Tax News

Tax Deadlines Postponed to November 16, 2023 for California Storm Victims

Oct 16, 2023 | Haskell & White
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The IRS has postponed tax deadlines for one additional month to November 16, 2023. The deadline adjustment was made for 55 of the 58 counties in California affected by the Storms earlier in the year. The only counties not included are Lassen, Modoc, and Shasta. The extra time has been granted automatically, so no additional forms are required.

For the full list of returns and payments that qualify for the postponement, please read the IRS announcement – For California storm victims, IRS postpones tax-filing and tax-payment deadline to Nov. 16 | Internal Revenue Service. The Franchise Tax Board has not announced a postponement but under their tax relief for disasters information on their website, “California generally follows the IRS extended deadlines to file and pay taxes.”

If you have questions, consult your tax preparation services provider for details about your situation.

    Tax News

Tax Relief Granted to Those Affected by California Storm

Jan 12, 2023 | David Chang
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The IRS recently granted additional time to those affected by recent storms in California to file individual and business tax returns and make payments. This postponement allows storm victims until May 15, 2023 to file their tax returns and make tax payments, helping them stay on top of their tax compliance obligations despite the hardships they have faced due to the storms.

The affected areas that qualify for the tax relief include Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Ventura, Yolo, and Yuba counties. The current list of locations included in this Tax relief can be found here https://www.irs.gov/newsroom/tax-relief-in-disaster-situations on the IRS.gov site. Any tax filing or payment deadline since January 8, 2023, has been postponed until May 15, 2023.

The Franchise Tax Board just announced that California returns, and payment due dates will also be extended to May 15. The IRS is automatically applying tax relief based on your address of record. Please notify your tax advisor if you receive a penalty notice from the IRS for late filing or payment for a due date falling within the postponement period (January 8, 2023 – May 15, 2023).

If you have questions, consult your tax preparation services provider for details about your situation.
    Tax News

2021 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Jan 03, 2021 | Haskell & White
Reading Time: 2 minutes

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

January 15
  •  Pay the final installment of 2020 estimated tax.

February 1

(The usual deadline of January 31 is a Sunday)
  • File 2020 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees.
  • Provide copies of 2020 Forms 1099-MISC, “Miscellaneous Income,” to recipients of income from your business where required.
  • File 2020 Forms 1099-MISC reporting nonemployee compensation payments in Box 7 with the IRS.
  • File Form 940, “Employer’s Annual Federal Unemployment (FUTA) Tax Return,” for 2020. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it’s more than $500, you must deposit it. However, if you deposited the tax for the year in full and on time, you have until February 10 to file the return.
  • File Form 941, “Employer’s Quarterly Federal Tax Return,” to report Medicare, Social Security and income taxes withheld in the fourth quarter of 2020. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return. (Employers that have an estimated annual employment tax liability of $1,000 or less may be eligible to file Form 944, “Employer’s Annual Federal Tax Return.”)
  • File Form 945, “Annual Return of Withheld Federal Income Tax,” for 2020 to report income tax withheld on all nonpayroll items, including backup withholding and withholding on accounts such as pensions, annuities and IRAs. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the year in full and on time, you have until February 10 to file the return.

March 1

(The usual deadline of February 28 is a Sunday)
  • File 2020 Forms 1099-MISC with the IRS if: 1) they’re not required to be filed earlier and 2) you’re filing paper copies. (Otherwise, the filing deadline is March 31.)

March 16
  •  If a calendar-year partnership or S corporation, file or extend your 2020 tax return and pay any tax due. If the return isn’t extended, this is also the last day to make 2020 contributions to pension and profit-sharing plans.

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