tax deadlines - Linkenheimer LLP CPAs & Advisors

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

2021 Q4 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 fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.

Friday, October 15

If a calendar-year C corporation that filed an automatic six-month extension:
- File a 2020 income tax return (Form 1120) and pay any tax, interest and penalties due.
- Make contributions for 2020 to certain employer-sponsored retirement plans.

Monday, November 1

Report income tax withholding and FICA taxes for third quarter 2021 (Form 941) and pay any tax due. (See exception below under “November 10.”)

Wednesday, November 10

Report income tax withholding and FICA taxes for third quarter 2021 (Form 941), if you deposited on time (and in full) all of the associated taxes due.

Wednesday, December 15

If a calendar-year C corporation, pay the fourth installment of 2021 estimated income taxes.

Friday, December 31

Establish a retirement plan for […]

By Linkenheimer LLP|2021-10-05T19:59:08+00:00October 5th, 2021|tax deadlines|0 Comments

2021 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 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Monday, August 2

Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due.
Employers file a 2020 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.

Tuesday, August 10

Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941), if you deposited all associated taxes that were due in full and on time.

Wednesday, September 15

Individuals pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
If a calendar-year corporation, pay the third installment of 2021 estimated income taxes.
If a calendar-year S corporation or partnership that filed an automatic extension:
- File a 2020 income tax return (Form 1120S, Form 1065 or Form 1065-B) and pay any tax, interest and penalties due.
- Make contributions for 2020 […]

By Linkenheimer LLP|2021-06-14T22:05:29+00:00June 14th, 2021|tax deadlines|0 Comments

Why it’s Important to Meet the Tax Return Filing and Payment Deadlines

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules.

Failure to pay

Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty is 1/2% for each month (or partial month) the payment is late. For example, if payment is due May 17 and is made June 22, the penalty is 1% (1/2% times 2 months or partial months). The maximum penalty is 25%.

The failure-to-pay penalty is based on the amount shown as due on the return (less credits for amounts paid through withholding or estimated payments), even if the actual tax bill turns out to be higher. On the other hand, if the actual tax bill turns out to be lower, the penalty is based on the lower amount.

For example, […]

By Linkenheimer LLP|2021-04-27T18:06:43+00:00April 27th, 2021|irs, tax deadlines|0 Comments

Tax Day for Individuals Extended to May 17: Treasury, IRS Extend Filing and Payment Deadline

The Treasury Department and Internal Revenue Service announced on Wednesday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig. “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, […]

By Linkenheimer LLP|2021-03-19T17:56:36+00:00March 19th, 2021|ca, CA tax, california, ftb, irs, tax deadlines|0 Comments