If you are a monthly depositor, don't forget that your next payroll tax deposit is due January 15, 2015.  This should be your last deposit due before your 941 Employee Withholding Tax Return is due on January 31, 2015. 

If you aren't sure what kind of deposit schedule you should be on, you can review the IRS' publication titled "The ABC's of FTD's".  This publication is full of information on determining what kind of deposit schedule you should be on, including how and when to make your tax deposit.  

Ensuring you are on the right deposit schedule is imperative for avoiding penalties and interest with the IRS.  The taxing authorities will also want to see that you are correctly making deposits before they will allow you to make an arrangement to resolve any back tax balances.  

For assistance on making sure you are on the right deposit schedule, feel free to contact us.  We can be reached at 720-420-7996.

Amy Lee, EA

We are all excited about what 2015 will bring!  But, with the arrival of the new year, a new tax season also emerges.   For some of you who've filed extensions, you may feel like tax season just ended.  However, it's never too early to start planning for your upcoming filings and seeking the right tax professionals for assistance.

The IRS has recently announced that they've joined forces with national tax organizations in order to provide people with information and advice for selecting a tax professional.  Since there are unfortunately some inadequate tax professionals out there, this information will be very helpful to point people in the right direction.  They will even have information on non-profit organizations for certain taxpayers who may qualify for specialized help.  To find more information, visit IRS.gov/chooseataxpro.  

We here at Compass Tax Group wish you all the best in 2015 and hope it brings you many blessings. As always, if we can help you to get back on track with your tax matters in this new year, please contact us at 720-420-7996.

Amy Lee, EA