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General Filing Deadlines Form 10-K Form 10-Q Large Accelerated Filers 60 days after fiscal year end 40 days after quarter end Accelerated Filers 75 days after fiscal year end 40 days after quarter end Non-Accelerated Filers 90 days after fiscal year end 45 days after fiscal year end

Federal Tax Deadlines (for calendar year taxpayers) Jan 15th 4th quarter individual estimated tax payments. Jan 31st Forms 941, 940 filing deadline.  Form 940 payment. Jan 31st W-2, 1099-MISC due to payee and IRS/SSA. Feb 28th 1099’s (other than 1099-MISC) and 1098’s due. Mar 15th S-Corporations and Partnership Federal income tax return due or extension. Mar 15th Form 2553 for Corporate S […]

As a business owner, you know that planning is crucial, and that the new year is typically when you implement new strategies. As the new year begins, many business owners have begun to examine what they’ll do, if anything, about the long-term future of their businesses. Winston Churchill once said, “Failing to plan is planning […]

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes.For these reasons, the federal government views misclassifying a bon …

Inventory is expensive. So, it needs to be as lean as possible. Here are some smart ways to cut back inventory without compromising revenue and customer service. Objective inventory countsEffective inventory management starts with a physical inventory count. Accuracy is essential to knowing your cost of goods sold — and to identifying and remedying discrepancies between your ph …

The Tax Cuts and Jobs Act (TCJA) contains a provision that ties revenue recognition for book purposes to income reporting for tax purposes, for tax years starting in 2018. This narrow section of the law could have a major impact on certain industries, especially as companies implement the updated revenue recognition standard under U.S. Generally Accepted Accounting Principles ( …

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October 15 If a calendar-year C corpor …

HL&B is excited to to announce three employee promotions. Kevin Hubbard, David Borda, and Michael Killian have been selected to help grow and represent HL&B. For details on the promotions see the listings below: Kevin Hubbard, CPA Partner-in-Charge of Tax Services EDUCATION: University of Houston-Clear Lake Kevin has been named Partner-in-Cha …

Complex accounting estimates — such as allowances for doubtful accounts, impairments of long-lived assets, and valuations of financial and non-financial assets — have been blamed for many high-profile accounting scams and financial restatements. Estimates generally involve some level of measurement uncertainty, and some may even require the use of outside specialists, such as appraisers or engineers.

As a result, examining estimates is a critical part of an audit. Companies that understand the audit process are better equipped to facilitate audit fieldwork and can communicate more effectively with their auditors. Here’s what you need to know about auditing the use of estimates as we head into next audit season.

Financial statements help investors and lenders monitor a company’s performance. However, financial statements may not provide a full picture of financial health. What’s undisclosed could be just as significant as the disclosures. Here’s how a CPA can help stakeholders identify unrecorded items either through external auditing procedures or by conducting agreed upon procedures (AUPs) that target specific accounts.

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under the TCJA. If you have the option to use either accounting method, it pays to consider whether switching methods would be beneficial.