Annual Report Due April 15

Posted on by PAS Tax, Inc.

Wonderful!

You are providing a valuable service to the community.

You are viewing this page because you have one or more businesses that now require an annual report due with the
Secretary of State of North Carolina.

Linked below are instructional videos from the SOSNC website on how to get this done in under 5 minutes.

File Business Corporation Annual Report
File LLC Annual Report

Click to watch and file and pay your annual report.

Who needs to file??

  • C Corporations
  • S Corporations &
  • LLC’s

Who does NOT need to file?

  • General Partnerships
  • Individuals
  • Non-registered self-employed

Payroll Timesheet

Posted on by PAS Tax, Inc.

We have provided the following spreadsheet for our Payroll customers to streamline communicating your employees’ total hours worked during the specified period. Update the payroll beginning and ending period, employee information and hours worked, along with the type of payroll (ie check or Direct Deposit), and any deductions accrued for each employee for the specified period.

Email the updated Excel timesheet to the office by the deadline window we communicated to you, in order to process the payroll without penalty.

Updates:

Update: 3-27-2019
You may now manage a list of all your employees by going to Sheet 2, “Employees” – PAS

Simply contact the office if you have any questions at all.

 Last Updated  Title
 3/27/2019 PAS Timesheet Spreadsheet
Customer Spreadsheet File
lrn-exam-excel-logo

Estimated Tax Payment Deadline- Jan 15

Posted on by PAS Tax, Inc.

Q4 ES Tax Payment Due: January 15

For those who opted for quarterly estimated tax payments, the next payment due is January 15th. Be sure to have postmarked your quarterly payment obligation by this date.

You can pay online via the following link:

🔗 https://directpay.irs.gov/directpay/payment?execution=e1s1

Or if you are mailing your payment:

Refer to your Estimated Tax payment schedule summary with the voucher(s) that were printed for you at the tax office. Simply call us if you need for us to reproduce this for you, or complete the following blank voucher:

🔗 https://www.irs.gov/pub/irs-pdf/f1040es.pdf

Mail it to the following address by January 15:
📬
Internal Revenue Service
P.O. Box 931100
Louisville, KY 40293-1100

Estimated Tax Quarterly Payment Schedule

QuarterDue Date
1st – January 1 – March 31 April 15
2nd – April 1 – May 31 June 15
3rd – June 1 – August 31 September 15
4th – September 1 – December 31 January 15 (of next year)
🔗 Click To Pay Online Via IRS Secure Website

For those of you wondering, “What are estimated tax payments?”

Maybe you were not one of the lucky few who had a refund last tax season but owed at the end of the year. This could be due to earnings outside of traditional withheld sources from W-2’s, like self-employment or 1099 contractual sources. Perhaps your withholdings did not reflect accurately upon your complete household scenario.

Quarterly tax payments are the estimated tax earnings for which you would be responsible, broken up into 4 parts, paid quarterly throughout the year. This should reduce the amount owed next Tax Season.
For additional forms not discussed, please visit the IRS website.

Again, to avoid penalties, postmark your mailed payment and ship via the appropriate deadline date outlined above. If paying electronically online, you have until 8pm on the deadline date to pay via the IRS Direct web service. 

📧 Spread the word within your community and link back to this article for those who require additional information. Stay in the know with PAS News & Client Announcements.

🔗 Linked below are additional resources and original articles cited.

📰

USA Today – Feb. 25th, 2017:
https://www.usatoday.com/story/money/personalfinance/2017/02/25/who-should-pay-quarterly-estimated-taxes/98242512/

IRS Resource ~ When To Pay Estimated Tax (Individuals)
IRS Resource ~ Estimated Taxes

Assumptions made in this article include: You are a current PAS Tax, North Carolina residing customer; you are paying last quarter 2017 Federal Estimated tax voucher printed in our office.

Health Coverage Will NOT Be Ignored [Tax Season 2018]

Posted on by PAS Tax, Inc.

Are you ready?! Tax Season 2018 is approaching. Your tax office is getting prepped and ready. It is clear- you will not be able to skip the health coverage question come 2018 Tax Season.

Every tax season is fraught with uncertainty and change. Next tax season will be no different and the change: ☐ The Health Coverage checkmark question cannot be skipped.

What has changed:

  • Last tax season a failure to indicate whether health coverage was met simply imposed a penalty, and your tax return was still able to process.
  • Next tax season come 2018, your tax return will not process! Failure to indicate health coverage will reject all tax returns that are being electronically filed and paper-mailed.

📝 Steps you must take:

  1. Ensure that you print out your 1095-A statement (if you have the Affordable Care Act, ie Obamacare). If you are covered by your employer, be sure to obtain your 1095-C/B statement(s).
  2. Bring these statement(s) with you to your tax-filing appointment. 
  3. If you did not have health coverage this year, be prepared to inform us at the tax office and save for your shared responsibility payment that will be assessed based on your earnings.

Again, to avoid refund and processing rejection, you will need to indicate whether or not you and your family had health coverage the prior year and bring the appropriate documentation. If you did not have health care,  be prepared to make the shared responsibility payment.

📧 Spread the word within your community and link back to this article for those who require additional information. Stay in the know with PAS News & Client Announcements.

🔗 Linked below are additional resources on the new requirement and the original articles cited.

📰

Tax Pro Today – Oct. 17th, 2017: https://www.accountingtoday.com/news/irs-wont-accept-tax-returns-next-year-without-health-coverage
IRS Resource ~ Individual Shared Responsibility Provision

Not Another Traveling Restriction [Real ID]

Posted on by PAS Tax, Inc.

Communities may be blind-sighted by the “Real ID”, a new requirement for travelling and visiting federal buildings, represented by a star on the ID. One of our tax & accounting customers was surprised when I confirmed that the new rule will apply to even us, everyday individuals. The rule will apply to those who have commercial and non-commericial driver’s licences, and to those who do not drive, having just an ID.

Born out of tighter security regulations post 9/11, the Real ID Act of 2005 will be federally enforced at the beginning of 2020.

RESTRICTIONS

✪ What you will not be able to do without a star on your driver’s license:

  • Enter federal buildings
  • Restricted inter-state travel by plane
  • Enter any military precinct

HOW TO APPLY / RENEW

For NC Residents

To get the new license, simply apply in person at the DMV and bring:

  1. $5 Dollars
  2. A birth certificate or a social security card
  3. Any proof of residency including a utility bill, NC mailings (or current state), or any letter from the state that was mailed to your address.

And that’s it! You will have the all-anointed star on your ID!! You’ll now be able to enter federal facilities, military precincts, and travel within the US by air.

📧 Spread the word within your community and link back to this article for those who require additional information. Stay in the know with PAS News & Client Announcements.

🔗 Linked below are additional resources on renewing your ID and the original resources cited.

📰

Winston-Salem Journal printed publication September 29, 2017; p1 State officials tout ‘Real ID’
NC DMV – Real ID: https://www.ncdot.gov/dmv/driver/realid/
WS Journal Article ~ Sept. 28th 2017
WS Journal Article ~ April 26th 2017

Accounting Spreadsheets

Posted on by PAS Tax, Inc.

We have provided the following accounting spreadsheets for our PAS customers. Please note that if your business needs to track materials that are going into a product for sale and/or are directly being resold, we have provided a COGS – Cost of Goods section directly beneath the Income section.

*Note: This document is not intended to project tax calculations. It is an initial step toward gathering all necessary earnings and deductions for your particular scenario. However, there are many caveats that may or may not allow certain deductions. Your tax professional will be happy to explain further during preparation.

PAS Customer Spreadsheets

Please Read: These forms are in Excel format. In order to view/save these forms, you must have a copy of Microsoft Excel or other XLS editing software. Don’t have Excel? We have also provided a free Google Sheets version. You will need to have a free Google Account to store and edit the file for later use within your own Google Drive account.Get Microsoft Excel
Last Updated   Title
5-2017 PAS Basic Accounting Spreadsheet
Customer Spreadsheet File
Get Microsoft Excel
PAS Basic Accounting Spreadsheet
Customer Spreadsheet File
google-sheets
4-2019 PAS Mileage Chart
Customer log
Get Microsoft Excel
Once completed, print and fax your spreadsheet to the office fax line at (336) 722-4990.
Please call ahead beforehand so that we may confirm receipt.