Brian Pry CPA, PLLC

Tax advisory and accounting for SMBs

Financial & Tax Updates

TAX DEADLINE REMINDER 4/18

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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.

Filed Under: Tax

Business Owners – Please read!

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A friendly reminder to all owners of business entities that file as a partnership or S-corporation: the initial deadline is March 15th. Please be sure to provide all documents and financials prior to 2/24 in order to be on track to meet the deadline.

If your intention is to extend (to the 9/15 deadline) or your business relies on passthrough k-1s that will not be available by the initial deadline, please let us know and we can file the extension.

Thank You!

Business Owner Deadline Reminders

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All 1099 and w-2/payroll forms must be submitted this month, just a friendly reminder to start looking at the list of any qualifying 1099 contractor payments ($600 or more) that would require a 1099 issuance, and to verify you have an updated w-9 for that contractor/vendor.

If you need any assistance with filing, please let us know. Also, the most important deadline to remember for income tax returns:

S-Corporation and Partnerships are due 3/15

C-Corporations and individual returns are due 4/15 (likely 4/17 this year due to the 15th falling on a Saturday)

2022 TAX ORGANIZERS

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It’s that time of year again! We have printed digital copies of your 2022 tax organizers to your secure client vault (Smartvault, your login will be your email address associated with your account).

Organizers can be found in the TY22 folder => Client Source Documents. Please note there may be two files in this folder, disregard the one-pager with miscellaneous questions as it is a duplicate.

These organizers are meant to be a reference/guide for you to not only inform us of any important changes that may have occurred in 2022, but also to serve as a reminder of which forms, documents, and specific information you may need to gather and upload to the vault. Please let us know if there are any questions, response time is typically faster with email inquiries.

We realize a lot of annual tax forms are not made immediately available (i.e. brokerage statements, K-1’s) so it can be extremely helpful for you to send us a quick note when you believe everything has been provided and we can begin working on your returns.

Thank you!

2022 Planning Season

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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!

Filed Under: Tax

2021 Tax Season Deadline – Please Read

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A friendly reminder for those on extension for 2021 tax year: the Business filing deadline is coming up (9/15) and the individual filing deadline is 10/17. Please be sure our office has all documents and information needed to prepare your returns NO LATER than 2 weeks prior to the respective deadlines. We cannot guarantee timely filing if the requested timeline is not met. If you have any questions regarding your filing status or outstanding items, please reach out to our office by email: Brian@prycpas.com

401(k) Safe Harbor Deadline Coming up!

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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.

Filed Under: Tax

Tax Deadline Reminder – 4/18/2022

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We have just under a month remaining before the initial tax deadline for individual and C Corporation returns. If your 2021 returns are already filed, then you can disregard this reminder. If not, please note the deadline to have all information, financials, or relevant tax documents provided no later than 3/31 if you intend to file by the 4/18 deadline!

If you are waiting on business entity returns/k-1’s, etc. and anticipate that information will not be available on time, we can assist with filing an extension for you. Just keep in mind an extension to file does not extend the due date of TAX liability. We advise providing as much information and tax documents as possible by 3/31 so we can help estimate your 2021 liability in time for you to make estimated payments prior to filing your extension.

As always, if you have questions or need assistance, please reach out to our office. This time of year, it is highly recommended to reach out via email to brian@prycpas.com rather than by phone for a faster response.

Thank you!