Musings of a Burbank CPA: Filings That Are Required by February 29.

There are several business items you need to file by the end of  February (remember this is leap year, so you have until February 29 this year!)

First of all, if you have employees and pay payroll, you have to file your W2s with the Social Security Administration with the W3 Transmittal Form.  If you pay independent contractors, you have file 1099MISC with the Internal Revenue Service with the 1096 Transmittal Form.  If you pay interest to any one, you should also file 1099INT forms with the Internal Revenue Service (use a separate 1096 Transmittal for each type of form 1099.)  

If you do business in the City of Los Angeles (and probably many other cities across the country) you have to file your Los Angeles City Business Tax Form and pay your calculated business tax by February 29 (this form is normally filed online, plus you may qualify for the $100,000 gross receipt small business exclusion or the $300,000 creative artist exclusion if you file on time; otherwise you will lose this exclusion.)  

It is important to  make sure all these items are taken care of this month (the only other day to worry about this month is Valentine’s Day – so now you are covered.)

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Email: bstonercpa@sbcglobal.net  Phone: 818-317-6035   Website: www.briantstonercpa.com

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