MARK YOUR CALENDARS:
Failure to File Penalties are usually 5% of tax owed for each month (or partial month) the return is late, with a maximum penalty of up to 25% of the total tax owed. Filing a return but failing to pay the entire tax due will result in a Failure to Pay Penalty. This penalty is .5% of the total tax owed each month (or partial month) up to 25% of the total tax owed.
Extended Office Hours Start in February: Monday - Friday 9:00am to 5pm*, Saturday - By Appointment Only *Additional times available by appointment only “Train people well enough so they can leave, treat them well enough so they don’t want to.” - Richard Branson, founder of Virgin Group Holiday Closures: December 25th, 2023 - January 1st, 2024 for a "Long Winter's Nap"
While the IRS may not yet be accepting tax returns for filing, it's never too early to start thinking about tax preparation. If your business made a large purchase, transferred property, initiated a new loan or even paid off an existing loan, your BALANCE SHEET will be affected. A well maintained BALANCE SHEET will not only assist you during the year when reviewed with your PROFIT/LOSS STATEMENT but it will come in handy during Tax Preparation time. Loans (including interest), new purchases, and other items that are recorded on your BALANCE SHEET may be deductible! Tax deductions lower tax liability and help you keep more of your hard earned money in your pocket. Get your information to your bookkeeper as soon as possible BEFORE tax time.
Can't pay the IRS what you owe? To avoid a penalty by filing and paying your tax by the due date even if you can't pay what you owe, the IRS has established an application for a payment plan to pay off your balance over time. Fees and interest do apply but businesses and individuals can avoid painful late filing penalties. Apply at IRS.gov.
Tax payments are due regardless of EXTENSION status. Filing an EXTENSION allows tax payers to extend their tax filing deadline by 6 months. It DOES NOT extend the tax payment deadline. Failure to pay your estimated tax bill on or before the original tax deadline will result in penalties and interest. Extension to file does not equal extension to pay.
Q1 Focus on PPREP
Payroll & Human Resources
New Year....same old deadlines! W2 Forms for the 2023 tax year must be filed with the IRS and postmarked to payees no later than January 31, 2024. For those businesses who participate in our payroll services, these forms are available digitally for print through your payroll portal. You may also choose to have the payroll system print and mail your W2s for you! Just be sure to make your selection in the portal prior to January 1, 2024. For those businesses who do not participate in this program, we are happy to prepare your W2 forms for you! Please contact our office for more information. 1099 Forms for the 2023 tax year must be filed with the IRS and postmarked to payees no later than January 31, 2024. We can help with that! Contact our bookkeepers to obtain and submit a 1099 Order Form before 1/10/24 to meet the filing deadline.
Underpayment Penalties: 7% for underpayments. (taxes owed but not fully paid) 9% for large corporate underpayments
Issue #3 APR 2021 THE GENERAL LEDGER
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A QUARTERLY NEWSLETTER FROM CROWE-MALLETTE & ASSOCIATES
Focus on PLANNING
Are YOU in the know?
As the year 2022 quickly draws to a close, many businesses and individuals are scrambling to maintain profitability while simultaneously reducing their tax obligation for the year by making last minute spending adjustments. Some choose to focus on collections in order to boost their year end income numbers. Others choose to distribute excess cash through expenditures in order to avoid increased tax liabilities. Depending on your specific goals for the year and for the years to come, making rushed decisions at year end can wreak havoc on your ability to attain those goals in a timely manner. For example, while working to reduce taxable income can produce a lower tax liability, it can also lower the amount of borrowing power of an individual or business who may need to apply for a loan in the future. Strategic planning THROUGHOUT the year is much more beneficial and much less stressful than scrambling at the last minute. Frequent planning meetings will help avoid year end surprises and keep you actively on track to reach your goals. Book a Call with us TODAY to schedule your QUARTERLY TAX PLANNING Consultation. Click HERE now.
Office Hours & Upcoming Closures
CMACPA Tax Prep Request Deadlines (to avoid RUSH FEES): 1/10 - 1099/W2 prep request deadline 2/09 - 1120S/1065 prep request deadline 3/08 - 1120/1040 prep request deadline 4/15 - 990 prep request deadline IRS TAX Filing Deadlines: Jan 31 - 1099 and W2 Forms must be filed and postmarked. Mar 15 - Forms 1065 & 1120S tax or extension filing deadline Apr 1 - RMD due if you turned 72 in 2023 Apr 15 - Forms 1040 & 1120 tax or extension filing deadline May 15 - 990 tax or extension filing deadline Bank Closures Affecting Payroll: Jan 1 - New Year's Day observed Jan 15 - MLK Day Feb 19 - Presidents Day Sales Tax Filing Deadlines: Jan / Feb / Mar 20th** ** Information must be received at least 10 days prior to filing deadline. Estimated Tax Payments Due: January 16, 2024 - 4th Payment (for 2023)