Tax

We hope everyone is enjoying their summer!

A quick reminder for our clients on extension:

S-corporation and partnership returns are due no later than 9/15/2023.

Individual, C-corporation, and trust returns are due no later than 10/15/2023

We will be reaching out over the next two weeks on outstanding items/questions. If you were waiting on any documents/financials and now have them available, please reach out to Brian directly to coordinate completing your returns.

Thanks!

Some quick updates for Q2:

-Quarterly or Estimated Tax Planning: please reach out or use Brian’s scheduling link to book some time if applicable. Individual Q2 estimated tax payments are due 6/15. If your 2022 Tax return is complete, any applicable quarterly vouchers will be included in your copy of the return (see Smartvault 2022 Tax Folder).

-Business Owners: if a 2023 S-Corp election or other planning needs were part of the 2022 recap, please reach out or schedule some time with Brian.

-We are onboarding bookkeeping/accounting support right now. If your small business has a need for service or support, please let us know.

-2022 Tax Returns: if you are currently on extension, we strongly encourage you not to wait until the September/October deadlines. We will continue working on returns each week. Please reach out if you need assistance or to discuss any outstanding items to provide us.

2022 tax deadline is Tuesday 4/18. While an extension grants additional time to file, tax liabilities are always due by that initial filing deadline.

What this means: if you owed tax or will owe tax with your 2022 returns, it is recommended to pay that balance by 4/18. You may need to estimate this amount if you are still waiting on documents and your 2022 returns are not in process.

2023 Estimates – Q1 estimates are already due as well. If you are supposed to be making quarterly payments, your 2022 tax return copy will likely include those ES vouchers with the amounts, due dates, and payment instructions (federal and state where applicable). If you are on extension, you may not have this information readily available. In that event, you may increase wage withholding or estimate the quarterly payment. 2023 tax planning will commence right after the 4/18 deadline, please coordinate time on my calendar if this applies to you.

If you have questions, do not hesitate to reach out. We will be submitting extension requests for any returns not filed by the 4/17. Proof of the extension request will also be printed to your smartvault folder for your records.

2022 planning season is here! October through December is a GREAT time for year-end tax planning, especially for business owners. Here is what we do:

• Estimated tax liability analysis (make sure you are on track)
• Strategic planning and implementation
• Overall guidance for optimal decision making

If you are not already meeting with us regularly, you are welcome to reach out directly or schedule time for a 2022 review!

Just a quick announcement for business owners looking to establish a 401(k) plan this year – there are setup deadlines each year and they can vary based on who the administrator is. Typically the hard deadline is October 1st, but be aware that it can be sooner (for example, Guideline is requiring new plans be established by August 19th). If you have questions or are in need of some planning, please do not hesitate to reach out to our office.

Happy October! Now that we are in the fourth quarter of the year, we encourage year-end tax planning. Late October/November is a great time for assessing the current year and discussing strategy before year-end. Please use our scheduling link or reach out to Brian@prycpas.com to coordinate.

Dear valued client,

As previously mentioned, our firm information has changed (and our contact information as well). Please note the current email address and phone number:

Brian@prycpas.com

(480) 980-7600

Also, tax season is well underway and we are here to answer any questions. You may also refer to our CLIENT RESOURCES page to access your secure client portal or check the status of your refund.

Sincerely,

Brian Pry, CPA