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Arkansas Storm Victims Get Tax Deadline Extension to July 31

CPA Practice

Individuals and households that reside or have a business in Cross, Lonoke and Pulaski counties in Arkansas now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service has announced.

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IRS to Mail Taxpayers in Disaster Areas CP14CL Notices

CPA Practice

Taylor, Kiplinger Consumer News Service (TNS) The IRS, after confusing millions of California taxpayers with tax balance-due notices in May and June, will send follow-up letters to people in states that received extra time to file their federal income tax returns due to severe weather events. 16, 2023 to file.

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Third Estimated Tax Payment Due Sept. 16, IRS Says

CPA Practice

Their withholding and tax credits to be less than the smaller of: 90% of the tax to be shown on their 2024 tax return, or 100% of the tax shown on their complete 12-month 2023 tax return. Late and skipped estimated tax payments can incur penalties even if a refund is due when a tax return is filed.

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$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

CPA Practice

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Need to file a 2019 tax return?

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A Refresher on the Types of Small Business Legal Structures, and Their Benefits

CPA Practice

The LLC owners (called members) also report business profits and losses on their individual income taxes. For filing season 2022, the Treasury Department and the IRS updated the 1065 partnership form to simplify the computation of deductions and credits and how partners compute their federal income tax liability.

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More Than a Loophole: Delaware Sales Tax and Other Benefits of Incorporation in DE

inDinero Tax Tips

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware offers perhaps the most favorable tax treatment to businesses. Historically, in the U.S.,

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Top 10 Outrageous Things You Are Taxed On | You Won’t Believe This

LyfeAccounting

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. A grave mistake. Found Property.

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