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Stating the obvious here: Wednesday is tax day. If you are going on extension, please remember that your tax liability is always due by 4/15 regardless of extension. Even an estimate of the balance due and posting payment by then can reduce and alleviate penalties and interest so we strongly recommend doing so. Also, please be sure to fund retirement accounts by the 4/15 deadline as needed.

Feel free to reach out for status updates. Our office will remain open after deadline as we continue working on 2025 filing season. As always, our recommendation is to provide tax documents and file as soon as possible rather than waiting until the extension deadline this fall. We understand that’s not always possible for taxpayers waiting for K-1 documents.

Thank you!

Happy March! This is a quick reminder of due dates and deadlines:

March 15th – Partnerships and S-Corporations; if you need an extension filed, please let us know.

April 15th – Individual returns, C-Corporations, Trust/Estate returns. As always, we request having all documents and necessary information to prepare these at least 30 days ahead of the deadline. If you need an extension, let us know.

Also, a reminder that an extension buys time for filing a return, but the tax is always due by the original deadline regardless of extensions. If you are going to need an extension but would like an estimate of your tax liability to pay in and avoid penalties/interest, please let us know right away. The deadline for this request is 30 days advanced notice.

Dear Client,

In our continuing efforts to offer more and more value and leading-edge technology to our clients, we have an exciting announcement to make.
Over the past weeks, we’ve been migrating to a new portal platform for our clients to enhance the client experience.
Be sure and check out this guide for more details. And keep an eye on your email, because in the next couple of days, you’ll receive an email with login credentials to your new portal. Just like our old portal, you’ll be able to log into it by going to our website home page anytime and clicking on client login.
In addition to a new portal system, we’ve migrated our electronic invoicing to go through Stripe.
What does this mean for you?

For the next invoice you receive from us, you will need to click on the invoice and add your payment information. This is required to comply with the PCI Data Security Standard. You will only need to do this once, and then invoicing will happen as it normally does for you.
Please let us know if you have any questions. Stay tuned for some very exciting new additions to the portal as we move into the new year, including 2025 tax season organizers!
Warmly,

Brian Pry, CPA

As we wait for legislative updates, this is a reminder for CA business owners who typically make the passthrough entity election (paying your individual taxes on profits at the business level). CA requires that you make an estimated tax payment NO LATER than 6/15 if you want to be able to make the election at all this year. The amount must be at a minimum equal to 50% of your prior year PTET liability. Your 2024 corporate/entity returns will have a voucher with the correct amount, but please reach out with any questions!

JUNE 15th is the Q2 estimated tax deadline, just a friendly reminder. If you are looking for your quarterly vouchers, they are included in your client copy of your 2024 tax returns.

Please reach out if you have any questions!

As we approach the end of the year, this is a final reminder to ALL clients who have an ownership interest in a legally registered entity (LLC, Corporation, etc.) to register your entity with FINCEN before 12/31/2024: https://fincen.gov/boi

This is required, not optional. Penalty for failure to file this Beneficial Ownership Information Report is $500/day per entity and potential criminal penalties.

Our firm is NOT providing services related to this required filing and it is in no way related to your tax compliance. There are many providers out there including registered agents and attorneys that are offering registration services, and a lot of individuals are registering on their own directly through the link provided above. Please let us know if you have any questions.

Quick reminder for those on extension:

Partnerships and S-Corp returns are due by 9/15. Please ensure our office has any outstanding request items by 8/15 to ensure timely filing.

Individual returns, C-Corporations, Trust returns are due 10/15. Please ensure our office has any outstanding request items by 9/15 to ensure timely filing.

For those of you who were on extension in hopes that the house legislation (tax bill) would pass the senate vote…it did not. R&D, bonus depreciation, and the child tax credit expansion fixes did not make it through. We are recommending moving forward with filing 2023 under current known rules and we can later amend if applicable legislation passes after the deadline.

Any questions – please reach out!

For those of you who are unfamiliar with this, the Corporate Transparency Act was created to require individuals who ultimately own or control a registered entity to file a new registration report with FinCEN (called a Beneficial Ownership Information report).

Not to be taken as legal advice, but the important notes that may impact you as a business owner:

Where Do I File?

https://boiefiling.fincen.gov

When is the deadline?

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.

A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.

Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.

Here is a link to the FAQ for additional information from FinCEN

Our firm is not currently registering entities as a service offering but there are some attorneys and third-party providers out there. FinCEN provides instructions on their site to assist business owners to register on their own.