Monthly Archives March 2017

Here are nine common errors to avoid when preparing a tax return: 1. Missing or Inaccurate Social Security Numbers. Be sure to enter each SSN on a tax return exactly as printed on the Social Security card. 2. Misspelled Names. Spell all names listed on a tax return exactly as listed on that individual’s Social Security card. 3. Filing Status Errors.  Some people claim the wrong filing status, such as Head of Household instead of Single. The Interactive Tax Assistant on IRS.gov can help taxpayers choose the correct status. E-file software also helps prevent mistakes. 4. Math Mistakes.  Math errors are common. They range
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The Internal Revenue Service reminded taxpayers who turned age 70½ during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. The April 1 deadline applies to owners of traditional (including SEP and SIMPLE) IRAs but not Roth IRAs. It also typically applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457(b) plans. The April 1 deadline only applies to the required distribution for the first year. For all subsequent years, the RMD must be made by Dec. 31. A
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The filing deadline for calendar year partnerships and S corporations is March 15, 2017. Partnership and S corporation returns can file a six month extension, if needed. Payment must accompany the return or the extension if taxes are due.
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Annual Reports can be filed on-line https://tnbear.tn.gov/Ecommerce/AnnualReportInstr.aspx and are due the 1st day of the 4th month after the close of the company’s fiscal year. If the LLC’s fiscal year ends on December 31, the annual report is due on April 1. The filing fee is $50 per member with a minimum fee of $300 and a maximum fee of $3000.
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