Monthly Newsletter for March 2025
Featured Articles
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Could You Be Hit with the Trust Fund Recovery Penalty? If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that must be withheld from employees’ wages.
Next-Level Growth: Unlocking Your Business's Full Potential After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level.
It May Not Be Too Late to Reduce Your 2024 Taxes If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected or your tax refund is smaller than you’d hoped, there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to a traditional IRA until the filing date of April 15, 2025, and benefit from the tax savings on your 2024 return.
Tax Tips
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QuickBooks Tips
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Tax Due Dates
March 17
Individuals: Report February tip income of $20 or more to employers (Form 4070).
Employers: Deposit nonpayroll withheld income tax for February if the monthly deposit rule applies.
Deposit Social Security, Medicare and withheld income taxes for February if the monthly deposit rule applies.
Calendar-year partnerships: File a 2024 income tax return (Form 1065 or Form 1065-B) and provide each partner with a copy of Schedule K1 (Form 1065) or a substitute Schedule K1 — or request an automatic six-month extension (Form 7004).
Calendar-year S corporations: File a 2024 income tax return (Form 1120-S) and provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1 — or file for an automatic six-month extension (Form 7004). Pay any tax due.
April 1
Employers: Electronically file 2024 Form 1097, Form 1098, Form 1099 (other than those with an earlier deadline) and Form W-2G.
April 10
Individuals: Report March tip income of $20 or more to employers (Form 4070).
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Please call us at (949) 251-0093 if you have any questions.
Afshin R. Maleki, CPA
4000 MacArthur Blvd., Suite 600 East Tower
Newport Beach, CA 92660-2517
(949) 251-0093
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
Always welcome and well done.