Friends: This is the most likely audience. Friends often use slang and abbreviations in their conversations.
Close family members: You might say this to siblings or other relatives you are close with.
Someone you know well: If you have a good rapport with someone, you might use this casual language.
It would be inappropriate to use this sentence in the following situations:
* Formal settings: A professional meeting, a job interview, or a presentation.
* With someone you don't know well: It would be disrespectful and could come across as unprofessional.
* When discussing serious matters: When talking about important issues, it's best to use formal language.
Overall: The sentence "Later gotta go talk my parents" is appropriate in informal settings with people you are close with. It would be inappropriate in formal situations or when talking to someone you don't know well.