filing deadline - Linkenheimer LLP CPAs & Advisors

California Conforms to IRS: More Time to File State Taxes for Californians Impacted by Winter Storms

SACRAMENTO – In addition to tax relief measures that Governor Gavin Newsom announced in January, California is also extending the state tax filing and payment due dates to October 16, 2023 for Californians impacted by the winter storms in December and January. This aligns California with the Biden Administration, which announced that the IRS extended various due dates until October 16, as well.

“As communities across the state continue recovering from the damage caused by the winter storms, California is working swiftly to help recovering Californians get back on their feet,” said Governor Newsom. “The state is aligning with the Biden Administration and extending the tax filing deadline in addition to the tax relief announced earlier this year.”

Last month, Governor Newsom announced tax relief for those impacted by winter storms, giving people the ability to claim a deduction for disaster loss and extending certain filing deadlines.

The following counties are eligible for this extended tax relief, per the IRS announcements here and here:

Residents and businesses in Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Inyo, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Nevada, Orange, […]

By Linkenheimer LLP|2023-03-07T19:48:04+00:00March 3rd, 2023|CA tax, california, disaster, filing deadline, ftb, irs, New Tax Laws|0 Comments

California Tax Updates Regarding Wildfire Victims

Update 1:

Wildfire victims in parts of California now have until Jan. 3, 2022, to file certain tax returns and make tax payments. In August 2021, CA granted extensions to individuals and businesses affected by wildfires. They were originally given until Nov. 15, 2021 to complete these tasks. The IRS has now extended that deadline to Jan. 3, 2022. This deadline also applies to the quarterly payroll and tax returns normally due on Aug. 2, 2021, and Nov. 1, 2021. In addition, penalties on payroll tax deposits due on or after July 17, 2021, but before July 29, 2021 will be abated as long as the deposits were made by July 29, 2021.

Update 2:

New rates for California’s cannabis cultivation tax have been posted for 2022.The CA Dept. of Tax and Fee Administration (CDTFA) lists the following: cannabis flower, $10.08 per dry-weight ounce; cannabis leaves, $3.00 per dry-weight ounce; and fresh cannabis plants, $1.41 per ounce. Rates for cannabis cultivation tax are […]

By Linkenheimer LLP|2021-12-02T20:34:10+00:00December 2nd, 2021|filing deadline, fire, Fire Relief Info, tax deadlines|0 Comments

What Tax Records Can You Throw Away?

October 15 was the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic and the October 15th deadline was also extended for some in California due to fires and federally declared emergencies.) If you’re finally done filing last year’s return, you might wonder: Which tax records can you toss once you’re done? Now is a good time to go through old tax records and see what you can discard.

The general rules

At minimum, you should keep tax records for as long as the IRS has the ability to audit your tax return or assess additional taxes, which generally is three years after you file your return. This means you potentially can get rid of most records related to tax returns for 2016 and earlier years.

However, the statute of limitations extends to six years for taxpayers who understate their adjusted gross income (AGI) by more than 25%. What constitutes an understatement may go beyond simply not reporting items of income. So a general rule of thumb is to save tax records for six years from […]

By Linkenheimer LLP|2020-10-27T15:55:07+00:00October 27th, 2020|CA tax, california, filing deadline, individuals|0 Comments

IRS Extends More Tax Deadlines To Cover Individuals, Trusts, Estates Corporations and Others

To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 extends additional key tax deadlines for individuals and businesses.

Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due.

Today’s notice expands this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 federal income tax return and pay any tax due.

Extension of time to file beyond July 15

Individual taxpayers who need additional time to file beyond the July 15 deadline can request an extension to Oct. 15, 2020, by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. […]

By Linkenheimer LLP|2020-09-03T20:03:08+00:00April 9th, 2020|business, filing deadline, irs, tax deadlines|0 Comments

SBA Loans and the Paycheck Protection Program

Dear clients, family and friends,

We hope you all are well and safe. At Linkenheimer, our staff continue to work hard from home to help our clients find peace of mind and navigate this difficult, evolving situation. As the shelter in place continues for Sonoma County and California, we understand that many of our clients are feeling the stress of protecting and paying employees, managing rent and overhead costs and keeping their business afloat. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act contains many provisions for businesses and individuals, but the most impactful provision for small businesses in the immediate future is the Paycheck Protection loan program (PPP). This new program will provide up to $349 billion in federally guaranteed loans for small businesses. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration […]

By Linkenheimer LLP|2020-09-03T20:03:11+00:00April 3rd, 2020|business, employer, federal, filing deadline, New Tax Laws, self employed, small business, tax cuts, tax deadlines, tax deductions|0 Comments