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Your Business Tax Return is DUE!- March 15th is quickly approaching

March 15th is the tax-filing due date for 2023 calendar year S corporations and partnerships. While this filing deadline does not require making a tax payment, missing the due date could cost you a hefty penalty.

The penalty

The penalty is calculated based on each month the tax return is late multiplied by each shareholder or partner. So a business tax return with no tax due, filed the day after the March 15th due date, could cost a married couple who jointly own an S corporation $490 in penalties!*

Take action

Here are some ideas to help you avoid penalties:

  • File on time. If you are a partner or shareholder of an S corporation or partnership, remind your fellow owners to file on or before March 15th. In addition to the penalties, filing late shortens the time you have to file your individual tax return.
  • Consider an extension. If your entity cannot file the tax return in time, file an extension on or before March 15th, which gives you an extra six months to file your business return. Remember, you pay the taxes for your flow-through business on your Form 1040 tax return at this year’s April 15th filing deadline.
  • Your personal tax return may be delayed. Do not file your Form 1040 tax return until you receive all your K-1s from each of your S corporation and partnership business activities. But be prepared if your business files an extension, as it’s possible you may need to extend your personal tax return while you wait for the K-1. Remember that an extension to file doesn’t mean an extension to pay your taxes. You may need to estimate how much you’ll owe so you can make a payment by April 15th.
  • Challenge the penalty. If your business does get hit with an IRS penalty for filing late, try to get the penalty abated. This is especially important if you file and pay your personal taxes on time.

If you haven’t filed your S corporation or partnership return for 2023, there’s still time to get it done or file an extension.

*The penalty calculation for 2023 S-corporations and partnerships is $245 for each month or part of a month (up to 12 months) the return is late, multiplied by the number of shareholders or partners.

Common Missing Items = DELAYS- Review these common causes of filing delays

Double-check this list of items that often cause delays with both filing your tax return and getting your much anticipated refund.

Missing W-2 or 1099. Using last year’s tax return, make a list of W-2s and 1099s. Then use the list to ensure they are received and applied to your tax return. Remember, missing items will be caught by the IRS’s matching program.

Missing or invalid Social Security number. E-filed tax returns will come to a screeching halt with a missing or invalid number.

Dependent already claimed. Your return cannot be filed if there is a conflict in this area.

Name mismatch. If recently married or divorced, make sure your last name on your tax return matches the one on file with the Social Security Administration.

No information for a common deduction. If you claim a deduction, you will need to provide support to document the claim.

Missing cost information for transactions. Brokers will send you a statement of sales transactions. If you do not also provide your cost and purchase information, the tax return cannot be filed.

Not reviewing your return and signing your e-file approval. The sooner you review and approve your tax return, the sooner it can be filed.

Forms with no explanation. If you receive a tax form, but have no explanation for the form, questions could arise. For instance, if you receive a retirement account distribution form it may be deemed income. If it is part of a qualified rollover, no tax is due. An explanation is required to file your information correctly.

Hopefully by knowing these commonly missed pieces of information, you can prepare to have your tax filing experience be a smooth one.

The Paycheck Tax Tip- A great place to lower your taxes

The tax code has plenty of ways to reduce your taxable income, and many take place on your paycheck. If you haven’t already done so, now is a great time to conduct a thorough review of your paystub. Here are some tips:

Review insurance withholdings. Many employers adjust the amount you contribute for your insurance at the start of each year. Check to ensure the proper amount is being withheld. This includes medical, dental, short-term disability and long-term disability. Every extra dollar hits your pocketbook!

Action: Compare the withholding amount with your employer documentation. Double check whether the dollars withheld are pre-tax or after tax. Most of these benefits should be pre-tax.

Check elective pre-tax benefits. These elective benefits typically include Health Savings Account (HSA) pre-tax contributions if you are in a qualified high deductible health plan or an FSA contribution if you are in this pre-tax health benefit. Remember that there are annual contribution limits, so double check you are taking full advantage of this tax benefit.

Action: Correct any errors as soon as possible with your employer and maximize your contributions to get your full tax benefit, but be careful with FSA contributions as part of the balance in this account does not carry over into the next year like HSA contributions.

Retirement Plans. Review to ensure contributions for employer-provided retirement plans are properly noted. If there is an employer contribution to your plan, make sure this is noted and properly calculated as well.

Action: If your employer is making a contribution to your plan, ensure you are maximizing this tax-deferred benefit.

Update your withholdings. Determine if enough is being withheld for Federal and State tax purposes. File a new W-4 with your employer if you need to adjust how much is being withheld for these taxes.

Action: Cost of living adjustments made by the IRS are impacting the tax rate being applied to your income. This is because the tax brackets are expanding while tax rates are remaining unchanged. Either use the new IRS withholding estimator (not for the faint of heart) or look at last year’s tax return and make adjustments accordingly.

Your paycheck is often one of the best sources of information to figure out how you can reduce your tax obligation. So keep it on your radar and come back to it for a quick review a few times during the year.

SMALL BUSINESS ALERT: New Federal Reporting Required- Especially important for new business startups

Beginning in 2024, many small businesses will have to report information about their owners to the Financial Crimes Enforcement Network (commonly referred to as FinCEN), a bureau of the U.S. Department of the Treasury that collects and analyzes information to help fight financial crimes. Here is what you need to know.

Determine if your business must comply with the new reporting rules. Any company created in the United States that has registered with a secretary of state or any similar office under the laws of a state or Indian tribe, or foreign companies registered to do business in the U.S., must comply with these new reporting requirements.

Many small businesses that are C corporations, S corporations, partnerships, or LLCs (including single-member LLCs) must comply. There are, however, nearly two dozen types of businesses that are exempt from these new reporting requirements, including sole proprietors, accounting firms, insurance companies, banks, certain large businesses, and tax-exempt entities.

Know when you MUST report. The reporting deadline varies depending on when your business was created or registered:

Created before January 1, 2024. For existing companies that were created before January 1, 2024, you must file your FinCEN report, commonly referred to as a Beneficial Ownership Information (BOI) report, sometime this year (before January 1, 2025).

Created during 2024. Companies formed this year have 90 days to file their FinCEN BOI report after they are created or registered.

Created in 2025 and beyond. The BOI report must be filed within 30 days of being registered or legally created.

Immediately report any changes. After your initial BOI report is filed, an updated BOI report must be filed within 30 days following any change in information previously filed with FinCEN. Any inaccuracies discovered on previously-filed reports must also be reported within 30 days.

Why they want to know. The Federal government wants to know who owns or is a beneficial owner of businesses in the U.S. This information is meant to protect national security by making it easier to find corruption, money laundering operations, tax evasion, and drug trafficking organizations. They will be sharing this information with approved agencies including Federal and State law enforcement and Federal tax authorities.

There are penalties for noncompliance. You may be liable for up to $5,000 or more in fines for each defined violation for non-compliance or false information provided on the form. There are also daily fines for potential errors and omissions.

Where to register and learn more. When filing, be prepared to not only identify owners and beneficial owners of your business, but also be prepared to submit visual proof of each owner’s identity (i.e. Driver’s license, passport, etc.) Click here to learn more:

Remember, existing companies have until the end of 2024 to complete their BOI report, and FinCEN just put the reporting system live in early January 2024. So don’t delay, but you may wish to wait a bit to ensure the reporting tool is working properly.

2024 Mileage Rates are Here!- New mileage rates announced by the IRS

This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted here. This publication includes, or may include, links to third party internet web sites controlled and maintained by others. When accessing these links the user leaves this web page. These links are included solely for the convenience of users and their presence does not constitute any endorsement of the Websites linked or referred to nor does Willis & Jurasek have any control over, or responsibility for, the content of any such Websites.
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Great Tax Tips to Start the New Year- yes, really some tax tips

The old year is ending and the new one is about to start. Here are some tax tips to get you going into the new year with a brighter tax future on your horizon.

1. Review beneficiaries. Now is the time to review beneficiaries in all your retirement accounts and insurance policies. While it might not impact your tax situation, it could impact others if not structured correctly.

2. Fully fund FSA or MSA. Flexible Savings Accounts and Medical Savings Accounts are a great way to pay for qualified, medical, dental and vision care. But it only works if you fund your account. So check with your employer and plan to take full advantage of this great tax benefit.

3. Planfully fund retirement accounts. Plan now to take advantage of the many retirement planning options. Whether it be a 401(k) or on of many versions of IRAs, they are a great way to manage your tax obligation, while planning for your future.

4. Consider any anticipated tax events. Life events are the biggest cause of tax surprises. So if you are planning to move, retire, get married or divorced, have kids or change jobs you should know of the tax impact BEFORE it happens. You could save thousands.

5. Review withholdings. Coupled with number 4, any changes could impact your tax obligation and should impact how much you have withheld during the year. So consider an annual review of your situation and adjust your withholdings accordingly.

6. Consider the child factor. This one is important because of the numerous tax benefits associated with children. It can mean funding a 529 program, or opening a Roth IRA if your older children have earned income. It can mean understanding when benefits expire as your children age or planning for college age children. The bottom line, conduct a tax review specific to your children.

7. Consider your property. Selling a home, stocks, bonds or digital currency all have potential tax implications. So if any of these are on the horizon consider taking a planned approach. It could save you a bundle.

Babies and Children. Tax Tips Everyone Should Know- Especially parents, grandparents and relatives

For parents, challenges come from every direction – feeding times, car seats, sleep schedules, strollers, child care and of course … taxes. What most parents do not consider is that these bundles of joy complicate their tax situation!

Whether you are a parent, grandparent, or know someone who is expecting, here are some tax tips to consider:

  • Initiate a 529 education savings plan. 529 education savings plans are a great way to kick off the baby’s savings for the future. These plans offer low-cost investments that grow tax-free as long as the funds are used to pay for eligible education expenses (including elementary and secondary tuition). States administer these plans, but that doesn’t mean you are stuck with the plan available in your home state. Feel free to shop around for a plan that works for you. Starting to save early, even a little bit, maximizes the amount of tax-free compound interest you can earn in the 18+ years you have before going to college.

Bonus tip for family and friends: Anyone can contribute up to $17,000 per year ($18,000 in 2024) to the plan for each child! In addition, there is a special provision for 529 plans that allows five years worth of gifts to be contributed at once — a great estate-planning strategy for grandparents. And new this year, there is an opportunity for grandparents to open these accounts with grandchildren as beneficiary and not have it impact their federal needs calculation!

  • Update Form W-4. Every year, parents need to review their tax withholding. Remember the birth of a child brings new tax breaks including a $2,000 Child Tax Credit and Child and Dependent Care Credit for child-care expenses. These credits can be taken advantage of now by lowering tax withholdings and increasing take-home pay to help cover diapers and other needs that come with babies and children. On the other side of the coin, these benefits fall away as your kids age. The Dependent Care Credit is for children under the age of 13 and the Child Tax Credit is available under the age of 17. So plan accordingly.
  • Prepare for medical expenses. Having a baby is expensive. So is having kids! Fortunately, there are ways to be tax smart in covering the predictable medical and dental expenses. The first thing to do is try to pay for as many out-of-pocket expenses with pre-tax money. Many employers offer tax-advantaged accounts such as a Health Savings Account (HSA) or a Flexible Spending Account (FSA). So check this out and fund them as much as possible. And while it is more difficult to use medical expenses as an itemized deduction, it is impossible to do if you do not have receipts.

Given the tax considerations of having a family, review this information and forward this tip to anyone who has children. Taking full advantage of the tax benefits that come with being a parent can make a difference. Please call if you have any questions.

Know What the IRS Knows About You- Here is how you can find out…

There are multiple situations where you need to find out what the IRS knows about you. It could be for the purpose of obtaining a loan, filing past year tax returns, or simply getting a copy of tax records for your files. A great place to start is understanding the IRS’s new online account function.


In the past, if you needed a copy of a tax return or wanted copies of W-2s and 1099s you called the IRS or filled out a form and sent it to them. You then waited. Now this information is available online through their Get Transcripts function.

How it works

Get registered using To get copies of your information from the IRS, you must first register and have your identity confirmed. The identity confirmation process is either an interview or verification using an approved government issued id like a passport or a valid driver’s license. So before starting the process it is best to be prepared with:

  • Original copies of either your drivers’ license or passport
  • A cell phone to take a selfie and to access software required by
  • Have a secure email and cell phone number
  • A secure computer on a private network

Getting access to your records. Once you have your identity confirmed, the IRS will allow you to set up a password and multi-factor authentication to access to your account.

Options within the account. Once your account is set up you can see:

  • Your account status
  • Payment function and activity
  • Copies of notices and letters
  • Any authorizations to access information or help you
  • Tax records

Available tax records

In the Get Transcripts function, you can retrieve copies of W-2s and 1099s filed by others on your SSN, review copies of original 1040 transcripts and any changes or modifications of the tax return. You can also retrieve history of advanced child credit payments and any economic impact payments.

Some Tips

Use caution. Setting up an online account with the IRS requires sharing sensitive information. So only do this on a secure device, on a home or private network. Make sure you are on the IRS website. DO NOT use a link to the site.

You do it. The online retrieval service is for individuals. Do not have someone else set up your account and do not share your login information with anyone.

Online versus phone or mail. This new retrieval service saves a lot of time versus filing out forms or requesting information. So consider signing up only if you are in need of a form and cannot get it any other way.

The online service is not for everyone. While it does save time, if you are at all wary of the service, ask for help. It is just a phone call away.

Plan Your 2024 Retirement Contributions

This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted here. This publication includes, or may include, links to third party internet web sites controlled and maintained by others. When accessing these links the user leaves this web page. These links are included solely for the convenience of users and their presence does not constitute any endorsement of the Websites linked or referred to nor does Willis & Jurasek have any control over, or responsibility for, the content of any such Websites.
All rights reserved.

Late Breaking News: New 1099-K Requirements Delayed- You will be surprised how many are impacted

In the fourth move in three years, the IRS in late November changed the reporting requirements for Form 1099-K. So why should you care? Well pay attention if you’ve ever sold anything on Amazon or eBay, have ever sold tickets to sporting events or concerts, or received money from payment apps like Venmo.


The IRS wants to track the receipt of money from third-party credit card and other payment processors. This is because much of this activity is deemed business activity AND it is under-reported. The IRS uses Form 1099-K to report these transactions and for years the threshold for reporting was $20,000 and 200 transactions per payment processor. The law was then changed to lower the threshold to $600 and any number of transactions.

Current situation

After delaying the implementation of the $600 threshold two times in prior years, the IRS once again rolled back the reporting threshold for 2023 to $20,000 and 200 transactions. This repeated change, albeit a welcome one for many taxpayers, is also creating mass confusion as the delay was put in place a mere 45 days before the forms start hitting inboxes.

What you need to know

The income is reportable whether you receive the form or not. So if you have a side hustle on Amazon, or have a business reselling tickets, you are required to report it.

You may OR may not receive a Form 1099-K. Given the late change, you may still receive a Form 1099-K this January or February even if the payment processor is not required to report it. So if you receive a form, please keep it. The activity is still being reported to the IRS.

The limits are still coming down, so be prepared. The recent change is only temporary. The IRS will be lowering the threshold over the next few years to get to the $600 limit, so be forewarned.

How to report business activity varies. If you have a side hustle, sell or resell tickets online, or use digital payment systems to receive payment for goods or services you are in business. This needs to be reported. How it is reported can vary so call for help.