tax deadline - Linkenheimer LLP CPAs & Advisors

Haven’t Filed Your 2019 Business Tax Return Yet? There May Be Ways To Chip Away At Your Bill

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15.

Retroactive COVID-19 business relief

The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier in 2020, includes some retroactive tax relief for business taxpayers. The following four provisions may affect a still-unfiled tax return — or you may be able to take advantage of them on an amended return if you already filed.

Liberalized net operating losses (NOLs). The CARES Act allows a five-year carryback for a business NOL that arises in a tax year beginning in 2018 through 2020. Claiming 100% first-year bonus depreciation on an affected year’s return can potentially create or increase an NOL for that year. If so, the NOL can be carried back, and you can recover some […]

By Linkenheimer LLP|2020-09-03T20:02:23+00:00June 30th, 2020|business, deduction, deductions, New Tax Laws, qualified small business|0 Comments

California Tax Updates for April 15th

Post 1:

Special tax relief is available for certain filing and payment deadlines, said the California Franchise Tax Board (FTB), in response to the coronavirus (COVID-19). The FTB has posted on its website a spreadsheet of certain filing and payment deadlines for all individuals and businesses entities. The spreadsheet has been updated to include information on real estate withholding, nonresident, nonwage, withholding and foreign partner or member withholding. https://bit.ly/2yoWpGK

Post 2:

Small California businesses get interest-free payment plans for sales tax, effective April 2. Governor Gavin Newsom is allowing businesses with sales less than $5 million to defer payment of sales and use taxes, up to $50,000, for up to 12 months, said the CA Dept. of Tax and Fee Administration (CDTFA) (other help may also be available for larger tax liabilities). For taxpayers choosing to defer their first quarter 2020 liability, for example, their tax liability would be paid in 12 monthly installments, […]

By Linkenheimer LLP|2020-09-03T20:03:06+00:00April 15th, 2020|business, ca, CA tax, california, New Tax Laws, tax deadlines|0 Comments

IRS Extends More Tax Deadlines To Cover Individuals, Trusts, Estates Corporations and Others

To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 extends additional key tax deadlines for individuals and businesses.

Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due.

Today’s notice expands this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 federal income tax return and pay any tax due.

Extension of time to file beyond July 15

Individual taxpayers who need additional time to file beyond the July 15 deadline can request an extension to Oct. 15, 2020, by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. […]

By Linkenheimer LLP|2020-09-03T20:03:08+00:00April 9th, 2020|business, filing deadline, irs, tax deadlines|0 Comments

California COVID-19 Tax Updates and the WARN Act

Update 1

An important employment law, the WARN Act, is suspended in California for now. The WARN Act requires employers with 75 or more employees to provide 60 days’ written notice of a mass layoff, relocation or termination affecting 50 or more employees. CA Governor Gavin Newsom has issued an executive order suspending the law in light of the coronavirus (COVID-19) pandemic. Per the order, businesses must still provide employees with written notice, but are not subject to the 60-day advanced notice. Employers must give as much notice as practicable and must contain a brief statement that the termination is COVID-19-related. Here’s more: https://bit.ly/3aizZVA

Update 2

California Governor Gavin Newsom recently issued an executive order on the coronavirus (COVID-19) including certain tax relief. His order suspends interest and penalties for individuals and businesses who are unable to file a timely tax return or make timely payments due to compliance with COVID-19 guidance. Suspension […]

By Linkenheimer LLP|2020-09-03T20:03:11+00:00April 1st, 2020|california, employer, filing deadline, New Tax Laws|0 Comments

Coronavirus (COVID-19): Tax Relief for Small Businesses

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest.

New law
On March 18, the Senate passed the House’s coronavirus bill, the Families First Coronavirus Response Act. President Trump signed the bill that day. It includes:

Paid leave benefits to employees,
Tax credits for employers and self-employed taxpayers, and
FICA tax relief for employers.

Tax filing and payment extension

In Notice 2020-18, the IRS provides relief for taxpayers with a federal income tax payment due April 15, 2020. The due date for making federal income tax payments usually due April 15, 2020 is postponed to July 15, 2020.

Important: The IRS announced that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of COVID-19.

Treasury Department Secretary Steven Mnuchin announced on Twitter, “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and […]

By Linkenheimer LLP|2020-09-03T20:03:14+00:00March 23rd, 2020|extension, extensions, New Tax Laws, tax deadlines|0 Comments