Brian Pry CPA

Tax advisory and accounting for SMBs

Financial & Tax Updates

2022 Tax Extension Deadline

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Just a friendly reminder for those on extension for 2022: S-Corporations and Partnership returns are due 9/15/2023. Please ensure all required entity retirement plan contributions are made by the filing deadline and that our office has complete financials and payroll details where applicable no later than 8/15/2023.

For individual returns on extension, please be sure to provide all relevant documents no later than 9/15/2023 as these returns are due 10/16/2023. C-Corporations are also due 10/16/2023

If there are any questions, please let us know right away!

Q2 REVIEW – ADVISORY

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A friendly reminder for our business-owner clients who we provide ongoing advisory services for, please grab time on Brian’s calendar at your earliest convenience for Q2 review as well as 2023 estimated tax planning.

Please let us know if you have any questions. Also, it would be optimal to have your June books updated/reconciled prior to meeting.

Q2 Planning

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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.

Filed Under: Tax

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!