Three upcoming deadlines for CA filers ????????

Hi Californians,

As you may know, the 2023 tax filing deadline this year is back to April 15th for California residents. But don’t let it sneak up on you! There is actually more than one deadline to consider: 

April 15th:

• Personal returns
• C-Corps, even if you had zero activty or a loss 
• Single Member LLC returns are reported on your personal returns for federal purposes
• If your LLC is registered in CA, you must file your FTB 568 form. 
• 2023 quarterly taxes for those that must file quarterly are also due on April 15th – this includes:
  • Freelancers/contractors/ business owners
  • Those with large bonuses or with equity, such as ISO, NSO, ESPP, RSU, etc. 
  • Those that owe each year – if you owed last year for 2022 and expect to owe again, the IRS actually requires that you either adjust your withholdings or file quarterly. There are penalties for missing this! 

March 15th:

• S-corps and Multi-Member LLCs are due on this date – this is a common omission for new business owners. The penalties for this can be ~$200 per partner per month, in some cases, so do not miss this deadline! 

General notes: 

• If you have any type of business, such as a Multi-Member LLC, s-corp, or c-corp, please note that filings are normally required, even if the company is dormant or showing a loss. There are penalties for missing filings or late filings of most types of business returns! 
• If you have an entity registered in DE, your deadline is on March 1st! 
• If you need a list of last minute deductions for either personal tax or business, just reply and I will send it to you

If you need assistance with any of the above, please hit “reply” by the end of this week – we have only a short while left until the deadlines and need time to prepare the work. Our LA CPA rates & availability will be impacted the closer we get to filing day. 

For those that are all set for both the 2023 annual as well as 2024 quarterlies, thank you for your attention! 

— 

George Dimov CPA

www.dimovtax.com

(833) 829-1120 toll free