Messiesscorp Season

Everyone knows about tax season, but what sometimes escapes attention are the subtle rhythms that define our days the rest of the year: the mild bustle that accompanies the quarterly payroll tax deadlines, the 1099 activity in late January (or early February...or late February... or ...), even the eerie feeling along about August 10 that something needs to be taken care of sometime soon. After all, it's only been a year or two since the IRS dropped the "first extension" and "second extension" rigamorole for individual tax returns.

And if it's September...your tax preparer might be busy working on S-Corp returns for people who have only the vaguest idea when and how they became S-Corps in the first place. Happy Messy-S-Corp Season. (And woo hoo, since taxable income/loss flows through to the individual tax return, most likely no tax liability. And no tax liability equals no late filing penalty. So Messiesscorp season just may extend into mid-October.)