BPM is ready to help you prepare your business compliance filings, which are due in the first quarter of 2014. To learn more about due dates, download the Business Tax Return Filing Deadlines.
To prepare for this fast approaching deadline, update your vendor files with correct information now. We recommend sending the Request for Taxpayer Identification Number and Certification (Form W-9) to each company and/or person you do business with. Within your business files, it is important that you maintain W-9 documentation on each of your vendors in order to reference their proper name structure, business entity type, and tax ID number. This information also makes it easier to file Form 1099-MISC (Miscellaneous Income).
BPM can assist you with filing your Unsecured Business Property Statements (Form 571-L), as well as any planning opportunities that could benefit you and your company. Notifying BPM with additions, deletions, and relocation of assets at this time helps with year-end tax planning. Especially, if your company is planning major property investments.
Two items that may affect your tax situation this year:
- S Corporations - If you pay health insurance premiums for a shareholder who owns more than 2% of the business, the health insurance premiums needs to be included in the shareholder's W-2 form, and should be added through payroll by the last payroll cycle of 2013.
- Company-owned automobiles - The personal use portion of company-owned automobiles should be included in the W-2 form and is subject to FICA.