tax deadlines - Linkenheimer LLP CPAs & Advisors

Why You Might Want To File Early And Answers To Other Tax Season Questions

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is you can potentially protect yourself from tax identity theft.

Here are some answers to questions taxpayers may have about filing.

How can your tax identity be stolen?

In a typical tax identity theft scam, a thief uses another individual’s personal information to file a fraudulent tax return early in the filing season and claim a bogus refund.

The actual taxpayer discovers the fraud when he or she files a return and is told by the IRS that the return is being rejected because one with the same Social Security number has already been filed for the tax year. Ultimately, the taxpayer […]

By Linkenheimer LLP|2023-01-30T19:40:38+00:00January 30th, 2023|tax deadlines|0 Comments

California Conforms To IRS Filing Extensions For California Storm Victims

The Governor’s office has announced that California will conform to the filing extensions granted by the IRS for California storm victims. This means the FTB has extended filing and payment deadlines for many individuals and businesses in California until May 15, 2023.

This relief applies to the following deadlines falling on or after January 8, 2023, and before May 15, 2023:

Individual income tax returns;
Business return filings normally due between March 15 and April 18, 2023;
Fourth and first quarter estimated tax payments due on January 17, 2023, and April 18, 2023. Individual taxpayers can skip making the fourth quarter estimated tax payment and instead include it with the 2022 return as long as the return is filed on or before May 15, 2023;
IRA and health savings account (HSA) contributions; and
Quarterly payroll and excise tax returns, normally due on January 31, 2023, and April 30, 2023.

Below is the complete press release from the Governor’s office:

SACRAMENTO – Californians impacted by winter storms are now eligible to claim a deduction for a disaster loss and will have more time to file their taxes.

“Whether it’s more time to file your taxes or getting a deduction, this […]

By Linkenheimer LLP|2023-01-16T18:32:49+00:00January 16th, 2023|ca, CA tax, california, disaster, ftb, irs, tax deadlines|0 Comments

2023 Q1 Tax Calendar: Key Deadlines For Businesses And Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.

January 17 (The usual deadline of January 15 is on a Sunday and January 16 is a federal holiday)

Pay the final installment of 2022 estimated tax.
Farmers and fishermen: Pay estimated tax for 2022. If you don’t pay your estimated tax by January 17, you must file your 2022 return and pay all tax due by March 1, 2023, to avoid an estimated tax penalty.

January 31

File 2022 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees.
Provide copies of 2022 Forms 1099-NEC, “Nonemployee Compensation,” to recipients of income from your business where required.
File 2022 Forms 1099-MISC, “Miscellaneous Income,” reporting nonemployee compensation payments in Box 7, with the IRS.
File Form 940, “Employer’s Annual Federal Unemployment (FUTA) Tax Return,” for 2022. If your undeposited tax is $500 or less, you […]

By Linkenheimer LLP|2022-12-28T16:02:21+00:00December 28th, 2022|tax deadlines|0 Comments

2022 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact your Linkenheimer CPA to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

August 1

Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due. (See the exception below, under “August 10.”)
File a 2021 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.

August 10

Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), if you deposited on time and in full all of the associated taxes due.

September 15

If a calendar-year C corporation, pay the third installment of 2022 estimated income taxes.
If a calendar-year S corporation or partnership that filed an automatic six-month extension:
- File a 2021 income tax return (Form 1120S, Form 1065 or Form 1065-B) and pay any tax, interest and penalties due.
- Make contributions for 2021 to certain employer-sponsored retirement plans.

By Linkenheimer LLP|2022-07-29T18:34:31+00:00July 29th, 2022|tax deadlines|0 Comments

2022 Pass-through Entity Elective Tax (PTE) Payment Due June 15

Beginning with the 2022 taxable year, taxpayers wanting to make election for 2022 tax year must make a pre-payment by June 15, 2022.

The amount due by June 15 is at least the greater of:

50% of the elective tax paid for the prior year;
$1,000.

Entities that did not elect to pay PTE in 2021 will pay $1,000 on June 15 to preserve the right to make the election for 2022. Entities that have elected PTE for 2021 tax year, or plan to elect if on extension, must pay in at least 50% of the final 2021 PTE tax liability. If the 2021 return is on extension, taxpayers should consider making a larger than needed estimate to provide a cushion and ensure that their estimate is equal to 50% of 2021 final PTE tax liability. There are no exceptions to the 50% of prior-year tax requirement for the June 15 payment, even if income is expected to decrease. If the June prepayment is underpaid, then the taxpayer is ineligible to make the election for that taxable year. (R&TC §19904) The June 15 payment deadline applies to both calendar- and fiscal-year taxpayers.

The remaining 2022 […]

By Linkenheimer LLP|2022-05-25T16:05:28+00:00May 25th, 2022|entity, tax, tax deadlines|0 Comments