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May 2023

YOU HAVE AN EXTRA 6 MONTHS TO FILE YOUR TAXES...

BUT SHOULD YOU WAIT UNTIL THE LAST MINUTE?

The government has granted most California residents an extra 6 months to file — and pay — their 2022 Federal/California income taxes because of the recent flooding disaster areas. It helps to have wiggle room in uncertain times. But, just because you have more time, should you take it? Waiting until the last minute to file is never advisable, and here’s why:

 

  1. Early filing allows you to get your refund quicker, and it allows for more time to make a payments if necessary.
  2. Getting your information in early will allow us time to accurately evaluate and prepare the return. CPAs never like rushing through this process!
  3. If the information is late, we are racing against the clock to get it completed. If money is owed to the government, you have less time to pull it together.
  4. E-filing your taxes close to the deadline will lead to a slow down and is consistently stalled due to the IRS and FTB system limitations.

 

Deadlines for HT2

  • For Businesses, we would like all info received by 7.15.2023 (earlier is better!)
  • For Individuals, we would like all info received by 7.31.2023 (earlier is better!)


With everything being delated until 10.16.2023, we expect our fall to be one of the busiest times ever! Please submit your information sooner rather than later to avoid the crunch!

HOW THE PERSPECTIVE OF A CFO CAN BENEFIT YOUR BUSINESS

As a business owner, you understand the importance of making the right decisions and keeping your finances to survive. When you want to thrive, however, you need the kind of insight and experience that will drive strategy and deliver results. The sharp financial perspective of a CFO can make a world of difference in a company’s success, but hiring one isn’t always feasible or affordable. Enter the Chief Financial Officer consultant. A CFO consultant can assess your financial situation, market nuances, and industry outlook to bring the big picture into focus. Keep reading to learn how the perspective of a CFO can benefit your business.

Read Article

IRS ERC SCAM CRACKDOWN CONTINUES

Small businesses and tax-exempt organizations should steer clear of scammers promising big money with the Employee Retention Credit. The only way to claim the Employee Retention Credit is on a federal tax return.


These scammers may lie about your eligibility. They might charge a big fee to "help" you claim the credit. They line their pockets and leave you with big tax issues because if you claim the credit when you don't qualify for it, you have to pay it back.

Misinformation is all over radio, TV, social media and the internet. You may even get emails or phone calls about it. These scammers lure you with promises of fast money and an "easy application process."


If you claim the credit, make sure you qualify. Below is a link to the IRS article regarding the Employee Retention Credit Scam. For more information regarding the ERC scam and the Comparison Chart, click on the links below. HT2 is able to assist you with details about eligibility and how to claim the credit the right way, please contact us!

Link to IRS.gov
Link to ERC Comparison Chart 2020 vs 2021

THE TOP 12 TAX SCAMS TO AVOID ACCORDING TO THE IRS

Fraud. Scam. Phishing. Regardless of what you call these illicit activities, it’s important to protect yourself against the bad players that take advantage of weaknesses for their gain. Not only is it inconvenient, but there’s often a financial cost when you’re a victim of fraud.



The IRS releases an annual ‘Dirty Dozen’ list featuring the top taxpayer scams for the coming year. The list is certainly not exhaustive of every potential pitfall out there, but it is an excellent place to start educating yourself (and your team if you’re a business owner). Here’s a summary of the 2023 IRS Dirty Dozen.

Read Article

WHAT'S NEW AT HT2!

Explore our Collection of DOWNLOADS!

We Believe in providing our clients with up to date information regarding tax planning, retirement planning, and estate planning for yourself or your company. Explore the various publication links below for helpful tips and hints. Please contact Hamilton Tharp, LLP for further information.

Timely Resources & Links

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