Latest Tax Developments - Paresky Flitt & Company, LLP

Important Filing Deadline Information for PFC Clients

Apr 13, 2021 | Latest Tax Developments

To Our Valued Clients and Associates, This message is intended for all individual tax clients of Paresky Flitt and Company. As you may be aware, on March 17, 2021, the filing and payment deadline for individual tax returns was extended to May 17. Prior to...

SBA provides new Sch C PPP loan calculation

Mar 4, 2021 | Helpful Articles, Latest Tax Developments

To Our Valued Clients and Associates, As we mentioned earlier this week, the SBA was going to be issuing guidance on the revised PPP loan calculation for Schedule C filers. Today, that guidance has been issued via an Interim Final Rule (IFR) and an updated PPP loan...

Biden Administration updates to PPP program

Mar 1, 2021 | Helpful Articles, Latest Tax Developments

To Our Valued Clients and Associates, Recently, the Biden administration announced its first changes to the PPP program, including a big change for Schedule C filers. First, effective Wednesday February 24th and continuing for two weeks, the SBA has been directed to...

COVID-19 Relief Bill Update

Dec 22, 2020 | Helpful Articles, Latest Tax Developments

To our Valued Clients and Associates, At long last, the House and Senate have agreed to a second significant stimulus package. We will highlight some of the more salient points from the over 5,500-page bill. As is with most government bills, there is a lot...

IRS Clarifies Non-Deductibility of Expenses paid with Forgiven PPP Funds

Nov 20, 2020 | Helpful Articles, Latest Tax Developments

To our Valued Clients and Associates, Late Wednesday night, November 18th, the IRS released Revenue Ruling (Rev. Rul.) 2020-27 and Revenue Procedure (Rev. Proc.) 2020-51 to clarify the rules for deducting expenses paid with PPP funds. While we have been looking for...

H.R. 7010 passed by House and Senate to provide relief for PPP borrowers

Jun 4, 2020 | Latest Tax Developments

To our Valued Clients and Associates, Yesterday, the Senate approved the bill H.R. 7010 that had passed the House last week. The Bill now heads to the President for signing. For borrowers under the PPP loan program, H.R. 7010 provides some much-needed...

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Dear Valued Client,

As we prepare for the start of tax season we wanted to remind you of important dates and items that relate to the 2023 tax season.

2022 4th Quarter Estimates
As a reminder the 2022 4th quarter individual tax estimates are due Monday January 16th.

2022 1099 filings
We want to remind you that Paresky Flitt & Company, LLP does not prepare 1099s. 1099s should be prepared in house, by your payroll provider or your bookkeeping service.

2023 Tax Filing Season

S-Corporation and Partnership Tax Return Filing Deadline
The 2022 S-Corporation and Partnership tax return filing due date is currently Wednesday March 15, 2023. We will attempt to complete your tax return by this filing deadline, however, if we receive your information after February 8, 2023, we may have to file an extension due to insufficient time available to prepare a complete and accurate tax return. If an extension of time is required, any tax due with this tax return must be paid with that extension.

Individual, C-Corporation and Trust Tax Return Filing Deadline
The 2022 Individual, C-Corporate and Trust tax return filing due date is currently Tuesday April 18, 2023. We will attempt to complete your tax return by this filing deadline, however, if we receive your information after March 7, 2023, we may have to file an extension due to insufficient time available to prepare a complete and accurate tax return. If an extension of time is required, any tax due with this tax return must be paid with that extension.

We would like to thank you for your business. We are so very appreciative that you have selected us as your CPA firm. We look forward to speaking with you soon!

Your friends at Paresky Flitt & Company, LLP