Upcoming deadlines and other pertinent information.

Below is part of an email that was sent out to our clients communicating some important information:

1. Now is the time to complete unfiled tax returns for 2023.

The deadlines for tax returns that filed a timely extension are the following:

a. The deadline for Partnerships and S-corps is September 16th.

b. The deadline for Individual taxpayers is October 15th

c. The deadline for Non-profits on extension is November 15th.

2. The third quarterly estimated tax payment for 2024 is due 9/16/24 and may apply to your tax situation if, for example, you expect to owe tax at the end of the year.

a. The due date is for individual taxpayers for Federal and New York State and New York City tax estimates.

b. Estimated tax payments apply to business estimates like the NYC Corporation tax for S-Corps, NYC UBT Tax, and the Pass-Through Entity Tax Estimates for NYS and NYC.

3. As previously mentioned, the U.S. government has rolled out a new law requiring business owners to report information on business entities they own.

This is a new important filing requirement that practically every LLC, S-Corp, and Corporation needs to complete due by 12/31/2024 and has steep penalties for not complying with this new law.

Please reach out if you have questions about this new law.

4. Finally, now is a great time to focus on or review tax planning strategies for 2024, as some tax strategies can only be utilized during 2024, and not later after the close of the year like at tax filing.

We also recommend bringing your bookkeeping for 2024 up to date as much as possible so that tax filing will be a smoother process, if applicable.

Have a question about this or another tax-related matter? Feel free to reach out!

#shomercpa #tax