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STRATEGIC ISSUES...ONLINE
For week
of January 10, 2005, Issue #194
Featured Articles:
1. A New Year Tax
Checklist
2. Bush Signs
Tsunami Relief Bill
3. More
Fraud-Related Websites
4. Tech Tip Weekly:
Temporary Files
1. A New
Year Tax Checklist
The first few months of a new year are a busy time
for tax filings. Here's a partial list of key
dates for individuals and businesses in the first
half of 2005.
January 18 - Due date for individuals to make
final quarterly estimated tax payment for 2004.
January 31 - Information returns (such as W-2s and
1099s) are due to recipients.
January 31 - Deadline to file Form 940, Employer's
Annual Federal Unemployment Tax Return (FUTA).
February 28 - Payors must file copies of
information returns, such as 1099s, with the IRS.
The deadline is extended to March 31 if filing
electronically.
February 28 - Employers must file copies of W-2s
with the Social Security Administration. The
deadline is extended to March 31 if filing
electronically.
March 15 - Deadline for filing calendar-year 2004
corporate tax returns or requests for an
extension.
March 15 - Deadline for calendar-year corporations
to elect S corporation status for 2005.
March 15 - Deadline to pay 2004 bonuses and still
claim a corporate deduction on 2004 return.
April 1 - Last date to take required minimum
distribution from traditional IRAs if you reached
age 70 1/2 last year.
April 15 - Deadline for filing 2004 individual and
partnership tax returns or requests for extension
of time to file.
April 15 - Last date to make a 2004 contribution
to IRAs or to Coverdell education saving accounts.
April 15 - Due date for individuals to make first
quarter estimated tax payment for 2005.
May 15 - Deadline for filing return or request for
an extension for tax-exempt organizations
(calendar-year organizations only).
June 15 - Due date for individuals to make second
quarter estimated tax payment for 2005.
In addition to these dates, employers need to make
the routine deposits and filings for payroll
taxes. There can also be deadlines for state tax
filings or specialized filings for specific
industries or situations. Contact us for details
or assistance with any of your tax filings.
2. Bush
Signs Tsunami Relief Bill
On Friday, January 07, 2005, President Bush signed
into law H.R. 241, which extends the deadline to
claim 2004 deductions on to January 31, 2005 for
charitable cash contributions for the relief of
the Indian Ocean tsunami victims.
With the president's signature, Americans who make
cash donations to tsunami relief efforts through
January 31, 2005 will be able to claim those
charitable gifts as retroactive tax deductions on
their 2004 income tax forms.
The new law applies only to cash contributions
made specifically for the relief of victims in
affected areas. Donors should note on their
checks that it is a contribution to help tsunami
victims.
Taxpayers are advised to be sure their
contributions go to qualified charities.
Taxpayers who have a specific charity in mind can
make sure that it is a qualified charity by doing
a search on the IRS's website,
www.irs.gov. In
addition, some organizations, such as churches or
governments, may be qualified, even though they
are not listed on the website. Information about
groups involved in tsunami relief can be found on
the USAID website,
www.usaid.gov/locations/asia_near_east/tsunami/ngolist
or the USA Freedom Corps website,
www.usafreedomcorps.gov.
3. More
Fraud-Related Websites
We neither endorse nor recommend the following,
but they are out there in the Internet vast public
domain, for any and all to use!
Taxpayers Against Fraud -
www.taf.org
Scambusters -
www.scambusters.com
4. Tech
Tip Weekly: Temporary Files
Temporary files can take up large amounts of disk
space and can slow down your system as well.
There are typically 3 places where temporary files
are stored. The Recycle Bin, which is where files
you have deleted reside until you empty the bin.
The TEMP or WINDOWS/TEMP folders, where programs
put temporary files, or in Temporary Internet
Files folders, which are files that web browsers
keep on the disk.
If you are running Windows 98 or later, there is a
system tool called Disk Cleanup that will scan all
of these areas and offer to clean them up for
you. Earlier versions of Windows or Windows NT,
need to have these areas cleaned up manually. To
run disk cleanup, click Start, Programs,
Accessories, System Tools, Disk Cleanup.
Many of these processes can be scheduled to run
automatically if you leave your computer on at
night, using the Task Scheduler or Maintenance
Wizard in Windows. Otherwise, you need to set
aside some time regularly to keep your system in
top shape.
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presented may or may not apply to your facts and
circumstances and should not be acted upon without
professional advice.
Prangley
Marks, LLP
Accountants
and
Consultants
"The Way We
Figure, We Are
The Only CPA
Firm You Will
Ever Need"
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