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The Jewish Holidays continue with Yom Kippur beginning at sundown this evening and the hope that according to Jewish law we start a new year with Rosh Hashanah and the opportunity for a clean slate for peace, health, happiness and harmony and I am hoping this can be true for 2024/5785.  Having lived and survived Hurricane Sandy with memories that fade, but never leave me, I’d like to add no more disasters as well!  I love starting my day on the beach at sunrise; lately it’s pre-dawn so I am also looking forward to November 1st when we turn back our clocks and I can watch the sun rise at the start of my walk rather than the end as has been happening most of this week as we start out at around 6:15…

As we work towards our next major deadline of October 15th I am glad to see some of my friends and family have been able to get out and about and have shared some beautiful fall photos with me…

I am hoping you and your family and friends have “weathered” the storms and will be able to enjoy this nice fall weather 🍂🍁🍎🍏

Weekly Take Away

With all that’s going on here and, in the world, I just keep thinking “do what’s best for you” so I am making sure to take my morning walks, continue to working-out and managing this difficult tax deadline by not by rushing to complete those extended tax returns especially when the final missing document was submitted after October 4th.  We have found that booking too many exit appointments in these last few days pressures us to rush; that’s when mistakes happen.

TAX ISSUES/TAX PLANNING

IRS Announced Tax Relief for Victims of Hurricane Helene:  Various Deadlines Postponed to May 1, 2025

As per FL-2024-08, “the Internal Revenue Service announced tax relief for individuals and businesses in parts of Florida that were affected by Hurricane Helene that began on Sept. 23, 2024. These taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.

Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in Alachua, Bay, Bradford, Calhoun, Charlotte, Citrus, Collier, Columbia, Dixie, Escambia, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Holmes, Jackson, Jefferson, Lafayette, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Monroe, Okaloosa, Pasco, Pinellas, Santa Rosa, Sarasota, Sumter, Suwannee, Taylor, Union, Wakulla, Walton, and Washington counties qualify for tax relief.

Affected Taxpayers with returns and payments with due dates postponed until Feb. 3, 2025, due to Tropical Storm Debby in Florida (FL-2024-07) will also now have until May 1, 2025, to file and/or pay.

Together, the Helene-related and Debby-related declarations permit the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. In this instance, this means that certain deadlines falling on or after Aug. 1, 2024, and before May 1, 2025, are granted additional time to file through May 1, 2025. As a result, affected individuals and businesses will have until May 1, 2025, to file returns and pay any taxes that were originally due during this period.

The May 1, 2025, filing deadline applies to:

• Individuals who had a valid extension to file their 2023 return due to run out on Oct. 15, 2024. The IRS noted, however, that because tax payments related to these 2023 returns were due on April 15, 2024, those payments are not eligible for this relief.
• Businesses with an original or extended due date including, among others, calendar-year corporations whose 2023 extensions run out on Oct. 15, 2024.

As per FL-2024-08, announced October 10th, 2024:  “Tax deadlines remain February. 3, 2025, for areas of the state that received Debby-related relief, but not Helene-related relief. Currently, this includes the following 20 counties: Baker, Brevard, Clay, DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Highlands, Lake, Nassau, Okeechobee, Orange, Osceola, Polk, Putnam, Seminole, St. Johns and Volusia.

The February 3, 2025, filing deadline applies to:

• Individuals who had a valid extension to file their 2023 return due to run out on Oct. 15, 2024. The IRS noted, however, that because tax payments related to these 2023 returns were due on April 15, 2024, those payments are not eligible for this relief.
• Businesses with an original or extended due date including, among others, calendar-year partnerships and S corporations whose 2023 extensions run out on Sept. 16, 2024, and calendar-year corporations whose 2023 extensions run out on Oct. 15, 2024.”

IRS Announced Tax Relief for Victims of Tropical Storm Debby in North Carolina; Various Deadlines are Postponed to February 3rd 2025

As per NC-2024-07, announced August 9th, 2024:  “Tax relief is now granted for individuals and businesses in North Carolina that were affected by severe storms and flooding that began on Aug. 5, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.

The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS disaster hotline at 866-562-5227 to request this tax relief.

The Feb. 3, 2025, filing deadline applies to:

• Individuals who had a valid extension to file their 2023 return due to run out on Oct. 15, 2024. The IRS noted, however, that because tax payments related to these 2023 returns were due on April 15, 2024, those payments are not eligible for this relief.
• Businesses with an original or extended due date including, among others, calendar-year partnerships and S corporations whose 2023 extensions run out on Sept. 16, 2024, and calendar-year corporations whose 2023 extensions run out on Oct. 15, 2024.

The Feb. 3, 2025, deadline also applies to any payment normally due during this period, including the quarterly estimated tax payments due on Sept. 16, 2024, and Jan. 15, 2025, and the quarterly payroll and excise tax returns normally due on Oct. 31, 2024, and Jan. 31, 2025. In addition, penalties on payroll and excise tax deposits due on or after Aug. 5, 2024, and before Aug. 19, 2024, will be abated as long as the tax deposits are made by Aug. 19, 2024.”

Disaster assistance for those affected by Recent Storms

The U.S. Small Business Administration (SBA) offers disaster assistance in the form of low-interest loans to businesses, homeowners, and renters affected by natural disasters. This financial aid is designed to help with repairs and rebuilding efforts, and to cover the loss of property and assets.

The Automatic 6-Month Extension Deadline is Approaching

If you were unable to file your tax return by the April 15th/16th deadline, you should have filed your 2023 extension with any balance due and possibly the first estimate for 2024.  We are coming up to the filing deadline of October 15th, which if not met may cause additional penalties and interest.

Still Time to Make Annual SEP/IRA Plan Contribution

The upcoming individual tax return filing deadline of October 15th is also a deadline for funding your company’s SEP/IRA for sole proprietorships.  This is a great tax minimization planning technique, take the funds from the tax liability pocket and put them into the pension plan pocket where they can grow tax free until retirement or required distribution dates.

ECONOMY

Many Phones and Computers Rely on this Quartz Mine in North Carolina Just Hit by Hurricane Helene

As reported in this recent article from CNBC.com:  “Virtually all of the world’s supply of high-purity quartz, a mineral required to produce semiconductors, comes from a tiny North Carolina town that was devastated by Hurricane Helene.

• Virtually all of the world’s supply of high-purity quartz, a mineral required to produce semiconductors, comes from a tiny North Carolina town that was devastated by Hurricane Helene.
• “If something were to happen to these mines, it can put the entire industry on its ear, period,” one industry expert said.
• The two companies operating mines in Spruce Pine have paused operations since Thursday. The Quartz Corp. says they have “no visibility” as to when activity will resume.”

Nationwide Survey Reveals One-Quarter of Small Business Owners Targeted by AI-Driven Scams

As reported in this recent article from SmallBizTrends.com:  “A Nationwide survey found that 20% of small business owners have fallen victim to AI scams, with 69% of those not reporting the incident. These scams include phishing, fake invoice scams, and tech support fraud. The survey highlights the need for better cybersecurity awareness among small businesses.

Are Business Cards Still Worth It?

As reported in this recent article from SmallBizTrends.com:  “Business cards remain valuable despite the digital age, offering a personal touch and convenience in networking. They facilitate easy sharing of contact information and can make a lasting impression with unique designs. However, it’s essential to ensure they reflect current information and are used alongside digital tools.

Understanding America’s Labor Shortage: The Most Impacted Industries

As reported in this recent report from the U S Chamber of Commerce:  “The U.S. is experiencing a labor shortage, significantly affecting industries like leisure and hospitality, education, healthcare, and trucking. Contributing factors include an aging population, pandemic disruptions, and changing work preferences. The shortage hampers economic recovery, with businesses struggling to fill positions and meet consumer demand.

GENERAL RESOURCES

• IRS resources for stimulus payments:
  • Use the Get My Payment tool to check on EIP payment status
  • Eligibility and general information about Economic Impact Payments
  • A list of frequently asked questions for stimulus payments
• IRS information about the Advance Child Tax Credit Payments
  • Portal to update information
  • A list of frequently asked questions on the advance Child Tax Credit Payments
• The best source for up-to-date and accurate health information is the Center for Disease Control (CDC)
• Our prior blog posts, videos and prior weekly newsletters
• Entrepreneur put together a listing of free tech resources for remote work
• The Consumer Financial Protection Bureau has warnings about COVID-related scams
• The New York Times has an online newsletter on K-12 and higher education
• The Wall Street Journal has a collection of articles on education
• The Louvre has digitized 482,000 artworks from its collection
• How to create a strong password

We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are here for you.

If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan, contact us for a complimentary discovery session or an appointment to just get started

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Contact us if you have any questions or want to discuss the next steps for your business.