S Corps and Partnership 2017 taxes are due Friday, March 15, 2019 Unless You File For An Extension


 

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The first of March brings thoughts of spring warmth (and showers) but for some of you, it means a tax deadline is only 2 weeks away. If you file a Form 1065 (Partnership) or 1120S (S Corporation), your tax return is due on Friday, March 15, 2019, for the 2018 tax year.

File Tax Return!

Please note you can file a 6-month extension of TIME TO FILE. However, if you believe any tax will be owed by your business, that amount needs to be sent in by March 15, 2019, or you may be subject to penalties and interest.

Be sure to get your taxes in soon!

Please feel free to leave me your thoughts:

Cheers!

Thomas C. Hodge
Founder

Hodge Group LLC
3943 N. Austin Avenue
Chicago, IL 60634

773.237.6369

Illinois Dept. of Revenue Offers Resources to Remote Sellers for Sales and Use Tax

Sales Tax Resources for Illinois in light of the Wayfair decision.


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Pursuant to the Wayfair, Inc. decision, Illinois Public Act 100-587 enforces that Remote Sellers are required to collect sales and use taxes on cumulative sales in Illinois of $100,000 or more or 200 or more separate transactions in Illinois for tangible personal property made on or after October 1, 2018.

Additional resources can be found here.  

Do you need help with the new sales tax laws?  Feel free to send us a message using the form below.

Cheers!

Thomas C. Hodge, Founder

Hodge Group LLC

More Tax Related E-mail Scams in 2016


Here we are on January 15, 2016 (as I write this post) and already have received 2 new types of e-mail scams regarding your taxes.  I tend to get a number of them every year with my business and after reporting them to the IRS (if you don’t know how, follow this link), I try to publish the info on my Facebook and Linked In pages as well as here to let everyone know.  This post will be updated as we go through 2016 with any additional scams that I personally receive or I get copies of from friends or clients.

Back on January 10th, an email from “Turbotax(dot)services(at)myturbotax(dot)inuit(dot)com” that was sent to recipients, instead of my email and the header was “Your TurboTax Identity Verification”.  Please note I don’t use Turbo Tax (copyright of the Intuit Corporation) so I wouldn’t be getting an email from them about my Turbo Tax Identity…  Anyway, the email wanted me to ‘download the attached form and follow the instructions on your sreen’ (sic).  Normally these downloads are infected with Malware and/or the ask you to fill out a form that contains all your personal info so it’s a treasure trove for identity theft…7K0A0021

The next e-mail arrived last evening (Jan 14 2016) from ‘epayment(dot)ealert(at)mail(dot)com with the subject of “YOUR TAX EXEMPTION NOTIFICATION” (their caps).  The email showed on my email program as being from IRS Tax Revenue.  The e-mail (copied below) read:

Our records indicate that your resident address has been compromised.

As a result you are exempted from United States of America Tax reporting and withholdings on interest paid to you on your account and other financial benefits.

To protect yourgeneral-icons-23 exemption from tax on your account and other financial benefits, you need to recertify your exemption status and enable us confirm your records with us.

Therefore, you are to authenticate the following by completing the attachment IRS Tax Refund Form.

Please complete IRS Tax Refund Form (attached) and click the Submit Botton, to enable us confirm your records immediately.

If your records are not confirmed on time, you will lose your tax exempt benefits and your account or any other financial benefits will be subject to US tax reporting and back up withholding*

*If back up withholding applies, we are required to withhold 30% of the interest/benefits paid to you.

We appreciate your cooperation in helping us protect your exempt status and also confirm our records.

Sincerely,

Isabella Charlotte,

IRS Public Relations

 

How interesting a person from IRS Public Relations thinks I may be tax exempt because my resident address has been compromised?!!  Plus she wants me to confirm it?

Obviously another scam…  I certainly didn’t download the ‘2015 IRS Tax Refund form’ (another irony – I’ve not even filed my 2015 taxes yet!).

Be sure to read any emails carefully but don’t click on any links or attachments.  You can forward emails to ‘phishing@irs.gov’ and include the whole email so they get to see the headers, date/time, etc.

Anyone receive different scams?  Would love to hear from you – please fill out the contact form below.

Cheers!

Thomas C. Hodge, CPA
President

The Hodge Group
4118 N. Western Avenue
Chicago, IL 60618

773.237.6369

www.thehodgegroup.com

www.taxbillappeals.com – Property Tax Bill Appeals for Cook County IL

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I Was Ranked #2 Best Tax Preparation Service in Chicago on Thumbtack.com


Many thanks to my customers, both past & present for giving me great reviews on Thumbtack.com.  I was listed as the #2 best tax preparation service in Chicago based on their reviews!  Perhaps next year I’ll get to #1!

Please feel free to check out the link here.  You’ll need to scroll down to see the list.

Thanks again everyone!

Please feel free to leave your thoughts in the comments section below:

 

Cheers!

Thomas C. Hodge, CPA
President

The Hodge Group
4118 N. Western Avenue
Chicago, IL 60618

773.237.6369

www.thehodgegroup.com

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Is your 2013 Business Tax Return due on September 15th?


If you timely filed a form 7004 on or before March 15, 2014, you should have gotten a six month extension to file your Business Income Tax Return for 2013.  Well, that extension is almost up as we approach September 15th!

With the timely extension, Business Income Tax Returns for the following returns are due in less than 2 weeks:

  • C Corporations – Form 1120
  • S Corporations – Form 1120-S
  • Partnerships – Form 1065
  • LLCs – could be 1120-S or 1065, depending upon your type of LLC
  • Bankruptcy Estate – Form 1041

There are other types of entities that are also due but the above list are the most common ones.  If you filed for the extension, then I hope you know what type of return you need to send in!

One thing to remember though is the extension is for time to file, not to pay.  So, if you have a tax amount due above a certain amount you will owe interest and penalties.  The extension doesn’t stop interest and penalties.

Please note that this extension does NOT apply to Single-Person LLCs or a Sole Proprietorship as those entities are included on Schedule C of your individual income tax return (Form 1040).

If you have any questions on your Business Income Tax Return, please let me know by filling out the contact form below.

Cheers!

Thomas C. Hodge, CPA
President

The Hodge Group
3040 N. Menard Avenue
Chicago, IL 60634

773.237.6369

www.thehodgegroup.com

Best Tax Preparers Website

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