdf
• https://www.irs.gov/instructions/i1042/ch01.html

Once these filings are completed, we start to look at other annual filing requirements for calendar year filers. These are the following and it should be noted that there are a few new changes to the filing deadlines in 2017:

1. Annual State Filing Fee Requirements (This is a filing that the state of where you do business may require an annual reporting of “i.e. New York State has form IT-2104-LL for businesses that have income, gain, loss and or have deductions in New York State for the reporting year for and are setup as a Partnership/LLC and or LLP (see web-links with further instructions and comments with certain exemptions from filings https://www.tax.ny.gov/pdf/current_forms/it/it204lli.pdf )”.
2. Annual US Income Tax Filings Requirements (These are filings that the Federal Government, State and Local Municipality require on an annual basis. Here are a few of the common business and personal following forms that are required for Federal purposes;
   • Business Form 1120, 1120S, 1120F and 1065 due March 15^th 2017 see web-links below for instructions and comments;
     • https://www.irs.gov/instructions/i1120/
     • https://www.irs.gov/pub/irs-pdf/i1120s.pdf
     • https://www.irs.gov/pub/irs-pdf/i1120f.pdf
     • https://www.irs.gov/pub/irs-pdf/i1065.pdf
   • Personal Form 1040, 1040EZ and 1040NR due April 18^th 2017 see web-links below for instructions and comments;
     • https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
     • https://www.irs.gov/pub/irs-pdf/i1040ez.pdf
     • https://www.irs.gov/pub/irs-pdf/i1040nr.pdf
3. Annual Foreign Bank and Financial Accounts (FBAR) Filing Requirement (These are filings that the Federal Government require on an annual basis. It should be noted that this filing deadline is now due by April 15^th 2017, see web-link below with instructions and comments).
   • FBAR Form Instructions;
     •  https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

If you have any questions please feel free to email us at [email protected].

With an extensive network and boots on the ground in three office locations across the United States, the Talbert team is excited to help you reach your goals.  We hope you were able to find this information useful and look forward to continuing in educating our clients this New Year!

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