Gwizdala & Associates Newsletters

Spring/Summer 2011 Newsletter

Oct-27-11
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Audit Watch: We are seeing an increasing number of audits and expect more. As a small business person, you can expect a sales & use tax audit, unemployment tax audit, and/or an income tax audit by Internal Revenue and/or Minnesota Revenue. These are happening all across the nation. All governmental agencies are out looking for additional revenue. Read More

Fall 2011 Newsletter for Businesses

Oct-27-11
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Independent Contractors: Misclassifying employees and independent contractors can become a costly issue if a government auditor finds discrepancies in the classification. There are a few factors to consider when classifying someone as an employee versus an independent contractor such as who has control over the services being performed, would breach of contract or termination be an issue, who dictates the value of the services, are any “investments” furnished by the firm or by the worker such as car or equipment, and who controls the premise where the services are performed. At a recent program, we were told by the Unemployment representative that their audit emphasis going forward will be on worker classification issues – employee or independent contractor. We can help you in determining these classifications if there is question. Read More

FINANCIAL/TAX CALENDAR

4th Quarter 2011

October 31, 2011
Employers must file quarterly
payroll reports

November 15, 2011
Businesses that file monthly withholding tax must file

November 21, 2011
Businesses that file monthly sales & use tax must file

December 15, 2011
Calendar-year Corporation estimated payments due

Businesses that file monthly withholding tax must file

December 20, 2011
Businesses that file monthly sales & use tax must file

1st Quarter 2012

January 17, 2012
Individual Estimated Tax
Payment Due

Businesses that file monthly withholding tax must file

January 20, 2012
Businesses that file monthly
sales & use tax must file

January 31, 2012
Employers must file quarterly
payroll reports

Employers must mail W2s and 1099s to recipients

February 6, 2012
Businesses that file yearly
sales & use tax must file

February 15, 2012
Businesses that file monthly withholding tax must file

February 20, 2012 
Businesses that file monthly
sales & use tax must file

February 28, 2012
Employers must file From W-2 and transmittal Form W-3 to the Social Security Administration

Businesses must file Form 1099 for interest, dividends, and miscellaneous payments to IRS and the Social Security Administration

March 15, 2012
Corporations must file their 2011 Tax Returns

Businesses that file monthly withholding tax must file

March 20, 2012
Businesses that file monthly
sales & use tax have tax due

2nd Quarter 2012

April 16, 2012
Individual 2011 Income Tax Returns Due

Individual Estimated Tax Payment Due

Last Day to make 2011 contribution to an IRA

Individual 2011 Gift Tax Returns Due

April 20, 2012
Make last quarterly tax payment

April 30, 2012
Make last quarterly tax payment

May 21, 2012
Make last quarterly tax payment