Fall 2017 issue of Horizons

Additional Resources

E-Focus Newsletters Breaking regulatory updates, technical summaries and industry information are sent electronically through E-Focus newsletters. View the most current industry news by visiting www.RubinBrown.com/E-Focus . Seminars From our year-end tax and accounting updates to industry-specific education, we offer events to help you learn and connect with other businesses.

March 1, 2018 Farmers and Fisherman

April 17, 2018 Individuals

Can avoid estimated tax penalty if Form 1040 is filed on or before March 1, 2018.

File a 2017 Income Tax Return (Form 1040, 1040A or 1040EZ) and pay any tax due. If you want an automatic six-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Tax Return. Reminder: The Form 4868 only extends the time to file, not the time to pay. All tax should be paid by April 17, 2018. If you are not paying all your 2018 estimated income tax through withholding, pay the first installment of your 2018 estimated tax using Form 1040-ES. Corporations File a 2017 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic five-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns and deposit what you estimate to owe. If filing on a calendar year, deposit the first installment of estimated income tax for 2018. May 1, 2018 Federal Payroll Tax File Form 941 for the first quarter of 2018. Deposit or pay any undeposited Social Security, Medicare and withheld federal income tax. Federal Unemployment Tax Deposit the tax owed through March if more than $500.

March 15, 2018 S Corporations

File a 2017 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1(Form 1120S), Shareholder’s Share of Income, Deductions, Credits, Etc. If you want an automatic six-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. Partnerships File a 2017 calendar year income tax return (Form 1065) and pay any tax due. Provide each shareholder with a copy of Schedule K-1(Form 1065), Shareholder’s Share of Income, Deductions, Credits, Etc. If you want an automatic six-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. April 17, 2018 Individuals Aged 70 ½ in 2017 You are eligible to defer your minimum required distribution to April 15th of the following year. Planning Point: The election to defer the minimum required distribution may result in undesirable results for the following year as the minimum required distribution for 2018 will need to be made by December 31. Therefore, there will be two years distributions on one return. Careful planning should be done prior to making the decision to defer.

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Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties. Readers should not act upon information presented without individual professional consultation.

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