Summer 2023 Tax Deadlines and IRS News

Upcoming Tax Deadlines

June 15

– Second quarter 2023 individual estimated tax payments are due.

August 1

– Due date for filing 2022 retirement or employee benefit plan returns (5500 series) for calendar year plans.

September 15

– Third quarter 2023 individual estimated tax payments are due.

– Extension deadline for 2022 S-Corporation and partnership returns.

This Summer

– It never hurts to be proactive: Check in with your CPA and advisor for a tax and financial review and to go over your personal or professional goals.

What’s New with the IRS

New Tax Brackets and Standard Deduction

The IRS has released updates to the standard deduction and marginal tax rate income thresholds. The tax year 2023 adjustments described below generally apply to tax returns filed in 2024.

Warnings on ERC

New on the IRS’s “Dirty Dozen” tax fraud list for 2023 was another warning to busi­ness owners to be wary of third-party pro­moters touting Employee Retention Credit (ERC) claims that seem too good to be true. The IRS is actively conducting audits and criminal investigations related to many of these false ERC claims. If you receive an ERC audit notice, alert your Alloy Silver­stein CPA.

IRS or Scammer?

The IRS reaches out to taxpayers in multi­ple ways as they enforce the nation’s tax laws. Most contact is made through hard copy mail via the USPS. There are some in­stances when the IRS will call the taxpayer or show up unannounced to a home or business, usually only if multiple mailed notices go unanswered or if in the midst of an audit. Here is what the IRS will not do:

• Call to demand a taxpayer use a payment method such as prepaid debit card or gift card.
• Send social media or text messages.
• Demand that you pay taxes without opportunity to appeal or question the amount owed.
• Threaten to revoke a license or bring in the police, immigration, or other law enforcement.