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By D. David Hebebrand
Moats & Hebebrand CPAs 

Some tax changes to be aware of

Your Tax Preparer


January 6, 2024

D. David Hebebrand CPA.

It's been an interesting year with important tax changes that will impact you. Here are some of the changes and issues you need to know about.

Tax return due dates:

• Individuals must file returns by April 15 for the 2023 tax year.

• Partnerships must file returns by the 15th day of the third month following the close of the taxable year (March 15 for calendar-year taxpayers);

• C corporation returns are generally due by the 15th day of the fourth month following the close of the taxable year (April 15 for calendar-year taxpayers);

• S corporation returns will remain due by the 15th day of the third month of the taxable year (March 15 for calendar-year taxpayers); and

• W-2s and 1099s must be filed by January 31, 2024, for the 2023 tax year.

Virtual Currencies: The IRS has ramped up its enforcement of virtual currencies, such as bitcoin, most taxpayers who own virtual currencies fail to report their taxable transactions when filing their tax returns. The IRS is sending letters to taxpayers with known virtual currencies accounts. The ms requires taxpayers to affirmatively declare whether they are engaged in any virtual transactions. Intentionally failing to report taxable income can have severe consequences. Be sure to provide us with this information.

Foreign accounts: You must report overseas assets owned by businesses as well as individuals. So, the reporting requirements are increasing and the penalties for failure to report continue to be harsh. Not all foreign holdings must be reported. If, for example, you hold stock in a foreign company through a U.S. broker, those holdings do not have to be separately reported. However, if you hold any other types of foreign assets, including bank accounts and securities accounts, please let us know. If you have any doubt as to whether any of your assets are foreign, please discuss those assets with your tax preparer. Again, this year you will need information on a business' foreign holdings as well.

There are many things going on in the tax world. We at Moats and Hebebrand are very prepared on the issues and can help you with them. Give us a call.

Moats and Hebebrand CPAs is located at 20231 Valley Blvd., Ste. E or call (661) 822-1750.


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