#tax audit report due date extension

[reitmonero]

How to Avoid IRS Audits: Best Practices for Small Businesses

Running a small business comes with its fair share of challenges, and one of the most daunting is the possibility of an IRS audit. While audits can seem intimidating, knowing how to manage your finances and maintain proper documentation can significantly reduce your risk. Here are some practical steps you can take to avoid an IRS audit and keep your business running smoothly.

1. Maintain Accurate Records

Keeping detailed and accurate records is one of the most effective ways to protect yourself from an IRS audit. Ensure that you document every transaction, including income, expenses, and any other financial activities. This includes:

Receipts: Keep all receipts for business expenses. Digital copies are acceptable, but make sure they’re clear and legible.

Bank Statements: Regularly reconcile your bank statements with your financial records.

Invoices: Retain copies of all invoices you send and receive.

Investing in accounting software or hiring a professional accountant can help streamline this process and reduce the chances of errors.

2. Report All Income

It might be tempting to underreport income, especially if your business deals with cash transactions. However, the IRS has a keen eye on discrepancies. Ensure you report all sources of income, including:

Cash Transactions: Keep a record of all cash transactions and ensure they’re documented in your financial statements.

1099 Forms: Report income reported on 1099 forms accurately, and ensure that the income matches what’s reported to the IRS.

Being thorough in reporting your income can help you avoid raising red flags with the IRS.

3. Understand Deductible Expenses

While it’s important to claim deductions for legitimate business expenses, over-claiming or misclassifying expenses can trigger an audit. Familiarize yourself with what qualifies as a deductible expense, and ensure you’re:

Keeping Documentation: Save receipts and invoices for all deductible expenses.

Separating Personal and Business Expenses: Use separate accounts for personal and business transactions to avoid confusion and potential mistakes.

If you’re unsure about which expenses are deductible, consulting a tax professional can provide clarity and ensure you’re compliant with IRS regulations.

4. File Your Taxes on Time

Late filings can result in penalties and increase your chances of an audit. To avoid these issues:

Set Deadlines: Mark your calendar for tax deadlines and file your returns well in advance.

Pay Taxes Promptly: Ensure that you pay any taxes owed by the due date to avoid penalties and interest.

If you need more time, consider filing for an extension. However, remember that an extension to file is not an extension to pay.

5. Use Professional Tax Services

Navigating tax laws can be complex, and professional tax services can help ensure that you comply with all regulations. A qualified tax advisor can:

Provide Advice: Offer guidance on tax planning and strategies to minimize your tax liability.

Review Your Returns: Double-check your tax returns for accuracy before submission.

Working with a professional can help you avoid common mistakes and reduce the risk of an audit.

6. Be Honest and Transparent

Honesty is crucial when it comes to your taxes. The IRS is adept at identifying discrepancies and discrepancies in your returns can trigger an audit. Always:

Report Income Accurately: Ensure all reported income matches what’s documented.

Claim Deductions Honestly: Only claim deductions that you’re entitled to and are well-supported by documentation.

If you’re honest and transparent in your tax reporting, you’ll have less to worry about in the event of an audit.

7. Stay Informed About Tax Changes

Tax laws can change, and staying informed about these changes is vital for compliance. Regularly review updates from the IRS or consult with a tax professional to ensure you’re aware of any new regulations that may affect your business.

Conclusion

Avoiding an IRS audit involves more than just filing your taxes correctly; it requires diligent record-keeping, accurate reporting, and staying informed. By implementing these best practices, you can reduce your risk of an audit and focus on what really matters—running your business.

[williammartensen]

Common Tax Mistakes to Avoid

Filing your taxes may be complicated, with many specifics and rules. Even little errors could result in penalties, delays, or more tax authorities' attention. You can prevent typical mistakes and ensure your tax filing goes more smoothly by knowing them.

The most common error is entering incomplete or inaccurate personal information. This includes names spelled wrong, Social Security numbers entered wrong, and out-of-date addresses. Such mistakes could result in significant delays because the tax authorities want the correct information to handle your return. Verifying this information again before submitting it helps avoid problems and save time.

Understating income is another often-made error. Every source of income, from investments, rental properties, or freelancing, must be disclosed. Ignoring even a small source of revenue might result in penalties. Carefully reviewing forms like W-2s, 1099s, and other income statements helps ensure you record all earnings. Comparably, overreporting income can also be troublesome and result in substantial tax payments.

Another mistake is not realizing the credits and deductions you are eligible for. Due to complicated tax regulations, figuring out the credits and deductions you qualify for can be difficult. For example, significant savings are available with the Child Tax Credit, Earned Income Tax Credit, and other education credits, but they need meticulous documentation. Claiming a credit or deduction incorrectly may cause your return to be adjusted, possibly leading to an audit.

Another area where mistakes often occur is with filing status. Your filing status (single, married filing jointly, married filing separately, head of household, or qualified widow) impacts your tax rates and eligibility for some credits and deductions. Misclassifying your status can greatly vary your tax bills.

Mathematical mistakes can also significantly affect your taxes. Simple addition or subtraction errors might change your tax obligation. Tax software or a professional can identify and repair mathematical mistakes, reducing these errors.

People often forget to sign their tax returns. An unsigned response is regarded as invalid, resulting in processing delays. Whether filing on paper or online, be sure your return is signed and dated before sending it in.

Ignoring to maintain correct records is another common problem. Documenting your income, spending, and other financial dealings is essential. These records support your claims and are the foundation for any credits or deductions you seek. You might have trouble without the proper paperwork if your return gets audited.

Severe fines might follow from filing your tax return late or not at all. For most taxpayers, the filing deadline is April 15th, beyond which there are penalties and interest on unpaid taxes. You can get more time to prepare your return without paying late filing penalties if you can't submit it on time. An extension of time to file does not; it is crucial to remember to extend the time to pay any outstanding taxes.

An additional frequent error is failing to consider life changes. Life events like marriage, divorce, childbirth, or property ownership may significantly impact your tax position. Ignoring updating your tax records to reflect these adjustments might lead to inaccurate tax computations and lost chances to claim credits or deductions.

One other common mistake is mismanaging contributions to retirement accounts. Tax advantages can arise from contributions to retirement accounts such as IRAs and 401(k)s, but annual contribution limitations and regulations exist. Penalties may follow from exceeding these restrictions or from not correctly reporting donations.

Finally, many taxpayers don't think checking their return after filing is essential. However, errors can still be found and fixed before processing the return. Checking your return thoroughly can reveal errors that might have gone unnoticed otherwise.

[finriseadvisors]

How Outsourcing Accounting Can Boost Your Business Growth

Running a business means juggling countless tasks, and managing your finances is one of the most critical yet time-consuming responsibilities. That’s where outsourcing accounting can be a game-changer. By leveraging accounting outsourcing companies and offshore accounting and taxation services, you can streamline your operations, save money, and focus on what truly matters: growing your business. Let’s dive into how outsourcing your accounting can give your business a significant boost.

The Benefits of Outsourcing Accounting

Cost Savings

One of the primary reasons businesses opt for accounting outsourcing companies is cost savings. Hiring full-time, in-house accountants can be expensive, especially when you factor in salaries, benefits, and office space. By outsourcing, you can access top-notch Outsourced Accounting Services at a fraction of the cost. Offshore accounting and taxation services often provide competitive rates due to lower operational costs in their regions.

Access To Expertise

Outsourcing gives you access to a team of experts who are up-to-date with the latest accounting standards, tax regulations, and financial best practices. These professionals have extensive experience across various industries and can provide valuable insights into your financial health. This expertise ensures accuracy in your financial reports and helps you make informed decisions.

Focus on Core Business Activities

More Time For Core Activities

Managing finances can be a time-consuming task that takes your focus away from core business activities. By outsourcing your accounting, you can reclaim valuable time and concentrate on areas that drive growth, such as product development, marketing, and customer service. This shift in focus can lead to increased productivity and innovation within your company.

Scalability And Flexibility

Outsourcing offers the flexibility to scale services up or down based on your business needs. Whether you're experiencing rapid growth or facing a slow period, accounting outsourcing companies can adjust their services accordingly. This flexibility ensures you’re only paying for what you need, helping you manage your budget more effectively.

Enhanced Financial Management

Improved Accuracy And Compliance

Offshore accounting and taxation services are well-versed in global compliance standards. They ensure your financial records are accurate and compliant with local and international regulations. This reduces the risk of errors and potential penalties, giving you peace of mind that your finances are in good hands.

Advanced Technology And Tools

Many accounting outsourcing companies use the latest technology and software to manage your finances. These tools offer real-time financial reporting, streamlined processes, and enhanced data security. By leveraging advanced technology, you gain better insights into your financial performance and can make quicker, data-driven decisions.

Strategic Financial Planning

Strategic Insights And Planning

Outsourced accountants don't just handle day-to-day transactions; they also provide strategic financial planning. They analyze your financial data, identify trends, and offer advice on budgeting, forecasting, and financial strategy. This strategic support can help you set realistic goals and develop plans to achieve them, driving long-term growth.

Risk Management

Accounting outsourcing companies help mitigate financial risks by maintaining meticulous records and conducting regular audits. They identify potential financial pitfalls and advise on risk management strategies. This proactive approach protects your business from financial uncertainties and ensures stability.

Conclusion

Outsourcing your accounting can be a powerful strategy for boosting your business growth. By partnering with accounting outsourcing companies and leveraging offshore accounting and taxation services, you gain access to cost-effective, expert financial management. This allows you to focus on your core business activities, improve financial accuracy, and make strategic decisions that drive success. If you’re looking to streamline your operations and enhance your business’s financial health, outsourcing your accounting might be the perfect solution.

[axonsoftwareca]

The importance of accounting software in freight companies

Accounting software allows freight forwarders to manage and control their finances. It can also help you easily access all the financial data in one place. You can view and approve invoices and manage costs through a single platform.

Due to all these benefits, this software has become a necessity. If you plan to integrate freight booking software into your company, let us dive in and check out its importance.

1) Accuracy in financial reporting

Freight companies have a lot of financial work. An accounting software can help you to keep accuracy in financial reporting. It offers a precise record of all the income and expenses. This can help you easily demonstrate financial reports during audits and inspections.

2) Helps to file taxes

Tax rules can be difficult to understand. Accounting Software for Freight Forwarding Companies helps simplify taxation by automatically calculating the taxes. It helps generate reports and ensures the timely submission of tax filings. This helps to prevent the risk of errors and penalties.

3) Easy documentation

Freight forwarding requires extensive documentation to comply with trade laws and shipping requirements. Freight booking software can help you manage and organize documents. This can help you keep these papers up-to-date and accessible. In using this software, you can reduce the risk of delays. This can save you from fines due to missing or incorrect documentation.

To wrap it up

These were some of the points that showcase the necessity of accounting software for freight forwarding companies. These systems help to file proper and accurate reports. It can help you keep all your records safe and easily accessible. Freight accounting software aids in taxation-related work and can help you avoid fines or penalties.

For more details about Freight Trucking Companies please visit our website: axonsoftware.com

[electrocomservicesin]

audit management software, Best audit software in India

Audit Software Free Download

.

EasyAUDIT

audit software

Comprehensive solution for Audit e-filing & Balance Sheet

Experience the ease of Audit e-filing

audit software for chartered accountants in india

EasyAudit – a module for Audit efiling & Balance sheet generation in EasyOFFICE software. EasyAudit software is a powerful tool designed to assist Chartered Accountants and Auditors in their Audit work.It provides a wide range of features to help with the Balance Sheet preparation and e-filing of audit reports.

.

audit management software

The software incorporates various audit forms such as 3CA, 3CB, 3CD, 3CEB, 29B and 10B, which makes it a comprehensive solution for all auditing needs.

.

Best audit software in India

EasyAudit software also allows you to prepare Financial account statements Profit & Loss, Balance sheet manually or by importing trial balances from Excel sheets and Tally.

.

audit efiling software

With all these features EasyAudit is the Best Software & first choice among Chartered Accountants and Auditors looking for a reliable and efficient tool for Audit e-filing & Audit reporting.

.

best audit software

The software has the ability to automatically generate Balance sheet, Profit-loss account and Trading account based on the trial balance provided by the user making it a highly convenient tool that saves time and effort. In addition, it prepares fund flow and cash flow statements.

.

audit software for chartered accountants in india

EasyAUDIT is used by Tax professionals to prepare Audit forms, CARO Report, Audit Reports and calculate depreciation by Fixed Asset Chart.

.

balance sheet software

GST complaint Fully Accounting Software EASYACC is specific software of Financial Accounting. The software is an integrated business accounting software for Small and Medium traders and as well as for professionals.

.

audit software price

The software due to its user-friendly interfaces, Advanced Features, robustness, convenience and speed is being extensively used by Chartered Accountants, Tax Professionals, Consultants, Accountants, Traders and industries...

.

audit software 2023

To Keep our Customer up-dated With current market needs we regularly updating & adding the new features in the software.

.

tax audit e filing software

A Professionally managed organization engaged in the field of Electronics Process Control Solutions, Industrial Automation, TDS Software Free Download and Software Developments for more than a decade.

.

3ca and 3cb software

 Owing to our expertise in this domain, we are able to offer a generalize & custom-made range of Electronics Process Control Instruments and Accounting Software that is in compliance with the international standards of quality.

.

3cd filing software

Our dedicated and fully qualified team works hard to provide competitive prices, quick turnaround and full technical support.

.

tax audit software free download

Contact Us

Address: 505, Sukhsagar Complex, Nr. Hotel Fortune Landmark, Usmanpura Cross Road, Ashram Road, Ahmedabad - 380013. Gujarat

.

Call: 7927562400/+91-079-27562400

Email: info@electrocom.in 

Website: www.electrocom.in

[bhattandjoshiassociates-blog]

Form 10B/10BB Filing Issues 2023 & appeal for deferment or extension

 The Summery 0f representation made by the Income Tax Bar Association, Jalandhar, to the Hon’ble Finance Minister of India regarding the challenges and difficulties faced by professionals and non-profit organizations in filing of new form.     Background  - The Income Tax Act, India, provides tax exemptions to certain funds, institutions, trusts, universities, educational institutions, hospitals, and medical institutions that are engaged in charitable, religious, or educational activities, subject to certain conditions and compliance requirements for the form 10B/10BB. - One of the compliance requirements is to get their accounts audited by a chartered accountant and file an audit report in Form 10B/10BB along with their income tax return in Form ITR-7. - On February 21, 2023, the Central Board of Direct Taxes (CBDT) notified new Forms 10B/10BB with revised guidelines and formats for filing the audit report. The new forms are applicable from the assessment year 2023-24 onwards. - The new forms require detailed information and disclosures regarding the activities, income, expenditure, assets, liabilities, foreign contributions, application of income outside India, etc., of the non-profit organizations. The new forms also mandate the use of digital signatures by both the auditor and the auditee. Issues and difficulties with new Form 10B/10BB The Income Tax Bar Association, Jalandhar, a prominent association of tax professionals, has made a representation to the Hon’ble Finance Minister of India on September 17, 2023, highlighting the issues and difficulties faced by them and their clients in filing the new forms. Some of the issues and difficulties are: - The new forms are lengthy, complex, and cumbersome to fill and upload. They require a lot of data and documents that are not readily available or accessible to many non-profit organizations. - The new forms are not user-friendly and compatible with the existing software and systems used by the auditors and the auditees. They also pose technical glitches and errors while uploading on the e-filing portal of the income tax department. - The new forms have been notified very late in the financial year, leaving very little time for the auditors and the auditees to understand, prepare, and file them before the due date of September 30, 2023. This is especially challenging in view of the ongoing Covid-19 pandemic situation that has affected the normal functioning of many non-profit organizations. - The new forms have increased the compliance burden and cost for both the auditors and the auditees. They also expose them to higher risk of scrutiny, penalty, and litigation in case of any omission or mistake. Appeal for deferment or extension for the 10B/10BB form - The Income Tax Bar Association, Jalandhar, has appealed to the Hon’ble Finance Minister of India to defer or extend the applicability of the new forms for one year till the assessment year 2024-25. They have requested that for the assessment year 2023-24, the old forms should be continued to be used. - They have also requested that in case their appeal for deferment or extension is not accepted, at least an extension of the due dates for filing Form 10B, Form 10BB, Form 9A (for claiming exemption under section 80G), Form 10 (for accumulation or setting apart income under section 11(2)), and ITR-7 should be granted till December 31, 2023. - They have made this appeal with utmost respect and sincerity. They have stated that their appeal is based on genuine grounds and practical difficulties faced by them and their clients. They have also stated that their appeal is in line with the government’s vision of ease of doing business and ease of compliance. They have expressed their hope that their appeal will be considered favorably by the Hon’ble Finance Minister of India. You can read more about this representation here 1. Learn more: - taxguru.in - incometax.gov.in - blog.onfiling.com - ctconline.org - blog.saginfotech.com   Read the full article

[babatax]

CBDT extended due date for filing Form 10B/10BB and ITR-7

The Central Board of Indirect Taxes (CBDT) via Circular no. 16/2023 dated September 18, 2023 announced an extension in the deadline for filing Form 10B/10BB and ITR-7. The earlier deadline was scheduled to lapse on September 30. “The due date of furnishing audit reports in Form 10B/Form 10BB for the financial year 2022-23, which is 30.09.2023 has now been extended by the Central Board of Direct…

[thevatconsultant]

Tax Consulting Firms in Dubai: Why Choose The VAT Consultant for Expert Advice

Are you a business owner in Dubai looking for reliable tax consulting firms to navigate the complex world of taxation? Look no further than The VAT Consultant! As a leading tax consultancy firm specializing in Value Added Tax (VAT) services, we are here to provide you with expert advice and solutions tailored to your specific needs. With our in-depth knowledge of the tax landscape in Dubai and our commitment to client satisfaction, we have established ourselves as a trusted partner for businesses across various industries.

When it comes to tax consulting, it is crucial to work with professionals who understand the intricacies of the local tax regulations and can help you optimize your tax strategy. The VAT Consultant stands out among other tax consulting firms in Dubai due to our comprehensive understanding of the UAE tax system and our ability to deliver personalized solutions. Our team of experienced tax consultants keeps up-to-date with the latest developments in tax laws, ensuring that our clients receive accurate and timely advice.

Why should you choose The VAT Consultant for your tax consulting needs? Let's explore some of the key reasons:

Expertise in VAT: VAT implementation in Dubai has brought significant changes to the business landscape. Our team of VAT specialists has extensive experience in advising businesses on VAT compliance, registration, and reporting. We can guide you through the complexities of VAT regulations, helping you understand your obligations and avoid any potential penalties.

2. Tailored Solutions: We understand that every business is unique, and a one-size-fits-all approach to tax consulting does not work. At The VAT Consultant, we take the time to understand your business operations, industry-specific challenges, and future goals. This enables us to provide customized solutions that align with your business objectives and optimize your tax position.

3. Proactive Approach: Our proactive approach sets us apart from other tax consulting firms in Dubai. We believe in building long-term partnerships with our clients and staying by their side throughout their business journey. Our team continuously monitors changes in tax laws, identifies potential risks and opportunities, and keeps you informed about any updates that may impact your business.

4. Comprehensive Services: In addition to VAT consulting, we offer a wide range of tax-related services, including tax planning, compliance reviews, tax audits, and dispute resolution. Whether you need assistance with VAT returns, tax structuring, or tax optimization strategies, our team has the expertise to guide you every step of the way.

Choosing the right tax consulting firm is essential for your business's success in Dubai's competitive market. With The VAT Consultant, you can rest assured that you have a dedicated partner who will help you navigate the complexities of taxation, minimize risks, and maximize your tax efficiency.

Don't let tax compliance and planning burden your business operations. Contact The VAT Consultant today and let our experienced team of tax consultants provide you with the expertise and guidance you need to achieve your business goals while staying compliant with the ever-changing tax landscape in Dubai. Remember, when it comes to tax consulting firms in Dubai, The VAT Consultant is the name you can trust!

[taxform990]

Form 990-PF

The IRS Mandates Private Foundations to File Form 990 Electronically!

Under the “Taxpayer First Act of 2019,” the IRS mandates all private foundations to file their Form 990-PF electronically for the tax year beginning on or after July 2, 2019.

What is Form 990-PF?

Form 990-PF is used by private foundations to report revenue, expenses, organization activities, names of trustees and officers, application information, and a complete grants list to the IRS.

Form 990-PF serves as a substitute for section 4947(a)(1) nonexempt charitable trust's income tax return, Form 1041 when the trust has no taxable income.

Who must file Form 990-PF?

Form 990-PF must be filed by the following foundations.

Exempt private foundations (section 6033(a), (b), and (c)).

Taxable private foundations (section 6033(d)).

Organizations that agree to private foundation status whose exempt status applications are still pending on the 990-PF deadline.

Organizations that claim private foundation status and haven't applied for exempt status yet, but their application isn't untimely under section 508(a) for Retroactive recognition of exemption.

Who must file Form 990-PF?

Form 990-PF must be filed by the following foundations.

Organizations that made an election under section 41(e)(6)(D)(iv).

Private foundations that are making a section 507(b) termination.

Section 4947(a)(1) nonexempt charitable trusts treated as private foundations (section 6033(d)).

When is the due date to file Form 990-PF?

The due date to file Form 990-PF will differ based on the organization’s accounting period. 

Organizations that follow the calendar tax year must file Form 990-PF by May 15.

If the filing organization follows the fiscal tax year, the 990-PF return is due by the 15th day of the 5th month after the organization’s accounting period ends. 

If the due date falls on a Saturday, Sunday, or any legal holiday, file the form on the next business day.

Mandated Electronic Filing Requirements

The IRS has mandated the electronic filing of Form 990-PF for private foundations.

For tax years beginning on or after July 2, 2019, under the Taxpayer First Act, section 3101 of P. L. 116-25, the IRS mandates that private foundations file Form 990-PF electronically.

Form 990-PF Extension

Private foundations that need more time to file Form 990-PF can file Form 8868, the Application for Automatic Extension of Time To File an Exempt Organization Return. 

Form 8868 gives your organization an extension of up to 6 months to file the return.

Tax990 also supports the filing of tax extension Form 8868.

Choose Tax990 to E-file Form 990-PF 

Tax990 is an IRS-authorized e-file provider that thousands of nonprofit organizations and private foundations trust to e-file 990 returns securely and accurately!

Here’s a list of features that Tax990 provides:

Form-based and Interview based filing process

Supports Form 990 Schedules for FREE

Internal Audit Checks that help to fix errors

Invite users to review and approve returns

Visit tax990.com now.

[legalupdates2022]

What Is Tax Returns in US?

Forms 1040 for individual tax returns are due on the 15th of the fourth month after the end of the tax year (i.e., 15 April).. Taxpayers who are unable to file their federal income tax returns by the due date may be eligible for a six-month extension of time to file their tax returns. Unless that date occurs on a Saturday, Sunday, or federal holiday, USA tax law has stated that the return is considered timely filed on the next business day.

Taxpayers who are unable to file by the due date can request an automatic extension. The citizen should fulfill the time constraint for recording the US individual annual expense form to submit Structure 4868 (Application for Programmed Expansion of Time to Document the US Personal Assessment form) by the due date. It's important to remember that applying for an extension doesn't give you more time to pay your taxes. Late payments will incur interest at 12%.

If one of the spouses is a citizen or a resident of the United States, they can typically file a joint return together. It should be noted that even if only one spouse is a citizen or resident for the entire or part of the year, a joint return can still be filed if both spouses agree to be taxed on the combined worldwide income of both spouses as full-year residents.

If you file a joint return, your tax liability will typically be lower than if you file a separate return. Examining the facts and circumstances surrounding the taxpayers in depth is the only way to determine with absolute certainty whether this is true or not. The duty table for wedded individuals documenting separate returns should be utilized rather by non-inhabitant outsiders who are hitched to non-occupant outsiders (i.e., when the two companions are non-occupant aliens).Non-occupant outsiders can't guarantee the place of head of family on their expense forms.

The United States of America does not have a specific tax year; However, it typically occurs during the year, which begins on January 1 and ends on December 31.

Taxes must be paid by April 15 for those who owe federal income taxes to avoid accruing interest and penalties.

Foreign individuals who receive income from sources in the United States are typically required to pay tax at a rate of 30 percent on that income, which is collected through withholding, with the exception of situations in which an applicable tax treaty or statutory exemption provides for a reduced rate of tax or exemption. These exceptions are the only circumstances in which this is the case. A person must typically file a Form 1042 by March 15 of the following year, report the payment on Form 1042-S, and withhold and deposit the appropriate amount of tax with the United States government if they make a payment of income from the United States to a foreign person.

On employee compensation, income tax must be withheld. A resident, occupant outsider, or non-inhabitant citizen who gets non-available pay (like independent work pay, interest pay, profits, and so on.)is typically required to make estimated tax payments on a quarterly basis, with due dates of April 15, June 15, September 15, and January 15 following the end of the tax year.

Instead of four estimated tax payments, non-resident aliens without income subject to payroll withholding tax are required to make three. The first payment covers fifty percent of the total amount and is due on June 15, September 15, and January 15.The IRS recently announced that the deadline to pay estimated taxes for the first and second quarters of 2020 has been extended to July 15, 2020, in light of the COVID-19 pandemic.

An audit is an IRS examination of a taxpayer's account and financial data to confirm the accuracy of the information reported and the tax amount reported on the taxpayer's tax return, as the name suggests. The United States' tax authority is the Internal Revenue Service (IRS).A person's tax return can be examined for a variety of reasons, and the manner in which the examination occurs varies depending on the reason. A computerized screening procedure, a random sample system, or an income document matching program are used to select the returns. As soon as the individual's tax situation has been examined and any suggested changes to his or her tax situation have been suggested, the individual has the option of either agreeing with the proposed changes and paying any additional tax that is owed or disagreeing with the proposed changes and appealing the decision.

Limitation Period:

The IRS typically has three years to assess taxes on a return that has been filed or is due, whichever comes first. A different term also refers to that date as the statute expiration date or the law expiration date. The statute of limitations will also limit the amount of time taxpayers have to file a claim in order to receive a refund or credit.

[vbdrita]

When are taxes due in 2021

If you don’t submit a return and any payments due by the deadline, you’ll almost certainly face a financial penalty, even if it’s just an extra interest charge. What Happens If You Can’t Make It to a Date? If you are a C corporation that filed for an extension, your income tax return is now due. Organizations with a tax year ending on December 31 must file their exempt organization filings by May 17, 2021. The deadline for nonresident alien returns is April 15, 2021. The deadline for filing trust, estate, and gift tax forms is April 15, 2021. and partnership returns is the 15th day of the third month following the end of the fiscal year.įoreign partnership returns are due on March 15, 2021, the same date as other partnership returns. If they’re on a fiscal year rather than a calendar year, the deadline for S-corp. The deadline has been extended to September 15, 2021. Returns for S-corporations (IRS Form 1120-S):įor corporations that operate on a calendar year, these returns are due March 15, 2021. For corporations with a fiscal tax year ending in June, the deadline is the 15th day of the third month following the end of the tax year. returns is the 15th day of the fourth month following the conclusion of the fiscal year. If the corporation runs on a fiscal year rather than a calendar year, the deadline for C corp. The deadline has been extended to September 15, 2021.Ĭ-corporation income tax returns (IRS Form 1120) are due April 15, 2021, for calendar-year-operating C-corporations. The deadline for these is usually March 15th. 15, 2021, the fourth and final projected payment for the 2020 tax year was due. The IRS postponed two extra payments for the first and second quarters, which were due on April 15 and June 15, respectively, due to the coronavirus pandemic. These were due on July 15 and September 15 in 2020. Estimated tax payments (IRS Form 1040) for the 2020 tax year: Individual income tax returns: Although April 15 occurs on a weekday in 2021 and is not a holiday this year, the time to file your 2020 personal tax return has been extended to May 17, 2021. Annual return deadlines are nearly often in the spring, with extensions possible until the fall: Texas, Oklahoma, and Louisiana are included in this extension. The IRS website has a lot more information. The IRS has also declared that victims of winter storms will have until June 15, 2021, to file and pay company returns that were previously due on March 15th and April 15th. The big “tax day” is usually April 15, 2021, which is the deadline for filing your taxes! The deadline for individual tax filers in 2021 has been pushed up to May 17, 2021. Corporate taxes dueįor 2020 returns, the deadlines are in the calendar year 2021. Many deadlines have been extended (since last year) by the government owing to the epidemic it is critical to keep track of the most recent dates to avoid incompliance and penalties. Salaried taxpayers, corporations, and senior persons are all affected. In India in 2021, we highlight major tax deadlines, such as tax reporting deadlines, audit compliance deadlines, and relevant dates for tax and financial requirements.

[maruf123]

The Hon’ble Gujarat High Court vide the judgment dated January 8, 2021.

[babatax]

Extension: Income Tax Audit Due Date extended for AY 2022-23

Extension: Income Tax Audit Due Date extended for AY 2022-23

At the end moment of due date, Income Tax Department extended the due date of Tax Audit Report of AY 2022-23 from 30th September 2022 to 7th October 2022. The main reason behind the extension was the Income Tax Portal was completely down today. It was taking hours to upload 1 single audit report. Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi,…

[mytaxadviserindia]

Income Tax Updates June 2020 by My Tax Adviser India

The apex body of Income Tax, The central Board of Direct Taxes (CBDT), has again given some relief to the taxpayers by extending time limits for various compliances. They are given below:

1. The time limit for filing Income Tax Returns for FY 2018-19 (AY 2019-20) has been further extended to 31st July, 2020 from earlier 30th June, 2020.

2. Due date for filing of Income Tax Returns for FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Tax Audit Reports can be furnished by 31st October, 2020.

3. The time limit for various tax saving investments/ payments for claiming deduction under Chapter VIA-B, to name a few, PPF, LIC, NSC etc u/s 80C, Mediclaim u/s 80D, Donations u/s 80 G has been extended to 31st July, 2020

4. Self-assessment tax with liability up to Rs. 1 Lakh can be paid till 30th November 2020. However no extension has been granted to those taxpayers having tax liability of over Rs. 1 lakh and accordingly delayed payment would attract the applicable rate of interest u/s 234 A.

5. The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been extended to 30th September, 2020.

6. TDS and TCS returns can now be filed till 31st July, 2020 and accordingly TDS/TCS certificate can be issued by 15th August, 2020 for the FY 2019-20.

7. The reduced rate of interest of 9% for delayed payment of taxes shall not be applicable for the payments made after June 30, 2020.

8. The PAN Card-Aadhaar Card linking last date has been extended till 31st March, 2021.

[rakeshparik-blog]

Extension of Due dates Under Direct Tax Laws and Benami Laws of India : Notification 35/2020 dated 24th June 2020

In an another major steps taken by the Government of India as an relief to taxpayers of India the central board of direct taxes (CBDT) has announced a major relief in terms of extending due dates of various returns to be filled by tax payers/Assesses in view of the challenge faced by the people in meeting the statutory and regulatory compliance, due to COVID19. Below is the Latest Extension of Due dated in Income tax chart of new due dates of various event relating to various direct tax compliance.

Returns New Due Date

Income Tax Return original for FY 2018-1931/07/2020

Income Tax Return for FY 2019-2030/11/2020

Tax Audit Report for FY 2019-2030/10/2020

Payment of Self-Assessment Tax for FY 2019-20 up to INR 1,00,000/-30/11/2020

Investment under Chapter VIA-B i.e 80C, 80D, 80G for FY 2019-2031/07/2020

Investment/Purchase/Construction for claiming rollover benefit u/s 54 to 54GB under Capital Gain.30/09/2020

Date of commencement of operation for SEZ units claiming deduction under 10AA for units received approval till 31/03/202030/09/2020

Furnishing of TDS/TCS statement required for filling tax return31/07/2020

Issuance of TDS/TCS Certificate15/08/2020

Date for passing of order or issuance of notice under Direct tax & Benami Law31/03/2021

Linking of Aadhar with PAN31/03/2021

Vivad Se Vishwas Scheme31/12/2020

The above dates has been declared with a notification 35/2020 issued by CBDT and the relevant notification shall come into force from the 30th day of June, 2020.