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June 2023

IRS TWEETS APOLOGY TO CALIFORNIA TAXPAYERS

FOR ERRONEOUS TAX NOTICES

The IRS reassures California taxpayers that they continue to have an automatic extension until later this year to file and pay their taxes for those covered by disaster declarations in the state. The current mailings being received by some taxpayers, the IRS Notice CP14, are for taxpayers who have a balance due, and they are sent out as a legal requirement. While the notice received by taxpayers says they need to pay in 21 days, most California taxpayers have until later this year to pay under the disaster declaration. These letters include a special insert that notes the payment date listed in the letter does not apply to those covered by a disaster declaration, and the disaster dates remain in effect.


The IRS apologizes to taxpayers and tax professionals for any confusion as we continue to review the situation. Taxpayers receiving these letters do not need to call the IRS or their tax professional.

IRS TWEET

3 STRATEGIES FOR 2023 TO REDUCE YOUR TAX BURDEN

As we approach the halfway point of 2023, it’s the perfect opportunity to evaluate your business tax planning and determine ways to decrease your tax burden. Employing the right strategies can reduce your taxes, optimize your cash flow, and enhance your long-term financial success.


In this article, we’ll introduce three tax strategies for 2023: Roth IRA conversions, tax loss harvesting, and year-round charitable giving. By familiarizing yourself with these tactics and how they can benefit your enterprise, you can make well-informed decisions and capitalize on available tax savings. Let’s dive into these tax-saving concepts and explore the options available for your business.

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KEEP THESE DOS AND DONT'S IN MIND WHEN DEDUCTING BUSINESS MEAL AND VEHICLE EXPENSES

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S. Tax Court case.

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IF YOU'RE HIRING INDEPENDENT CONTRACTORS,

MAKE SURE THEY'RE PROPERLY HANDLED

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.

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WHAT'S NEW AT HT2!

OUTSOURCED CFO SERVICES

FINANCIAL OVERSIGHT

Top-notch financial management is critical to running a profitable organization in any stage of growth. Yet, not every company is ready to hire a full-time in-house CFO. Hamilton Tharp bridges that gap by providing high-level financial expertise and oversight, without the commitment or cost of a full-time employee.

CFO Services 

Timely Resources & Links

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