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Advisor

Is everybody ready for March 1?

Just wound up the last Q&A phone call with our CPA.  Our payment vouchers for both states and our Federal taxes will turn up on e-mail later today or tomorrow. 

They will FedEx us the paper copies of some to sing and send in, the annual LLC reports, our file copies of everything, and return my binder that I prepare and take to the annual appointment.  This beats another whole day in the road to Richmond. 

i am sure all of you guys were ready weeks ago...right?  My K-1s from the family mineral corp in VA arrived electronically on the 16th, the day before my CPA appointment.  Our last 1099s actually were not mailed this year until the 17th, according to the postmark,so did not even arrive until early this week.  Makes it tight for a March 1 filing. 

Fun, fun, FUN!

Hope it all works out okay for all of you this year. 

For our CPA buddies out here...whatever happened with the 1099 issues for this year?  Obamacare is sort of hamstrung in the courts right now.  What effect do thes legal challenges have on the tax accounting for all of us? 

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7 Replies
Senior Advisor

Re: Is everybody ready for March 1?

Ready to go.  Will go in and sign last paperwork and write the check in the next day or so.

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Senior Contributor

Re: Is everybody ready for March 1? NO!

We must be just a lot more 'laid back' never in a rush 'up here'.

Taxes do not have to be filed until April 30th, actually I do not think you have to file the papers until June but you have to pay the tax by April 30Smiley Sad so to calculate that, the paper work is done and may as well go in too.

Just getting some of the T5's etc in the last few days that I need, or at least the accountant needs to do the paper work.

Will gather it all up and take it in soon so he is not rushing on April 29.

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Advisor

Re: Is everybody ready for March 1? NO!

You answer sort of reminds me of that old trick question we'd ask in Social Studies in sixth grade:  Do they have the Fourth of July in England?

So many kids, thinking about the way the Revolution turned out, would  say, "NO!" 

Of course, the right answer if that they HAVE a fourth of July in England...they just do not celebrate it the way we do here.  

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Senior Advisor

Re: Is everybody ready for March 1? NO!

I send an equal amount in December to the federal government. Equal to what I paid last year. I did the same ofr the state of Iowa and Oklahoma.  My income report has been sent to the CPA and we have until April 15 to make final settlement.. Although, I prefer to get it finalized sooner.

 

 

 

 

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Senior Contributor

Re: Is everybody ready for March 1? NO!

In Canada we celebrate on the 1st of July and then just have an ordinary day on the 4th.

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Senior Contributor

Re: Is everybody ready for March 1? NO!

Have to send an 'installment' by Dec 31st here.

They send a notice of minimum required based on last year.

You do not have to pay that but if your tax papers indicate you owe money when you file them they tack on a BIG interest charge. If you have no tax to pay then no charge if you did not send any $$ in Dec. At least I think that is the way it works. My accountant always makes sure I have to pay.Smiley Very Happy

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Advisor

Re: Is everybody ready for March 1? NO!

Good one, Kay!

 

As for the 1099 question, if you're thinking of the one that was included in the health care reform bill, the House did vote to repeal the 1099 amendment.  Not sure how the Senate did on that one.  If nothing else is attached to the repeal, Obama just might sign it.

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