LaPorte CPAs & Business Advisors’ Post

🔥 Tax Relief Alert! 🔥 The IRS has announced relief for individuals and businesses in parts of Washington state hit by wildfires. Good news – the filing deadline for federal individual and business tax returns, plus tax payments, has been extended to June 17, 2024! https://lnkd.in/eZHD8npS #taxupdates #IRSnews #taxpreparationsoftware

The IRS announced tax relief for individuals and businesses affected by the Texas storms that began on April 26, 2024. Taxpayers in certain specified counties now have until Nov. 1, 2024 to file various federal individual and business tax returns and make tax payments. #HaynesBoone lawyers Rick Fijolek, Lauren White and Danielle Marr explain more in the latest Business Planning and Tax Alert. Read the full alert at the link in the comments.

Filing Extensions and Minimizing Penalties: Taxpayers who request an extension to file their 2023 federal income tax returns have until October 15th, 2024. However, an IRS extension is only an extension to file tax returns, NOT an extension to pay any tax owed. Taxes not paid by the April 15th payment deadline may be subject to late penalties and interest charges. Read the rest here: https://buff.ly/3JZcMeM

According to the IRS, most taxpayers who requested an extension of time to file their 2023 tax return must file by Tuesday, Oct. 15, to avoid the penalty for filing late. The IRS urges people to file electronically. Remember that an extension to file was not an extension to pay. Extension filers who owe taxes should pay as much as possible to reduce interest and penalties. Those who owe tax, have yet to file a 2023 tax return and did not request an extension can generally avoid additional penalties and interest by filing the return and paying any taxes owed as soon as possible. Click here for more information: https://lnkd.in/ebvH9-uS

IRS News IRS reminder: June 17 estimated tax payment deadline fast approaching  WASHINGTON — The Internal Revenue Service today reminded taxpayers whose income is not subject to withholding that the second quarter estimated tax payment deadline is June 17. Who needs to pay estimated tax? Taxpayers including sole proprietors, partners and S corporation shareholders must make estimated tax payments if they expect to have a tax liability of $1,000 or more when they file their return.  The IRS Interactive Tax Assistant is an online tool that taxpayers can use to see if they are required to make estimated tax payments. Taxpayers can also see the worksheet in Form 1040-ES, Estimated Tax for Individuals, for more information about who must pay estimated tax. 

In the news: If you're one of the millions of Americans who have procrastinated filing their taxes ahead of the April 15 deadline, there is a way to get some breathing room: File for an extension. The step gives taxpayers until October 15 to file their federal tax returns, and the process is fairly quick — and also free. About 90 million people have filed their 1040s with the IRS as of March 29, the tax agency says. But as it expects about 128.7 million tax returns this year, that means almost 40 million people have pushed off filing until the last two weeks of the regular tax season. Read more below https://lnkd.in/emnGh3_4

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) was passed by the U.S. House of Representatives with bipartisan support in late January, and now awaits a vote in the Senate. In this blog post, RKL Tax Partner Eric Wenger, CPA examines the act’s key provisions and how it will impact taxpayers once passed: https://hubs.ly/Q02l4q5X0

RKL’s Tax team explores how this pending legislation could affect you as Tax Day draws closer

RKL’s Tax team explores how this pending legislation could affect you as Tax Day draws closer

New tax law changes may be coming! This blog post explores how these changes may impact our clients as Tax Day draws closer.