Financial & Tax Updates

There was an Arizona rebate/stimulus payment issued to many Arizona residents in November 2023. The IRS has stated this is taxable for federal. A lot of clients have noted that they did not receive a 1099MISC from the Arizona Department of Revenue. If you received this payment, you can view and download this tax form directly from their site using this link: https://form1099g.aztaxes.gov/Home/Index

Please provide this form along with all of your other tax documents as they become available, preferably uploaded to our SmartVault client portal.

Tax season is officially underway, here are a few quick (important) reminders:

S-Corporation and Partnerships – these returns are due 3/15, please notify our office as soon as financials and all supporting reports (i.e. payroll) are available/uploaded so we can prepare those returns. In order to meet the 3/15 deadline, we would require this information by 2/15. Please let us know if you need us to submit an extension.

Individuals – IRS e-file season opens upon Monday 1/29, we are still waiting for final software/forms/schedules to be released. We also understand that many of you are waiting on investment 1099’s and k-1’s, please let us know when you believe we have everything uploaded to SmartVault and can begin preparation. Also, individual organizers should all be printed to your 2023 Client Source Documents folder. You are not required to fill these out, but please use them as a guide and review the checklist for important items/questions.

quick reminders for year-end (in addition to the regular tax planning/implementation):

S- Corp Shareholders – reminder to review your year-to-date salary and run payroll before 12/31 if needed (reasonable salary OR retirement deferral true-up).

All business owners – if you are making the PTE (passthrough entity election) for this year, this is a reminder to estimate the state liability and pay in by 12/31 if it makes sense to do so. Also be sure to review upcoming expenses for paying down profit. Don’t forget about estimated tax liability as well (including safe-harbor minimums).

These items can fall under planning objectives, please reach out if clarification or discussion is needed. If we already have a meeting on the calendar, we can review these items at that time. If your schedule is not lining up with Brian’s calendar availability, reach out directly for assistance. Email is typically fastest for response time.

Our schedule is filling up quickly through December, please be sure to schedule some time with Brian before year-end for estimated tax planning if applicable. Use the calendar link in Brian’s email signature or reach out to coordinate a time.

Reminder for our business – owner advisory clients, please grab some time on Brian’s calendar (if you haven’t already) for Q4/Year-end planning. November and December should still show plenty of availability. Also, same thing for any clients who like to participate in annual/year-end planning. This is a great time for us to review estimated tax liability (make sure you are on track) as well as strategy before year-end.

If our availability is not lining up or you have other questions, please don’t hesitate to reach out. We hope everyone is enjoying the start of fall season!

for individual and C-Corporation clients on extension, this is a friendly reminder that 2022 returns are due 10/16/2023. Please be sure to provide our office with any requested items no later than 10/1.