Kristin Waits

Year-End Tax Planning Letter

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As 2018 draws to a close, there is still time to reduce your 2018 tax bill and plan ahead for 2019. Year-end planning this year follows the new laws created by the Tax Cuts and Jobs Act that made major changes to the rules for individuals and businesses. This letter highlights several potential tax-saving opportunities for you to consider whether you are a business operator or an individual.

Read the full letter here, and contact us for your tax planning needs.

Anglin Welcomes New Audit Supervisor Meg Lawson

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We are pleased to announce the addition of Meg Lawson, CPA, MAcc, as a Supervisor in the firm’s Audit & Assurance group.  Meg has over 9 years experience in public accounting working with clients in industries including employee benefit plans, government contracting, and professional services.  She has a Bachelor’s in Accounting and a Master of Accountancy from the University of Alabama.  We are excited to have her join our team!

Meg 2

Meg Lawson

Upcoming Important Dates

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Important Dates to Keep in Mind

6/30/18

  • Incurred Cost Submission Due Date

7/31/18

  • Form 5500 – Annual Return/Report of Employee Benefit Plan Due Date
  • Form 941 – Employer’s Quarterly Federal Tax Return Due Date

9/17/18

  • Form 1065 – Return of Partnership Income Extended Deadline
  • Form 1120S – S Corporation Tax Return Extended Deadline
  • 3rd Quarter Personal Estimated Payment Due Date
  • 3rd Quarter Corporation Estimated Payment Due Date

10/1/18

  • Form 1041 – U.S. Income Tax Return for Estates & Trusts Extended Deadline

10/15/18

  • Form 1040 – U.S. Individual Tax Return Extended Deadline
  • Form 1120 – U.S. Corporation Tax Return Extended Deadline
  • FBAR – Report of Foreign Bank & Financial Accounts Extended Deadline

10/31/18

  • Form 941 – Employer’s Quarterly Federal Tax Return Due Date

11/15/18

  • Form 990 – Return of Organization Exempt from Income Tax Extended Deadline

Incurred Cost Submissions Due

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Do you have the clause FAR 52.216-7 “Allowable Cost and Payment” in any of your contracts? If you do, you have a requirement to prepare an Incurred Cost Submission for your company and submit to your local DCAA office by June 30th, 2018. Typically, this FAR clause is incorporated in cost reimbursable contracts and Time-and-Materials (T&M) contracts that are direct to the government or a flow-through from a prime contractor. A fixed price contract may also have a cost reimbursable element(s) so be sure to check all your contracts for this clause that triggers the requirement for submission.  If you discover that you do have the requirement and would like help in the preparation or review of the submission, we’d be happy to help with that. Please contact Michelle Jenkins at mjenkins@anglincpa.com and we can get you on your way to compliance!

401(k) Plan Administration

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Best Practices in 401(k) Plan Administration

Even if an audit is not required of your company’s 401(k) plan, the plan administrator, trustee and others acting on behalf of the plan participants are still required to meet their fiduciary responsibility.  That includes acting with due care, following the plan document, diversifying plan investments, and paying only reasonable plan expenses.  Read our article for more information.