Tony Passwater 
Q4 Tax Deadlines & Business Financial Planning
Proactive Financial Decisions for the Upcoming Fiscal Year
As we enter into the final calendar quarter of the year, smart business owners are already preparing for year-end closing and upcoming tax filing deadlines. We are introducing a streamlined newsletter and blog designed to provide you with high-value QuickBooks Tips & Tricks, alongside critical small business regulatory information.
We keep our publications highly focused and compact so you can easily review this essential data in just a few minutes. We encourage you to let us know what you think at the bottom of this page, and please share any other topics you would like to have included in our next edition. We are always here to help small businesses succeed and remain highly profitable.
Sincerely,
Upcoming Important Tax Deadlines
October 15 extended due date for federal individual tax returns.
Late-filing penalty rules and compliance.
Ongoing interest rates on unpaid tax balances.
If you filed a formal request for an extension to file your individual tax return, that official extension expires on October 15. Failing to file before this extension period runs out can result in severe late-filing penalties.
There are no additional extensions available (except in presidentially designated disaster areas), so if you do not have all of the information needed to complete your return by October 15, please call this office immediately so we can explore your filing options.
If you are waiting for a Schedule K-1 from a partnership, S-corporation, or fiduciary return, the extended deadline for those entity returns is September 15 (September 30 for fiduciary returns). You should make immediate inquiries if you have not yet received this information from your advisors.
Late-filed individual federal returns are subject to an IRS penalty of $5% of the tax due for each month (or part of a month) for which a return is not filed, up to a maximum of $25% of the total tax due. If you are required to file a state return and fail to do so, the state will also charge a late-filing penalty. The filing extension deadline for individual returns is also October 15 for most states.
In addition, interest continues to accrue on any unpaid balance due, currently indexed at the rate of $3% per year. This rate is subject to standard IRS quarterly adjustments.
If this office is currently waiting for missing information to finalize your returns, we must receive that data at least one week prior to the October 15 due date. Please contact our office immediately if you anticipate complications in gathering these records.
Additional October 15 Deadlines
In addition to being the final deadline to file your individual returns on extension in a timely manner, October 15 is also the deadline for the following actions:
FBAR Filings: Taxpayers with foreign financial accounts exceeding an aggregate value of 10,000$ at any time during the tax year must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) electronically with the Treasury Department. While the original due date is April 15, taxpayers receive an automatic extension to October 15.
SEP-IRAs: October 15 is the absolute deadline for a self-employed individual to set up and contribute to a SEP-IRA for the previous tax year. Note that the traditional and Roth IRA contribution deadline is April 15, with no further extensions available.
Special Note: Disaster Victims: If you reside in a presidentially declared disaster area, the IRS and state tax agencies provide additional time to file various returns and make outstanding tax payments.
Please contact our office for specific details regarding the extended due dates of other entity filings and disaster-relief provisions.
Retrospective SBA Audit & Compliance Guidelines
While historic PPP loans provided critical relief during major economic cycles, the administrative workload did not end with receiving forgiveness. The SBA retains the statutory authority to audit any PPP loan of any size. To protect your business from retrospective audits, understanding your document retention requirements is essential.
💡 Potential Automatic Forgiveness & Audit Scope
Standard regulatory data shows that more than $86% of all PPP loans under 150,000$ received simplified forgiveness structures. However, simplified applications do not exempt your business from mandatory audit-retention compliance checks.
The SBA explicitly mandates that borrowers must retain all documentation submitted with their loan application, all records proving the certification of eligibility, and all documents supporting their forgiveness application for $6 from the date the loan is fully forgiven or repaid. Because many loans were forgiven in late 2020 and throughout 2021, this legal document retention requirement runs directly through 2026 and 2027.
If the SBA conducts a review, you must instantly provide verification of your full-time-equivalent (FTE) employees, wage rates, and payroll ledgers, as well as utility, lease, and mortgage interest payments. If your records are unorganized or missing, the SBA can retroactively disallow forgiveness, demanding full repayment of the principal plus accrued interest.
Information about PPP Programs
Contact us for additional information and support regarding Retrospective SBA Audits.
Financial Insights & Improving Your Business
If you are a Collision Shop, we would like to give you our latest eBook titled, Financial Insights & Improving Your Business… For The Collision Industry Owner.
This valuable resource is specifically designed for the Collision Industry Owner.
The Second Quarter eBook will be released soon. It will build upon the basics covered in this eBook … so if you haven’t already read this one, you should before the next becomes available.
Just click the cover to download yours.
Please take the time to review this new resource, as well as the other free eBooks we have created to help you. This latest eBook includes additional tools we are sure you will find valuable.
Our company AEII, QuickBooks R Us, is always here to assist any small business with a full range of services, and provide the training and support needed to achieve excellent results. We have assisted businesses worldwide … And we specialize in the collision repair and service industry.
Schedule a free session to discuss any QuickBooks or small business needs you may have below:
📅 Book Your Session Now
Free 30-Min Consultation • No Obligation
We maintain an extensive archive of professional QuickBooks Tips & Tricks. You can catch up on past issues by Clicking Here.
We also host a free educational portal with practical walkthrough procedures and video guides: QbHelp.us
Thank you, and I look forward to sharing small business and QuickBooks Tips and Tricks with you in the future…
