IRS NOTIFICATIONS

Have you received a letter from the IRS? Or, maybe a state notice that you don't understand? Fax it to your Account Representative at (914) 696-7505 and we will help you determine the best course of action. You can also scan and e-mail the form directly to your Account Representative.

ANNUAL TAX RETURNS / EXTENSIONS

Always make sure your account is up-to-date! Please contact your Tax Representative if you have any questions or need to get caught up on your paperwork. You can e-mail them directly through the link on the right or call DSA at 1 (800) 879-6605, we are available Monday through Friday, 9 am to 5 pm EST.

Business Tax Return(s) [ex. Form 1120S]
Please keep in mind that the due date for Corporate Returns is March 15th.

The IRS can charge $195 PER MONTH PER SHAREHOLDER for late filings

Personal Tax Return(s) [Form 1040]
Personal returns are always due April 15th (unless this date falls on a weekend or holiday, in which the date then becomes the next business day.) 

Please keep in mind that if an extension has been filed on your behalf, you will owe interest and a late penalty will be applied on any tax not paid by the regular due date of April 15th.

THE EXTENSION MISCONCEPTION

FALSE: "Filing an extension will postpone my tax due date and my tax payment."

TRUE: "If you owe any taxes you will be subject to late fees and penalties even if you filed an extension!"

More information can be found at www.irs.gov under Topic 304 – Extensions of time to file your Tax return.

QUARTERLY PAYROLL & ESTIMATED TAX PAYMENTS

Please make sure to submit your Monthly Report every month. This will allow DSA to calculate your Quarterly Payroll payments and Estimated Tax Payments as accurately as possible. Call your Account Representative if you are confused at all about these payments and remember, payroll tax payments are mandatory and estimated tax payments are highly recommended!  Please note the difference between the due dates for each:

… FOR ALL CLIENTS
ESTIMATED TAX PAYMENTS
  YOUR 1040-ES for IS DUE ON
  First Quarter April 15, 2014
  Second Quarter June 15, 2014
  Third Quarter September 15, 2014
  Fourth Quarter January 15, 2015
… IF YOU ARE INCORPORATED
PAYROLL TAXES
  YOUR 941 for IS DUE ON
  First Quarter April 30, 2014
  Second Quarter July 31, 2014
  Third Quarter October 31, 2014
  Fourth Quarter January 31, 2015

 

IF YOU PAY A PART TIME HELPER

In most cases, if you use a helper or relief person who does not work under your direct control and supervision you should be able to treat that person as an independent contractor, rather than a payroll employee, this will save you a lot of paperwork and some cost. However, it is extremely important to have a written agreement signed by both you and the person you hire. Having a signed Merchandiser Agreement and/or Service Contract on record, can make all the difference in defending your position to the IRS if ever a question.

It is important to pay that person (or corporation) by check to maintain a paper trail and to keep record of how much you have paid them during the year. In addition, it is imperative that you have the appropriate contract(s) on file to support that this person is not a payroll employee, but is indeed an independent contractor.

You and your merchandiser/contractor must agree to and sign the contract. As with any signed contract, we recommend having your attorney review the agreement to be sure it suits your circumstances. Keep a copy for your records and provide a copy to your contractor. Lastly, be sure to obtain their Social Security Number or EIN and address so you can issue them the correct tax form (1099-MISC) at year-end.

For more information you can go to www.irs.gov under Businesses > Operating A Business > Businesses with Employees.

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