Can you believe it is September already? As we head towards the fourth quarter, it’s time to start thinking about the upcoming deadlines remaining this year. There are tax deadlines coming up, and the deadline for implementing new Department of Labor regulations.
Third quarter estimate – If you have business income, investment income, 1099 income, or other income without taxes withheld, you may need to make quarterly estimated tax payments. If you aren’t sure, make sure you contact your tax professional.
Business Extension Deadline – September is the deadline to file extended Partnership, S Corporation and C Corporation returns with a 12/31 year end. Penalties for late filing can be as much as $195 per partner per month if the returns are not filed by September 15th.
Personal Extension Deadline – October 17th is the deadline to file personal returns that have been extended. While a 6 month extension extends the time to file a return, it does not extend the time to pay any tax due.
DOL Overtime Rules – New Department of Labor regulations regarding overtime become effective December 1st. Employers will need to have processes in place to ensure that full-time employees making less than $47,476 per year are paid time and a half for overtime hours starting December 1st. You can find additional details here.
If you have any questions, please don’t hesitate to contact us.