deadline - Linkenheimer LLP CPAs & Advisors

Individual Q4 Estimated Tax Payment Reminder: January 15, 2026 Deadline

If you make quarterly estimated tax payments, mark your calendar: the final due date is January 15, 2026, which applies to income earned in the fourth quarter of 2025. This applies to self-employment income, investment earnings, rental income, capital gains, and any other income not subject to regular withholding. Year-end surprises like bonuses, stock dividends, or crypto gains may also require a payment.

Don’t forget about state estimated taxes. Most states that impose income tax also require quarterly estimated payments, and many follow the same January 15 deadline as the IRS—but not all. Check your state’s requirements to avoid unexpected penalties when you file.

The IRS strongly encourages electronic payment. You may pay online using IRS Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or by using a credit card, debit card, or digital wallet. (Internal Revenue Service) These options give you instant confirmation and eliminate mail delays. Missing this deadline can trigger underpayment penalties when you file your 2025 return.

Questions about what you owe or whether you need to make a payment? Give us a call before year-end so we can help you […]

By Linkenheimer LLP|2025-12-03T21:17:59+00:00December 3rd, 2025|deadline, estimated tax payments|0 Comments

The 2024 Gift Tax Return Deadline is Coming Up Soon

If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway.

Requirements to file

The annual gift tax exclusion was $18,000 in 2024 (increased to $19,000 in 2025). Generally, you must file a gift tax return for 2024 if, during the tax year, you made gifts:

That exceeded the $18,000-per-recipient gift tax annual exclusion for 2024 (other than to your U.S. citizen spouse),
That you wish to split with your spouse to take advantage of your combined $36,000 annual exclusion for 2024,
That exceeded the $185,000 annual exclusion in 2024 for gifts to a noncitizen spouse,
To a Section 529 college savings plan and wish to accelerate up to five years’ worth of annual exclusions ($90,000) into 2024,
Of future interests — such as remainder interests in a trust — regardless of the amounts, or
Of jointly held or community property.

Important: You’ll owe gift tax only if an exclusion doesn’t apply and you’ve used up your lifetime gift and […]

By Linkenheimer LLP|2025-03-10T15:46:04+00:00March 10th, 2025|deadline, gift tax|0 Comments

BOI Reporting Update: What You Need to Know

As of now, businesses are not required to file Beneficial Ownership Information (BOI) reports, following recent legal and legislative developments. Here’s what you need to know:

Current Status of BOI Reporting

According to an alert posted on FinCEN’s BOI reporting webpage, BOI reporting remains voluntary despite the U.S. Supreme Court’s recent decision to stay the preliminary injunction issued in Texas Top Cop Shop Inc. v. McHenry (U.S. Supreme Court, Case No. 24A653, January 23, 2025). This decision temporarily lifted one of the blocks against BOI reporting requirements.

However, another nationwide injunction issued in Smith v. U.S. Department of Treasury (U.S. Dist. Court, Eastern Dist. of Texas, Case No. 6:24-CV-336, January 7, 2025) still prevents the enforcement of BOI reporting rules. Notably, the Department of Justice has not yet appealed the decision in Smith, and it remains unclear if the new administration will pursue an appeal.

Legislative Efforts to Repeal BOI Requirements

In addition to the ongoing legal battles, two bills (H.R. 425 and S. 100) have been introduced in Congress aiming to repeal the Corporate Transparency Act, the legislation that created the BOI reporting mandate. These bills could significantly impact the future of BOI reporting […]

By Linkenheimer LLP|2025-01-28T15:05:07+00:00January 28th, 2025|deadline, filing deadline, New Tax Laws|0 Comments

Businesses: The Form W-2 and 1099-NEC Deadline is Coming Up Fast

With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients:

Form W-2, Wage and Tax Statement. Form W-2 shows the wages paid and taxes withheld for the year for each employee. It must be furnished to employees and filed with the Social Security Administration (SSA). The IRS notes that “because employees’ Social Security and Medicare benefits are computed based on information on Form W-2, it’s very important to prepare Form W-2 correctly and timely.”

Form W-3, Transmittal of Wage and Tax Statements. Anyone required to file Form W-2 must also file Form W-3 to transmit Copy A of Form W-2 to the SSA. The totals for amounts reported on related employment tax forms (Form 941, Form 943, Form 944 or Schedule H for the year) should agree with the amounts reported on Form W-3.

Failing to timely file or include the correct information on either the information return or statement may result in penalties.

Freelancers and independent contractors

The January 31 deadline also applies to Form 1099-NEC, […]

By Linkenheimer LLP|2025-01-27T16:36:45+00:00January 27th, 2025|1099, deadline, w2|0 Comments