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IRS Extends Deadline for California Taxpayers Impacted by Natural Disasters

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Affected individuals and businesses will have until October 16, 2023, to file returns and pay any taxes, including 2022 individual income tax returns due on April 18 and various 2022 business returns normally due on March 15 and April 18, 2023.

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Friday Footnotes: Why People Leave Public Accounting; Audit Workloads Up; Terrorist Clients (Literally) | 12.2.22

Going Concern

Why People Leave Public Accounting [ CPA Journal ]. Writes Edward Mendlowitz, CPA/PFS, ABV: There are many reasons why CPAs decide to leave public accounting firms. The following is a discussion of what I have found to be the most common reasons why people leave public accounting.

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Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

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Tax rate Single individual income Married (filing jointly) income 10% $10,275 or less $20,550 or less 22% $41,775 $83,550 24% $89,075 $178,150 32% $170,050 $340,100 35% $215,950 $431,900 Updates to Small Business Tax Rates The IRS updates small business tax rates yearly to account for inflation or other economic changes.

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2022 Year-End Tax Planning Checklist

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For example, common states where people move to reduce state taxes are Florida, Texas, Wyoming, and Nevada. Consider increasing the amount you set aside for next year in your employer’s health flexible spending account (FSA). Tax-Advantaged Accounts. Year-End Tax Planning for Businesses. Energy credits.