2.5 months or the 15th

Technical topics regarding tax preparation.
#1
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I have a few June 30 year ends. Sep 15 falls on a Sunday this year so the due date of the tax returns will be 9/16

But for accrued bonuses, does that mean they get the extra day or is the 15th the hard and fast rule. Did anyone ever this become an issue?

I will tell the client to pay by the 15th unless there is something in the law that clearly gives you an extra day or two
 

#2
Doug M  
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I don't have the cite, but there is a tax court case that says 9/15.

The perfunctory task of writing a check is not hampered by a holiday or Saturday/Sunday.
 

#3
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Are you saying that Code § 7503 "Time for performance of acts where last day falls on Saturday, Sunday, or legal holiday"
"When the last day prescribed under authority of the internal revenue laws for performing any act falls on Saturday, Sunday, or a legal holiday, the performance of such act shall be considered timely if it is performed on the next succeeding day which is not a Saturday, Sunday, or a legal holiday", [emphasis added]
somehow doesn't apply to this scenario?
 

#4
Doug M  
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It goes way back to the '80's. If memory serves me corrrectly, in the old days when S corps. had to distribute their earnings by 2.5 months following the year end. Shareholder did not make distribution until Monday.
 

#5
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"Shareholder did not make distribution until Monday."
And what distribution would the *shareholder* have been making, anyway? Might want to check those memory bubbles...
 

#6
Nilodop  
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It was a bit over 2 years ago that this thread wrapped up. viewtopic.php?f=8&t=9304

But I no longer have the patience to concentrate on its possible relevance to our question. I think it has some.
 

#7
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If there's anybody here who wouldn't just backdate the check a coupla days or even a week, I don't want to hear about it.
 

#8
makbo  
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Harry Boscoe wrote:If there's anybody here who wouldn't just backdate the check a coupla days or even a week, I don't want to hear about it.

Hardly anyone still uses checks anymore, so the concept of "backdating" is becoming a quaint notion.
 

#9
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I do not think the payroll company would go along with it either
 

#10
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And neither should anyone else.

That is horrible advise coming from a tax profession.

Sorry Harry, this is not directed to you, this just goes against my belief system.

We know it happens unfortunately - just don't want to hear about it.
 


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