McAfee & Associates, P.C. is a West Michigan accounting based Certified Public Accounting firm. We focus on serving individuals and small businesses with unique knowledge, education, income tax, estate, gift and business tax planning and compliance.
We narrowed down our focus to include pre and post-retirement planning for a wide range of professions including medical, legal, business executives and small business owners.
Our small business services include entity selection, business startup, and ongoing planning and compliance. Also, we provide personalized employee benefit and pension planning.
File a 2019 calendar year return (Form 1065), and provide each partner with a copy of Schedule K-1. If you want an automatic 6-month extension to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by Sept. 15.
S Corporations -
File a 2019 calendar year income tax return (Form 1120S), pay any tax still due, and provide each shareholder with a copy of Schedule K-1. If you want an automatic 6-month extension, file Form 7004 and deposit what you estimate you owe.
S Elections -
File Form 2553 to choose to be treated as an S corporation for calendar year 2020 and thereafter. If Form 2553 is filed late, S treatment will begin with calendar year 2021 (unless the taxpayer qualifies for late election relief).
Electronic filers of information returns -
Feb 28th - (recap)
File an information return (Form 1099) with IRS for certain payments you made during 2019. There are different versions of Form 1099 for different types of payments. For a 30-day extension of time to file, use Form 8809. The due date for electronic filers is March 31, 2020.
Electronically file those information returns listed under Feb. 28 above (e.g., Form 1099s, Form W-2s, etc.). (Feb. 28 is the due date for non-electronic filers.)
Large food and beverage establishment employers -
Electronically file Form 8027 to report tip income and allocated tips. Use Form 8027-T to summarize and transmit Form 8027 if you have more than one establishment. (March 2, 2020 is the due date for non-electronic filers.)