Company Tax

October 2023

Company Tax - Reminder Index

     Company Tax Updates

    Email Reminders

    We’re moving away from sending email reminders and putting all reminders on our website and social media. You’ll still receive some emails however, they will be short and referring you to your google sheet link to access your accounting, payroll, and/or tax information center.

    Company Tax - Helpful Reminders

    • Please upload your financials to your BUSINESS Tax Portal.

    • If you need a financial template to input your financials, click here. SAVE THIS TEMPLATE TO YOUR COMPUTER.

    • If you’re an ARCC Consulting Accounting Client, you do NOT need to upload financials

      You will still have time to review your 2023 financials prior to our accountant notifying your tax preparer that your financials are ready for them to prepare your tax return.

    • We have simplified on how we can get documents: you’ll upload tax source documents to Tax Portal, (that you’re already familiar with), click this to go to the site: Tax Portal.

    • Please scan and save source docs per form vs one pdf.

    • If you choose to do one PDF, please make sure all pages are in order to avoid organizational fees.

    • Please make sure that you upload documents per tax portal account.

    • It is very confusing on our side when documents to someone else, or a business, are uploaded to someone else’s account (within your family or other businesses that you may own).

    • For tax consultations, you are always welcome to make an appointment to meet with a tax specialist in person at our office in Lake Forest. We are also offering video and phone appointments.

      We are happy that covid is more manageable this year and if you are high risk, we are more than happy to wear masks in office for your visit.

    • You’ll receive automatic replies that will help you know we’ve received your email and that we will respond within 24 business hours (if not sooner).

    • We work business returns first, as those are due March 15, 2024. Once business returns are completed and K1’s are issued to you, we move to individual returns.

      All returns are worked in order received. If you have all source documents in by March 31, 2024, we can guarantee your tax return to be submitted by April 15, 2024.

      For individual returns, as stated in your organizer, we will file an extension on your behalf after (at no cost) and will continue to work returns in order they were received. 

      Gentle reminder that if an extension is filed, and you owe money to the state or federal government, those payments are still due by April 15, 2024 (better to overestimate/overpay than under pay and get a penalty fee).

    • For individual returns, all estimated tax payments are due by January 15, 2024, to avoid any penalties and interest please make sure these payments are made. Remember that if an extension is filed, and you still owe money to the government, you are responsible for submitting an estimated payment to the state/IRS.

      If you do not submit a payment that covers the amount owed, there are penalty and interest fees that the government will send you and you’ll pay upon receipt of that letter. 

      In order to avoid this, please get your documents to ARCC by the above mentioned deadlines so there is time to prepare, review, edit (if need be), and submit your return by April 15, 2024

      ARCC Consulting will not be held liable for any penalties or interest as a result of underpayment of taxes.

    • If you have general questions, please email [email protected] or call the office at 847-295-0671.

      • If your tax preparer emails you, please email them back directly. Please avoid cc’ing other ARCC team members.
      • Please do not email other team members as it can create delays in response, as well as unintentional misinformation that may cause confusion to you (and us).
      • When in doubt, email our general email: [email protected]

    Company Tax - Forms

    Company Tax Reminders

    Let’s get ready for 2023 Business Tax Season

    We want to wish you and your company Team Members a holiday season full of joy and peace. As the year ends, we are preparing for the upcoming tax season. 

    Beginning January 2024, we know that you’ll be working hard to close out 2023 and have your financials prepared as accurate as possible.

    As soon as your financials are ready, please upload them to your Company’s tax portal.

      • If you are needing a financials template, you can download one here P&L Template

    If you’re an ARCC client, we will be working extended hours to ensure your year-end financials are to you as soon as possible.

    Your favorite part of the season: DISCOUNTS!

    • Follow Us on Facebook.

      This season, if you follow us on Facebook or Instagram, you’ll receive another 5% off your total invoice!

    • Follow us on Instagram.

    • If you refer another business to us, and we prepare their business return, we will provide an additional 10% off your total invoice as a thank you!

    2024 Corporate Tax Deadline 3/15/2024

    • The corporate tax deadline is March 15, 2024. In order to ensure the business taxes are filed on time we will need to get your financials by no later than February 29, 2024.

    • For any financials received after February 29, 2024, we will file an extension and continue to work returns in order financials were received. 

    • If you are an accounting client of ARCC’s, we will prepare those returns upon your approval of the final year-end financials

      (gentle reminder that we will continue to work through our check list as normal for reconciliation).

    • If you have any questions, please do not hesitate to contact the office.

    Extension Filed

    • As a gentle reminder, if we did not receive all documents by Feb 29, 2024 by 11:59pm, we automatically will file an extension for you. There is no additional fee for this.  We will continue to work returns in the order that they were received.

    • Filing an extension for your business return does not have a negative effect on your return; it provides you until 9/16/24 to file the return.

    • The extension is for your tax return only and does not include any payments due.  The extension gives the taxpayer the time to file but not time to pay. You are still responsible to make a payment owed, including estimated payments, by March 15, 2024

    • We thank you for being a valued client and look forward to working with you this tax season and the years to come.

    Extension Corporate Tax Deadline Approaching

    • The extension deadline for corporate tax returns is September 15, 2023 and is approaching quickly. To ensure that we have plenty of time to prepare your tax return, we will need all necessary tax documents submitted to us by no later than August 31, 2023.

    • Tax documents submitted after this date may not be filed by the September 15th deadline and you will continue to accrue penalty and interest fees until your return has been submitted & payment made (if you have a payment due).

    • Please upload your documents to our secure Tax Portal.

    • If you have any questions, please let us know.

    Experts in Tax, and Accounting Services

    Serving Businesses, and Individuals

    Our team is here to help your business grow, and thrive.