January 16, 2020
Many people believe that our office doesn't really get busy until February when tax season kicks in. The reality is that for us accountants, January starts laying the ground-work for the entire season. We want you to know the importance of keeping your records complete during the year so that you can file the returns that affect your business in a timely manner. Here are some the returns that many of our clients will need to file or annually review:
1099’s - The January 31st deadline only applies to Form 1099-MISC with an amount listed in Box 7, Nonemployee Compensation. The filing due date for all other Forms 1099 & 1096 remains February 28th, 2020 if filing by paper, and March 31st, 2020 if filed electronically.
Personal Property Taxes - If a small business has less than $80,000 in business personal property located in a single municipality, Form 5076 must be filed and, at a minimum, must be postmarked by February 20. Form 5076 is the Small Business Property Tax Exemption Claim. Form 5076 must be actually received by the assessor by February 20.
If a small business has more than $80,000 in business personal property and is eligible for a manufacturing personal property tax exemption, Form 5278 must be filed with the assessor by February 20. Unlike Form 5076, postmarking is not sufficient. The assessor must receive Form 5278 by February 20.
If a business has more than $80,000 in business personal property and is not eligible for a manufacturing personal property tax exemption, Form 4175 must be filed with the assessor by February 20. Again, unlike Form 5076, postmarking is not sufficient. The assessor must receive Form 4175 by February 20.
Annual Sales, Use & Withholding Taxes - Michigan sales, use and withholding taxes annual return is a return that you must file by February 28, 2020. This form summarizes the monthly/quarterly filing reports you have previously filed.
It is absolutely crucial that you file the correct returns on time in order to make your tax season as smooth as possible. Call our office today if you have any questions regarding what returns you need to file.
Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical but important matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19 (commonly referred to as Coronavirus).
As the spread of the corona virus takes hold in Michigan, we at LBF want to be sensitive to the risks facing our clients and our staff. We are taking every precaution to ensure that we are minimizing the possibility of contracting and spreading COVID-19. To better protect our clients and our staff, we have decided to cease face-to-face appointments with clients for the remainder of this tax...
One of the biggest questions asked when filing taxes is "When can I expect my refund to come?"
Once your tax return is e-filed, you can get your refund in as little as 8 days from your filing date. The IRS cannot promise that you will get it back that quickly, but states that most filers should receive their refund within 21 days.
If you mail in your tax returns, you can...