Tax Deadlines & Record Keeping

Bluebird Bookkeeping

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Hello.

We know everybody automatically freezes when someone mentions the IRS. However, there are a few items that we think are important enough to warrant this email communication which is relevant to your day to day business. Instead of possibly being taken by surprise on these important issues when it may be too late, we wanted to highlight them for you now.

1. Important Tax Deadlines

As if keeping track of what taxes to pay and when wasn’t hard enough already, Congress has changed some important filing deadlines, which are effective for tax years beginning after December 31, 2015 (2016 tax returns prepared during the 2017 tax filing season). Sadly, your personal tax deadline is still April 15th, but there have been several shifts in the business tax world that should be on your radar. The most important to your organization being "Corporation and Partnership Due Dates," which are highlighted below. For a complete listing of all the deadline changes, please click the "Download PDF" link for a pdf file from the American Institute of CPA's.

C-Corporations
The due date has been extended an extra month – to April 15th for calendar year corporations and the 15th day of the fourth month after the close of the fiscal year for fiscal year corporations.

Partnerships and S-Corporations
The due date for partnerships has been retracted one month – to March 15th for calendar year partnerships and the 15th day of the third month after the close of the fiscal year for fiscal year partnerships. The filing date for S Corporations is unchanged at March 15th.

Download PDF

2. How Long to Maintain IRS Records

We are often asked how long to maintain records for tax purposes. Time periods vary depending on the situation and what they may represent. The short answer, according to the Internal Revenue Service, is:

"Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction." May 13, 2016

However, there are additional rules and regulations "depend[ing] on the action, expense, or event which the document records." For further information, and a short summary on the rules, please visit the IRS page that further explains how long to maintain your records:

visit irs.gov

As always, if you have any questions or concerns, please feel free to let us know!
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