• May 2- Deposit payroll tax for payments on Apr 25-27 if the semiweekly deposit rule applies. 
• May 4- Deposit payroll tax for payments on Apr 28-May 1 if the semiweekly deposit rule applies.
• May 9- Deposit payroll tax for payments on May 2-4 if the semiweekly deposit rule applies.
• May 10- Employers: Employees are required to report to you tips of $20 or more earned during April. File Form 941 for the first quarter of 2012 if you timely deposited all required payments.
• May 11- Deposit payroll tax for payments on May 5-8 if the semiweekly deposit rule applies.
• May 15- Deposit payroll tax for Apr if the monthly deposit rule applies.
• May 16- Deposit payroll tax for payments on May 9-11 if the semiweekly deposit rule applies.
• May 18- Deposit payroll tax for payments on May 12-15 if the semiweekly deposit rule applies.
• May 23- Deposit payroll tax for payments on May 16-18 if the semiweekly deposit rule applies.
• May 25- Deposit payroll tax for payments on May 19-22 if the semiweekly deposit rule applies.
• May 31- File Form 730 and pay the tax on wagers accepted during April. File Form 2290 and pay the tax for vehicles first used during April. Deposit payroll tax for payments on May 23-25 if the semiweekly deposit rule applies.

“You’re being audited” is probably on just about everyone’s Top 10 List of Most Dreaded Things to Hear!  But,  there are 7 ways to lower your risk of being flagged by the IRS for an audit. And believe it or not, they are pretty basic things to do.

1.  Do NOT round numbers on your tax return. It’s better to put down $2345 than $2500. You do not have to include cents.

2.  Put explanations on paper that you cannot put with e-filing.  If your tax software does not allow for explanations, then it is wise to print out your return and attach an explanation and mail those in to the IRS.

3.  Check, and double-check.  Make sure sums are correct along with information placement.  One of the top errors on tax returns is placing information on the wrong line.

4.  Pay attention to all the required information.  It is easy to forget some of the basic information on a return, such as forgetting to put your Social Security number, address, or even your signature.

5.  Document all your donations.  The normal contribution is 2% of your income. Keep all letter or receipts from charities-but be especially mindful of keeping paperwork for donations of $250 or more.

6.  Keep records for your receipts.  Jot down notes on the backs of receipts explaining who your were with and the reason you were with the person.

7.  Document bank transfers.  If you move money around from one account to another on a regular basis, it is wise to keep track of these transactions.  With alot of movement from one account to another, it can often appear that you have more money than you actually do.

David W Huff, CPA, PFS, MS is a partner at Person Huff CPA Group. He provides clients with tax preparation and consulting services, accounting services, retirement plan and benefit consulting, accounting software technical support and training, and management advisory services. His specialty is helping new businesses organize their operations to maximize tax savings and move quickly from start-up to profitability.  You can reach David by email at:david@personhuffcpa.com

While many Americans will be getting a tax refund this year, many will be getting a tax bill from the IRS.  These lucky people will owe the IRS money and many will be unable to pay the entire bill.  What should these people do?

There are several options that the IRS offers in this situation.  In some situations, leniency is not an option and payment must be made.  The IRS does expect immediate payment and it is usually a good idea to take out a loan and pay off the IRS.

If additional time is needed, the IRS will evaluate the individual case and depending on the circumstances, will often give a time extension.  The IRS does take credit cards, electronic fund transfers, and in some cases, installments are allowed.  Depending on amounts owed, installment agreements can be made via online agreements or IRS Form 9465. A one-time, minimal, user fee will be assessed on these installments.

The last option that people can use is to have money withheld from their W-4.

If you discover that you owe the IRS money and are unsure of which option is best for you, give Person Huff CPA Group a call and we can help you with your decision.

David W Huff, CPA, PFS, MS is a partner at Person Huff CPA Group. He provides clients with tax preparation and consulting services, accounting services, retirement plan and benefit consulting, accounting software technical support and training, and management advisory services. His specialty is helping new businesses organize their operations to maximize tax savings and move quickly from start-up to profitability.  You can reach David by email at: david@personhuffcpa.com