Two dates are sitting in the file, and you need to know which one the return will use. You choose the dates, we prepare the books and the return those choices land on, and Steven Palmieri, a Tax CFO and the Entrepreneur's CFO, records the date the document actually shows.
The date a truck is placed in service is the date you placed it in service. The date pay is paid is the date the provider you run actually paid it. We do not pick a prettier date after the fact.
What we do is record that date in the month it belongs to, and carry it into the return without rounding it into a neighbor month.
For an S election, we read the instructions for that year and tell you whether the window looks open. You choose whether to file. The usual window is two months and 15 days after the tax year starts, and a filing during the prior year is often allowed. We confirm it on the form before you rely on it.
For estimates, we show what has been paid and what the closed months support. You choose the amount you send. We do not send it from this practice unless the engagement letter says that is in scope.
Every Texan can appreciate the art car parade, which began in 1986 with a short run of cars and later grew into a longer line of rolling art. We like the color. The date that matters on the books is the one the form asks for, not the day the parade rolled.
If two dates are in play, we write both down and say which one the return will use.
A date on a bank line, a date on a bill, and a date on a form can all be real and still disagree. We write down which document carries the date the return will use. The others stay in the file so nobody has to remember the argument later.
You can change a choice before it happens. You cannot hand us a new date for something the bank already settled. If the settled date is wrong because of a bank error, we follow the correction the bank issues, and that correction gets its own line.
Put your initials, in a manner of speaking, on the choices by telling us in writing what you decided and when. We are not collecting a signature for its own sake. We are making sure a later reader can see that you chose the date and that we only recorded it. A date with no owner is how a file becomes an argument. We do not leave those in the return.
Tell us the decision and the date you think it happened.
You will be talking to the Steven Palmieri practice.