There have been some notes from the IRS in the past few days that are worth keeping in mind as we go through the rest of this year.
In the wake of the tragedy at the Boston Marathon, as well as the devastating explosion of a fertilizer plant outside Waco, Texas, the IRS is warning the public to be careful when making donations to organizations who say they’re collecting money to aid the victims of these events. The IRS notes there are taking advantage of the public’s sense of sympathy toward the victims of these events to steal from the public. When making a contribution, be sure the charity is a qualified charity by checking the list at the IRS website. Also, don’t send or give cash, and never give out personal financial information when giving.
Also, the IRS announced that the Service will close entirely for 5 days between now and August, and potentially two more days in the fall, due to the automatic federal spending cuts known as sequestration.
It’s official – in 15 hours, the 2012 tax season will be in the record books. It’s been a wild ride, thanks to the late decisions by Congress on the tax aspects of the Fiscal Cliff, the software problems that plagued the industry, (which we thankfully escaped), and a normally 3 month filing season that was shortened by more than a month due to the late changes by lawmakers.
We wanted to take this chance to thank all of our clients for your continued business. Whether you’re a new client this year, or you’ve been with us from the beginning back in 1976, we sincerely appreciate the opportunity to serve your tax needs, and more than that, to watch as your life unfolds over the years. You’re the reason we all come to work every day, and love what we do.
April Fool’s day happens to mark the Minnesota Twins Home Opener, as well as the two-week warning on the regular tax season. Individual, Partnership, and LLC tax returns are due two weeks from today.
We’re in high gear here at Ramsay, working hard to meet that deadline.
Any tax returns not completed by the 15th can be put into post-season extension status, allowing an additional five months to file the business returns, and another six months to file the individual tax returns. It’s just an extension to file though, and not to pay, so if your tax return needs to be extended, you’ll have to pay in any estimated balance due by the 15th of April.
As always, we’re here to answer your questions and guide you through tax season, usually without the mixed sports metaphors.
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