Here are some key tax deadlines for businesses during the second quarter of 2023. APRIL 18: If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for a six-month extension (Form 7004) and pay any tax due. APRIL 18: Corporations pay the first installment of 2023 estimated income taxes. MAY 1: Employers report income tax withholding and FICA taxes for the first quarter of 2023 (Form 941) and pay any tax due. JUNE 15: Corporations pay the second installment of 2023 estimated income taxes. Contact us to learn more about filing requirements and ensure you meet all applicable deadlines. bit.ly/3n9O1nF
Whether it’s a basketball tournament or a tax deadline, nothing goes better with March Madness than chicken wings…..lots and lots of chicken wings 👀 #taxseason2023
A provision of the Tax Cuts and Jobs Act that took effect last year was the end of current deductibility for research and experimental (R&E) expenses. The provision affects businesses with significant R&E costs. Starting in 2022, Section 174 R&E expenditures must be capitalized and amortized over five years (15 years for research conducted outside the U.S.). Previously, businesses could opt to deduct these costs immediately as current expenses. For 2022 tax returns, the IRS recently released guidance for taxpayers to change the treatment of R&E expenses. Revenue Procedure 2023-11 provides a way to obtain automatic consent to change methods of accounting for specified Sec. 174 R&E expenses. bit.ly/425Cq9o
The City Wide Food Drive for the Wyoming Food for Thought Project is going until next Friday! There are many places to drop off donations to help feed the kids in our community!