deadline - Linkenheimer LLP CPAs & Advisors

Disaster Relief Continues for Certain Californians

Disaster relief continues for certain Californians. The CA Franchise Tax Board has updated its Disaster Loss webpage, for victims of storms and fires that plagued the state in recent months. The updated list now includes many CA counties that suffered storm damage in 2019, and several counties which suffered wildfires in late 2018. Taxpayers directly affected by federally declared disasters may be eligible for tax relief, including extensions of time to file and pay taxes until 4/30/19. If you have questions, please contact your Linkenheimer CPA. Here’s the full list and more information: https://bit.ly/298JVSt

By Linkenheimer LLP|2020-09-03T20:04:06+00:00April 11th, 2019|disaster, tax, tax planning|0 Comments

Make a Deductible IRA Contribution for 2018. It’s Not Too Late!

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can contribute to a Roth IRA and avoid paying taxes on future withdrawals.

You can potentially make a contribution of up to $5,500 (or $6,500 if you were age 50 or older as of December 31, 2018). If you’re married, your spouse can potentially do the same, thereby doubling your tax benefits.

The deadline for 2018 traditional and Roth contributions for most taxpayers is April 15, 2019 (April 17 for those in Maine and Massachusetts).

There are some ground rules. You must have enough 2018 earned income (from jobs, self-employment or alimony) to equal or exceed your IRA contributions for the tax year. If you’re married, either spouse can provide the necessary earned income. And you can’t make a deductible contribution to a traditional IRA if you were 70½ or older as of December 31, 2018. (But you can make one to a Roth IRA after […]

By Linkenheimer LLP|2020-09-03T20:04:08+00:00April 2nd, 2019|deductions, ira, roth ira|0 Comments

Beware the Ides of March — If You Own a Pass-Through Entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities.

Not-so-ancient history

Until the 2016 tax year, the filing deadline for partnerships was the same as that for individual taxpayers: April 15 (or shortly thereafter if April 15 fell on a weekend or holiday). One of the primary reasons for moving up the partnership filing deadline was to make it easier for owners to file their personal returns by the April filing deadline. After all, partnership (and S corporation) income passes through to the owners. The earlier date allows owners to use the information contained in the pass-through entity forms to file their personal returns.

For partnerships with fiscal year ends, tax returns are now due the 15th […]

By Linkenheimer LLP|2020-09-03T20:04:16+00:00February 25th, 2019|business, filing deadline, small business, strategy, tax deadlines, tax planning|0 Comments

IRS Reminds Employers, Other Businesses of Jan. 31 Filing Deadline

The Internal Revenue Service today reminds employers and other businesses of the Jan. 31 filing deadline that applies to filing wage statements and independent contractor forms with the government.

The Protecting Americans from Tax Hikes (PATH) Act requires employers to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31. The Jan. 31 deadline also applies to certain Forms 1099-MISC, Miscellaneous Income, filed with the IRS to report non-employee compensation to independent contractors. Such payments are reported in box 7 of this form.

This deadline makes it easier for the IRS to verify income that individuals report on their tax returns and helps prevent fraud. Failure to file these forms correctly and timely may result in penalties. As always, the IRS urges employers and other businesses to take advantage of the accuracy, speed and convenience of filing these forms electronically.

An extension of time to file Forms W-2 is no […]

By Linkenheimer LLP|2020-09-03T20:04:19+00:00January 29th, 2019|irs, w2|0 Comments

FTB Issuing Late Filing Penalties, Despite Extension Due to Fires

We have had clients receive FTB notices with a much larger late filing penalty than it should be, despite being extended due to the fires. We spoke to the FTB, and they said that their system is not picking up the zip codes, and therefore notices are being issued with the late filing penalty. They suggest calling in and the account will be flagged to auto adjust once they fix their system (IT is updating their coding) but temporarily they are placing holds on those accounts after you call in. Please be aware of this and contact your Linkenheimer CPA if you get a notice and don’t just pay it, as this may complicate the adjustment process. We will keep you updated and let you know once the FTB has resolved the issue. In the meantime, if you have any questions, please contact us.

By Linkenheimer LLP|2020-09-03T20:04:42+00:00March 14th, 2018|california, disaster, Fire Relief Info, ftb|0 Comments