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What are these checklists I keep receiving in my email and why am I receiving them?

We here at Hultquist now use a software called Karbon to streamline and manage our workflows. The checklists are a tool within Karbon we use to send our clients lists (or checklists) containing action items needing completion, questions to be answered, or requests for information to aid us in completing your project, return, financials, etc. as soon as possible. For more information about these checklists, please visit Karbon’s FAQs for Clients – Karbon Client Tasks here: https://help.karbonhq.com/client-tasks/how-tos/faqs-for-clients-karbons-client-tasks

  1. Choose File > Accountant’s Copy > Remove Restrictions
  2. Select OK if you’re sure that you want to cancel the Accountant’s Copy

Note: Canceling the Accountant’s Copy makes it as if there was never an Accountant’s Copy created. However, once canceled, you will not be able to import the changes we make.  All changes will have to be manually entered.

  1. When we complete our work we will send back an Accountant’s Change File that ends in .QBY.
  2. Log in to your original QuickBooks file as the administrator.
  3. Choose File > Accountant’s Copy > Client Activities > Import Accountant’s Changes from File
  4. Locate our Accountant’s Change File and select Open.
  5. Review our changes. Once that is done, select Incorporate Accountant’s Changes.
  1. Open your QuickBooks file. In the upper left-hand corner, go to the File menu.
  2. Choose File > Accountant’s Copy > Client Activities > Save File
  3. Once you have selected Save File, confirm that you want to save the Accountant’s Copy, not a Portable or Backup file.
  4. Select a dividing date. We usually recommend 12/31/20XX, depending on which tax year is being selected.  Do keep in mind that while this file is out there you will not be able to update any QuickBooks information after this dividing date until we send it back.
  5. You will get a prompt to close all windows, select OK. When saving an Accountant’s Copy make sure to save it in a location where you can easily find it.  The file will end with .QBX.
  6. Click Save
  1.  .QBA – Accountant’s Copy Working File
  2.  .QBB – Backup File
  3.  .QBM – Portable Company File
  4.  .QBW – For Windows Company File
  5.  .QBX – Accountant’s Copy Transfer File
  6.  .QBY – Accountant’s Copy Change File
  1. This is a question we get a lot, but it’s not a simple yes or no.
  2. Typically, it makes sense to buy the vehicle in your business if you will be using the vehicle for almost 100% business use. This does not include commuting from your home to your office.
  3. When you use your vehicle for less than 100% business purposes it is often cleaner and more beneficial overall to own it personally. Then you can have your business reimburse you for business mileage, which is a deduction for the business.
  1. Estimated tax payments are a way for you, the taxpayer, to pay tax on your income throughout the year in addition to any withholding. For example, if you are self-employed, receive K-1’s, receive investment income, or rental income this may apply to you.
  2. They are paid quarterly on 4/15, 6/15, 9/15, and either 12/31 or 1/15 depending on your individual situation.
  3. Estimated payments are not required, but not paying them does come with consequences. If you don’t pay them you will be at risk for penalties and interest. While the rates on these penalties and interest are not high, if you have a large tax amount they can add up quickly.
  4. Estimated payments give you an opportunity to spread your tax payments throughout the year instead of paying one lump sum when you file your return.
  5. One important caveat, estimated payments will not always protect you from penalties and interest. They are estimates so if any huge swing occurs in your income there may still be penalties and interest, but they will be less than if estimated payments had not been made.
For Individual Returns
  1. Social Security Number
  2. Daytime phone number
  3. “20XX Form 1040” depending on the applicable year
  4. Make sure to include Form 1040-V with your check

 

For Business Returns
  1. Some may have information on the filing instructions for electronic payment.
  2. SC will most likely need to be mailed in with a voucher that is provided.
  1. The Filing Instructions give you the steps of what needs to be completed by you to complete the filing of the current year tax return for both federal and any states.
  2. They give a summary of the amount of tax, including the balance due or overpayment. If you have a balance due, it provides information as to who to make the checks payable to and what is to be written on those checks.  They also give mailing information.
  3. The bottom line is that filing instructions are very important and you need to read over them. We are available if you have any questions.

The answers below will be the same year to year unless the date falls on a holiday or weekend. If that is the case the due date will be the following weekday.

Return TypeOriginal Due DateExtended Due Date
Partnerships, S-Corporations3/159/15
C-Corporations (Calendar Year)4/159/15
C-Corporations (Fiscal Year-End other than 6/30 and 12/31)15th day of the 4th month after year-end15th day of the 10th month after year-end
C-Corporations (Fiscal Year-End 6/30)9/154/15
Individuals, FinCen Report 1144/1510/15
Trusts & Estates4/159/30
Exempt Organizations (Form 990)5/1511/15
W-2’s, 1099-MISC1/31N/A

PT-100: This is the South Carolina Business Personal Property Tax Return which is used to report business assets such as furniture, fixtures, and equipment.
SALY: Same As Last Year
AGI: Adjusted Gross Income
AMT: Alternative Minimum Tax

There are plenty more. If you hear one and don’t know what it means, just ask!



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