deadline - Linkenheimer LLP CPAs & Advisors

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

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

Appeals Court Reinstates Injunction Halting BOI Enforcement

On December 26, 2024, the Fifth Circuit Court of Appeals reinstated a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA), temporarily pausing the requirement for companies to disclose their Beneficial Ownership Information (BOI) to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).

This decision reverses an earlier ruling by the same court, which had lifted the injunction and allowed the CTA’s enforcement to proceed. The reinstated injunction means that the January 13, 2025, deadline for companies to submit their BOI reports is currently on hold while the court decides the case.

Key Points to Know:

What is the Corporate Transparency Act?
Enacted in 2021, the CTA requires corporations and limited liability companies to report information about their beneficial owners to FinCEN to combat financial crimes like money laundering.

Why was the injunction reinstated?
The court seeks to maintain the status quo while considering constitutional arguments raised by opponents, who claim the law infringes on privacy and imposes unnecessary burdens on small businesses.

What does this mean for businesses?

- January 13, 2025 Deadline on Hold: Companies are not required to file BOI reports until further […]

By Linkenheimer LLP|2024-12-27T18:28:06+00:00December 27th, 2024|filing deadline, New Tax Laws, News|0 Comments

If You Didn’t Contribute to an IRA Last Year, There’s Still Time

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2024, filing date and benefit from the tax savings on your 2023 return.

Who is eligible?

You can make a deductible contribution to a traditional IRA if:

You and your spouse aren’t active participants in an employer-sponsored retirement plan, or
You or your spouse are an active participant in an employer plan, but your modified adjusted gross income (AGI) doesn’t exceed certain levels that vary from year to year by filing status.

For 2023, if you’re a joint tax return filer and you are covered by an employer plan, your deductible IRA contribution phases out over $116,000 to $136,000 of modified AGI. If you’re single or a head of household, the phaseout range is $73,000 to $83,000 for 2023. For married filing separately, the phaseout range is $0 to $10,000. For 2023, if you’re not an active participant in an employer-sponsored retirement plan, but […]

By Linkenheimer LLP|2024-02-20T17:51:46+00:00February 20th, 2024|ira, retirement, tax deadlines|0 Comments

For California Storm Victims, IRS and California FTB Postpones Tax-Filing and Tax-Payment Deadline to November 16th.

This morning, the IRS extended tax deadlines for most California residents to Nov. 16, 2023, due to recent natural disasters. This relief covers multiple 2022 tax returns, payments, and other time-sensitive actions, and it automatically applies to taxpayers in the affected counties without the need for contacting the IRS. The California Franchise Tax Board today confirmed that most Californians have until November 16, 2023, to file and pay their tax year 2022 taxes to avoid penalties. More information here on CA FTB updates.

Most individuals and businesses in California will now have until Nov. 16 to file their 2022 returns and pay any tax due. Fifty-five of California’s 58 counties—all except Lassen, Modoc and Shasta counties—qualify. IRS relief is based on three different FEMA disaster declarations covering severe winter storms, flooding, landslides, and mudslides over a period of several months.

The IRS normally provides relief, including postponing various tax filing and payment deadlines, for any area designated by the Federal Emergency Management Agency (FEMA). As long as their address of record is in a disaster-area locality, individual and business taxpayers automatically get the extra […]

By Linkenheimer LLP|2023-10-18T20:25:07+00:00October 16th, 2023|irs, tax deadlines|0 Comments