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  • Amidst the tragedies of Hurricane Ian in Florida, the Internal Revenue Service (IRS) has extended the tax filing deadline for those affected to February 15th, 2023. The original tax filing was due on October 17th, 2022, for individuals with a valid extension to file their 2021 taxes. In addition, the Federal Emergency Management Agency (FEMA) announced that these affected individuals in certain areas would receive tax relief. Any individual and household affected by Hurricane Ian who resides or has a business in Florida can qualify for this tax relief.

    The Effects On Individuals And Businesses In Florida

    The tax relief affects individuals and businesses in Florida in the following ways:

    • Individuals: If you’re an individual who had a valid extension to not file your 2021 taxes until October 17th, 2022, you now have until February 15th, 2023. In addition, the February 15th deadline applies to quarterly estimated income tax payments normally due on January 17th, 2023, and quarterly payroll and excise tax returns normally due on October 31st, 2022, and January 31st, 2023. 
    • Businesses: Any business in Florida with an original or extended due date after September 23rd, 2022, now has until February 15th, 2023, to file and pay. Additionally, tax-exempt organizations are eligible for the extended deadline. This includes 2021 calendar-year returns with extensions due to run out on November 15th, 2022. 

    It’s important to note that any payment initially due before September 23rd, 2022, is not eligible for this relief. Payroll and excise tax deposits due after September 23rd, 2022, but before October 10th, 2022, will be exempt from penalties if they are paid by then.

    What Florida Residents Should Know

    As a resident of Florida, you do not need to apply for filing, payment, or penalty relief as the IRS automatically extends it to individuals with an IRS address of record located within the disaster area. For individuals who live outside the disaster area but have records necessary to meet an IRS deadline located inside the area, the agency will work with you to ensure you are not penalized.

    Outsource Payroll Tax Management Services Today

    As a small business owner, filing taxes can be confusing and challenging. In addition, failing to comply can result in hefty penalty fees. Focusing your time on cutting checks, filling out forms, maintaining records, keeping up with regulations, and staying on top of tax deadlines doesn’t grow your business. On top of this, dealing with the effects of Hurricane Ian adds an additional layer of stress. Let GMS help you during these unprecedented times. Contact us today.

  • Any employer who conducts business in Georgia has new compliance-related requirements to be considered in 2022. In order to determine the amount and type of tax credits that are available to employers, Georgia ranks all counties, census tracts, and special zones. Depending on what ranking your business falls in, it can significantly impact jobs and investment credits.

    A list of these rankings is published by Georgia’s Department of Community Affairs (DCA) at the beginning of each calendar year. The published list highlights any area that is changing and could lead to lost benefits that are available from the previous year. However, any business that is within an affected location can submit a Notice of Intent (NOI) with DCA no later than March 31st. For example, if a business filed an NOI by March 31st, 2022, that business would preserve the 2021 ranking/status for 2022, 2023, and 2024. If you do not submit an NOI in a timely manner, any business with a changing ranking or status will only be allowed to claim credits at the 2022 ranking level.

    If you plan to expand or invest in a business in the state of Georgia within the next three years, be sure to review the annual list and file an NOI if their location is within an area with benefits that are decreasing.

    Tax Credits Available To Offset State Payroll Withholding Taxes

    Depending on the location, Georgia continues to expand the availability of tax credits that can offset income tax liabilities and withholding taxes. Tier one counties, less developed census tracts, opportunity zones, and military zones are eligible for job credits. Tax years beginning January 1st, 2022, will also include investment credits for investments made in rural counties.

    The Department of Revenue established a new procedure that must be carried out through the Georgia Tax Center to claim any credits against withholding tax. This procedure was put in place to speed up the application and approvals processes. Follow these important steps that are required to use these credits to offset withholding:

    • Credit approval
    • Claiming of credit on income tax return
    • Notification of intent to utilize credit against withholding tax
    • Offsetting payments of withholding tax

    Outsource Your Payroll Administration To GMS

    Payroll tax filing requirements are complex and ever-changing. As a business owner, it can be challenging to meet payroll tax deadlines and file taxes correctly, and failure to comply can result in high penalty fees. In addition, staying on top of regulations, deadlines, and filling out forms takes time away from your busy schedule. Stop spending time worrying about these HR functions and start spending time growing your business. Contact us today!