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BUSINESS MANAGEMENT
ACCOUNTANTS NEWSLETTER
APRIL 2008
IMPORTANT DATES THIS MONTH
Due
Date Description
10 * Employees receiving tips of $20 or more during March report them to employer on Form 4070 (tip book)
15 * Ohio Employer's Withholding for March-Monthly Filers
* 941 Deposit for March FICA & FIT Liability-Monthly Depositors
* Form 1040-Federal Individual Tax Return for 2007 or
Form 4868 Automatic Extension to file Form 1040
* Form IT-1040-State Individual Tax Return for 2007
* Municipal Individual Tax Return for 2007
* 1040-ES, Federal 1st Quarter Estimate for 2008
* IT-1040-ES, State 1st Quarter Estimate for 2008
* Municipal 1st Quarter Estimate for 2008
* Form 1065-Federal Partnership Return of Income
23 * UST-1 March Sales Tax Return (Postmark not acceptable)
30 * Form 941 Federal Payroll Report for 1st Quarter
* 940 Deposit-Federal Unemployment Tax, if over $500
* JFS66111 State Unemployment Report for 1st Quarter
* IT-501 1st Quarter State Tax Withheld
* 1st Quarter Local Tax Withheld
* Form 720-Federal Excise Tax Return
* Form 920-County Return of Personal Property
This advisory is intended to provide general information and to identify general tax requirements. It is not intended as a form of, or as a substitute for tax advice. Such advice should always come from a retained tax professional. Moreover, if this Advisory in any way seems to contradict the advice of your tax professional, your tax professional's opinion should control over anything written herein. Pursuant to Circular 230 promulgated by the Internal Revenue Service, if this letter, or any attachment hereto, contains advice concerning any federal tax issue or submission, please be advised that it is not intended or written to be used, and that it cannot be used, for the purpose of avoiding federal tax penalties unless otherwise expressly indicated.
FIRST QUARTER COMMERCIAL ACTIVITY TAX DUE MAY 12
For those who file their Ohio Commercial Activity Tax quarterly, the deadline for the electronic transmission of the return is May 12, 2008. This is for those who have more than one million dollars in Ohio annual gross sales. If we do the tax return reporting for you, please have your January through March sales figures to us no later than April 30.
PAYROLL TAXES AND PENALTIES
April 30 is the tax filing deadline for first quarter payroll taxes. Please have your payroll information to us by April 14 so that we have adequate time to properly prepare your taxes and return them to you in a timely manner. Some clients may find themselves in a poor cash position at the end of April given that personal taxes are due April 15 as well as estimates for the first quarter of 2008. In the event that you find yourself unable to pay all of your payroll taxes, we strongly urge you to at least file them. There are usually two separate penalties regarding payroll taxes. The first is a failure to file penalty and the second is a failure to pay penalty. You can avoid the failure to file penalty by filing your returns in a timely manner. The tax agency will, of course, bill you for the unpaid tax plus the failure to pay penalty which is sometimes an interest charge.
CONTINUATION OF ECONOMIC STIMULUS ACT
In addition to the changes discussed last month, a large write-off for new SUVs bought in 2008and used in business is available. For example, a new $50,000 SUV with a loaded weight over 6,000 pounds put into service in 2008 is eligible for a $25,000 initial expensed amount. One half of the remaining $25,000 cost, $12,500, is bonus depreciation. Then 20% of the $12,500 balance is deducted as regular depreciation. Thus if the business use is 100%, $40,000 could be written off of the original purchase. However, an energy bill has been introduced in the Senate to stop this tax windfall as of the date the bill passes. This only applies to SUVs over 6,000 pounds - not to pick ups.
APRIL OFFICE HOURS
The end of taxseason is now in sight. Schedule of office hours for April is:
Monday & Thursday April 3, 8-10 8:00 a.m. - 6:00 p.m.
Tuesday, Wednesday & Fridays 8:00 a.m. - 5:00 p.m.
Saturday, April 5 and 12 9:00 a.m. - Noon
April 15th we will return to normal business hours of Monday - Friday 8:00 a.m.- 5:00 p.m.
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