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Client Alert: Brinker Simpson Tax Prep Process and Deadlines
We must receive all necessary documentation to prepare your return by April 1, 2023. If a client has not provided their 2022 tax information by April 1, 2023, we make no guarantee that the return will be filed by the April 18, 2023, deadline. If a client's return is not filed by April 1, 2023, we will place them on an automatic extension.
Schedules K-2 and K-3 for International Activity Related to Forms 1065, 1120-S and 8865
IRS Schedules K-2 and K-3, new for 2021, may need to be completed to include items of international tax relevance from the operations of a pass-through entity.
On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending "omnibus" package includes two important new laws that could affect your financial planning.
The Standard Business Mileage Rate is Going Up in 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023.
In 2022, inflation took its toll on the American economy, generally, and the stock market, in particular. However, the increased cost of living has also increased various estate and gift tax measures.
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer.
Business taxpayers are strongly encouraged to act now and sign up for an account on myPATH. This is the new and improved online system where the Department of Revenue's customers can handle their registration, filing and payment obligations for Pennsylvania taxes.
Brinker Simpson & Company, LLC, the region's largest independently owned, full-service public accounting firm, is pleased to welcome Lauren Baldassarre to our team of professionals.
Our firm provides the information in this e-newsletter for general guidance only and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.