Author: Leon Clinton

Tax

Tax Due Dates for March 2014

March 3

Farmers and fisherman – File your 2013 income tax return and pay any tax due. However, you have until April 15 to file if you paid your 2013 estimated tax by January 15, 2014.

 

March 10

Employees who work for tips – If you received $20 or more in tips during February, report them to your employer. You can use Form 4070.

 

March 17

Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.

Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.

Corporations – File a 2013 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S Corporations – File a 2013 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

Electing large partnerships – Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership. This due date applies even if the partnership requests an extension of time to file the Form 7004.

S Corporation Election – File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2014. If Form 2553 is filed late, S treatment will begin with calendar year 2015.

Quickbooks

Make QuickBooks Yours in 2014: Customize

While many of the things you purchase and use in your daily work and professional lives don’t come with options, many do. Think about the last time you bought a car, for example. Did you request additional features for safety or convenience or aesthetic value?

You can’t buy “extras” with your copy of QuickBooks. You can select from the different versions (Pro, Premier, etc.) and extend the software’s functionality by installing integrated add-ons from the Intuit App Center. But if you install QuickBooks on two machines from the same DVD or download, they’ll look and work the same.


Figure 1: Need more functionality in areas like CRM or receivables? Talk to us about adding an integrated app. 

That is, until you start customizing the product, which you should do. The customization options in QuickBooks let you:

      • Change the appearance of your desktop
      • Modify forms to include only needed content and to make them look professional and uniform, and
      • Drill down deeply on your company data to isolate only the information that you want.

The benefits of customization are obvious. You’ll accelerate your workflow, polish your image and get insight that helps you make critical business decisions.

Your Desktop View

QuickBooks has always made your most commonly-used tools available on the home page. Intuit revamped this screen very skillfully starting with the 2013 versions, so it is much cleaner and less cramped. But if you do not use all of the functions represented by icons, you do not have to even see them.


Figure 2: You can remove icons from the home page, but not if related features are enabled. 

You can remove icons like Estimates and Time Tracking if you are not planning to use those functions, but some icons must remain if specific features are active. For example, if sales orders and estimates are enabled, invoices are automatically turned on. Likewise, if enabled, then Inventory, Enter Bills and Pay Bills are locked in, too.

There is an option to either limit the QuickBooks display to one window or let multiple windows open simultaneously. When you open QuickBooks, you can choose to have a specific set of windows open, the window or windows that were open when you shut down, or no windows.

Your Forms

QuickBooks comes with pre-defined forms for transactions such as purchase orders, invoices and sales receipts. If you don’t like the look of one of these default templates, you can download one from the dozens of alternatives that QuickBooks supplies. You can alter these to better meet your needs–even creating multiple versions of the same type of form to use in different situations.

Columns and fields can be added, deleted, renamed and repositioned so that your forms contain only the information that your business requires. You can add your logo and change fonts and colors. Once you’ve settled on a design, you can apply it to multiple forms to present a unified image to your customers and vendors.


Figure 3: You can specify which fields will appear–both onscreen and in print–in your templates’ headers, footers and columns. 

QuickBooks provides the tools to do all of this, but let us help you if you plan to do much modification. It can be challenging, especially if you have to use the Layout Designer.

Your Reports

You already know that you can do simple modification of your reports, like changing the date range. You may even have clicked on Customize Report and altered the column structure of a report and its sort order.

But do you regularly click on the Filters tab in the Modify Report dialog box? If you’re often frustrated because your reports cover too much ground or an inadequate, unfocused level of detail, you should be exploring the options offered here regularly. Filters restrict the data in a given report to a smaller, more targeted group of records or transactions, based on your needs.

For example, you might want to find out which customers in your New Construction class have outstanding balances (based on invoices) of more than $500 that are more than 60 days old. You would set up Filters to create this screen:


Figure 4: You’ll learn far more about your company’s financial status if you use Filters in reports. We can help you set up the most effective ones for your business. 

Why not resolve to make your copy of QuickBooks your copy of QuickBooks in 2014? Some customization processes will require some upfront time, but once you get going, you’ll wish you had done this sooner.

Tax

RS Guidance for Legally Married Same-Sex Couples

Under a joint IRS and U.S. Department of the Treasury ruling issued in 2013, same-sex couples, legally married in jurisdictions that recognize their marriages, are treated as married for federal tax purposes, including income and gift and estate taxes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.

In addition, the ruling applies to all federal tax provisions where marriage is a factor, including filing status, claiming personal and dependency exemptions, taking the standard deduction, employee benefits, contributing to an IRA and claiming the earned income tax credit or child tax credit.

Any same-sex marriage legally entered into in one of the 50 states, the District of Columbia, a U.S. territory or a foreign country is covered by the ruling. However, the ruling does not apply to registered domestic partnerships, civil unions or similar formal relationships recognized under state law.

Legally-married same-sex couples generally must file their 2013 federal income tax return using either the married filing jointly or married filing separately filing status.

Individuals who were in same-sex marriages may, but are not required to, file original or amended returns choosing to be treated as married for federal tax purposes for one or more prior tax years still open under the statute of limitations.

Generally, the statute of limitations for filing a refund claim is three years from the date the return was filed or two years from the date the tax was paid, whichever is later. As a result, refund claims can still be filed for tax years 2010, 2011 and 2012. Some taxpayers may have special circumstances, such as signing an agreement with the IRS to keep the statute of limitations open, that permit them to file refund claims for tax years 2009 and earlier.

In addition, employees who purchased same-sex spouse health insurance coverage from their employers on an after-tax basis may treat the amounts paid for that coverage as pre-tax and excludable from income.

Questions?

If you need to file a claim for a refund or have any questions about the IRS ruling, please let us know. We are happy to assist you.

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