San Francisco, California – February 29, 2016. Safe Harbor LLP, a top San Francisco accounting firm serving startups as well as traditional businesses, is proud to announce preparations for the filing of tax returns of partnerships and/or LLCs. The Federal government has made many rule changes with the passing of the extenders and the highway bill, these changes affect the manner in which partnerships and LLCs are audited, and also will change the due date of 2016 tax returns. Many business owners may be confused about the deadline changes. Early awareness and planning to prepare for these changes will avoid unnecessary confusion and consequences among San Francisco business owners, especially startups.
“Many partnerships and LLCs (but not all) tend to be smaller businesses, either family businesses or startups,” explained Chun Wong, CPA, managing partner at Safe Harbor LLP. “In our experience, many are not set up with a full-time, in-house CFO (Chief Financial Officer) and they may not be aware of changes that could adversely affect them in the near future. We are thus announcing preparations for the 2016 season unique to LLCs and/or partnerships with ample planning time as we finalize 2015 tax returns.”
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Among the pages updated, interested parties are referred to the page specific on Partnerships and LLC. There, in addition to updated 2016 information, one can reach out for a phone consultation. In addition, the update to the business tax calendar at https://www.safeharborcpa.com/2016-sf-tax/ specifically explains the new, earlier deadlines for the 2016 tax year. (Individuals are reminded that this year’s deadline to file their 2015 returns is April 18, 2016, due to a Federal Holiday in the District of Columbia). And third, Safe Harbor LLP is prepared to file extensions, when needed, for those partnerships or LLCs that are a bit behind this year and avoid harsh late filing penalties on the entity and partner or member level.
“Our business is one of ‘hurry up and wait,'” explained Mr. Wong, adding, “We also prepare for procrastinators, especially in this hectic tax year.”
San Francisco LLCs and Partnerships: Startups
With the startup and mobile tech scene booming in San Francisco, Safe Harbor has become the ‘go-to’ CPA firm specializing in startup issues, small and medium businesses. Often, the first issue is the form of business organization. Safe Harbor can advise as to whether a C or S corporation, or an LLC or partnership is the best form of organization for tax purposes. In addition, many startups need advice on employee and owner compensation, including stock options. That, in combination with the tax filing deadline (coming soon), have formed the core of the firm’s information outreach and blogging efforts for early, 2016.
About Safe Harbor LLP – a San Francisco CPA Firm
Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service.
Safe Harbor CPA
Tel. 415.742.4249
