extension - Linkenheimer LLP CPAs & Advisors

Tax Filing and Payment Extension Due To The Coronavirus

The IRS moved the national income tax filing day ahead to July 15, three months after the normal deadline for Americans to send in their returns, in an effort to stem the financial pain from the coronavirus pandemic.

This relief includes:

Individuals: Income tax payment and filing deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment and filing extension relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief. This relief also includes estimated tax payments for the tax year 2020, normally due April 15.

Corporations: For C Corporations, income tax payment and filing deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

California: The Franchise Tax Board is postponing until July 15 the filing and payment […]

By Linkenheimer LLP|2020-09-03T20:03:15+00:00March 20th, 2020|New Tax Laws, tax deadlines|0 Comments

Supporting You During the Coronavirus

Dear clients, friends and community,

We understand there is a lot of anxiety and stress caused by the unprecedented coronavirus pandemic that is affecting the local and global community. As Sonoma County and the Bay Area have been put under a shelter in place order, we are doing everything we can to look after the health and safety of our staff and clients. We want you to know we are standing by your side during this crisis.

Certain essential businesses such as providers of healthcare, food, supplies, and financial services are exempt from the shelter in place order. Because of the clients served by Linkenheimer LLP, we are also exempted from the order as an essential services provider. That being said, we are implementing strategies to reduce contact and mitigate exposure.

Currently, our offices will remain open during regular business hours. However, for the protection and health of our staff, clients and community we are implementing a strategy that involves most of our staff working from home. We are also asking documents be sent to us electronically, rather than delivered in person. In person meetings, when possible, should be conducted electronically, whether via video […]

By Linkenheimer LLP|2020-09-03T20:03:15+00:00March 20th, 2020|CA tax, New Tax Laws, Santa Rosa, tax deadlines, taxpayers california franchise tax board|0 Comments

Some California Employers in Sonoma and Los Angeles Counties Get Extra Time for Tax Responsibilities

Some California employers in Sonoma and Los Angeles Counties get extra time for tax responsibilities, says the CA Employment Development Dept. (EDD). Those employers who were directly affected by the Kincade and Tick fires, which began on Oct. 23, may request up to a 60-day extension of time from the EDD to file their state payroll reports and deposit payroll taxes without penalty or interest. To get an extension, a written request from the employer must be received within 60 days from the original delinquent date of the payment or return. Please contact your Linkenheimer CPA with questions or for more info: https://bit.ly/331PygJ

By Linkenheimer LLP|2020-09-03T20:03:31+00:00November 6th, 2019|business, california, employer, Fire Relief Info, relief, tax, tax deadlines|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

Victims of the Pawnee Fire in Lake County Get Tax Relief

Victims of a California wildfire, dubbed the Pawnee Fire in Lake County, get tax relief from the CA Employment Development Dept. (EDD). Employers directly affected by the fire (which started on 6/23/18) may request a 60-day extension to accomplish some tax-related tasks. The tasks include filing state payroll reports and paying state payroll taxes. No penalty or interest will be charged to employers that are granted extra time. A written request for an extension must be received by EDD within 60 days from the original delinquent date for payments and returns.

By Linkenheimer LLP|2019-11-08T21:56:30+00:00July 12th, 2018|ca, extension, Fire Relief Info, tax|0 Comments