On November 24, 2023, the U.S. Treasury Department released proposed regulations (REG-131756-11) that would amend existing regulations under §267 and §707 relating to...
The Corporate Transparency Act (“CTA”) has gone into effect as of January 1, 2024, requiring timely submission of specified information on new or existing companies and...
On February 23, 2023, the IRS significantly expanded electronic filing requirements for tax returns. Employers filing 10 or more returns of any type on or after January...
On October 16, 2023, the IRS and FTB announced that the tax year 2022 federal and California income tax filing and payment due date will be further postponed until...
The IRS issued a notice last Thursday ordering an immediate stop to processing all new claims for the Employee Retention Tax Credit (ERTC). This comes amid a surge of...
The IRS and FTB have recently granted additional tax relief to eligible Californians due to the winter storms. As provided in our...
The IRS recently announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions as detailed in Revenue Procedure 2022-38. Included in the list...
This tax bulletin provides you with tax information for 2023 and reminders about Forms W-4, W-5, and I-9. We have included a separate bulletin with information for your...
On February 7, 2022, the California Legislature passed Senate Bill 113 ("SB 113") proposing an expansion to the California Passthrough Entity Elective Tax ("CA PTET")...
Changes Are Underway The pandemic ignited a home-buying frenzy as the decade-long housing shortage converged with historically-low mortgage rates, shifting workplace...
Keep Your Money In The Right Hands A well-crafted wealth transfer and estate plan can help you implement your vision for the future and create benefits for the people...
The IRS recently shared it receives thousands of R&D claims for credits in the hundreds of millions of dollars from corporations, businesses, and individual...
The Franchise Tax Board (“FTB”) has recently provided additional information and clarification on several important issues which we have summarized below on top of our...
This is a reminder that your 4th quarter estimated taxes are due on or before January 18, 2022. Please note that this is a general reminder, and if it does not apply to...
Limitations on The California Pass-Through Entity Tax The recently enacted Assembly Bill 150, which established the California Pass-Through Entity Tax Credit (“CA...
Dear Clients and Friends, Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability,...
A cost segregation study is one way to boost cash flow If your business is planning to buy, build, or substantially improve real property, a cost segregation study can...
Are you liable for “nanny taxes”? If you employ household workers — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers, and...
Working remotely from “out of state” can be taxing The COVID-19 pandemic has required many people to work remotely, either from home or a temporary location. One...
Rental real estate - Determining if a property is a business or an investment If you own rental real estate, its classification as a trade or business rather than an...
Oops, you overfunded your 529 plan Some might consider it a good problem to have - - saving too much money for college. But if the money is held in a Section 529...
When can you deduct business-related meals . . . and how much can you deduct? The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most...
There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past. That may be true...
Worker classification is still important In 2020 and 2021, many companies have experienced “workforce fluctuations.” If your business has engaged independent...
Recent Tax Proposals Impacting Individuals and Estates On September 13, 2021, The House Ways and Means Committee released proposed legislation including, among other...
Federal Deduction For State Income Taxes are Partially Restored On July 16, 2021, California Governor Gavin Newsom signed into state law Assembly Bill 150 (“AB 150”),...
Federal Deduction For State Income Taxes are Partially Restored On July 16, 2021, California Governor Gavin Newsom signed into state law Assembly Bill 150 (“AB 150”),...
On May 4, 2021, the House Representatives reintroduced the “Securing a Strong Retirement Act of 2021,” commonly referred to as the SECURE Act 2.0. The original SECURE...
On June 17, 2021, the U.S. Supreme Court upheld the Affordable Care Act in the case brought before the Court, California v. Texas, commonly known as the Affordable Care...
On March 30, 2021, President Biden signed the PPP Extension Act of 2021, H.R. 1799 into law, providing loan applicants two additional months to apply for a first or...
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021, H.R. 1319 (ARPA), into law, providing $1.9 trillion in additional stimulus, including...
On March 17, 2021, the IRS announced that the tax year 2020 federal income tax filing due date for individuals will be postponed until May 17, 2021. Individual...
On December 27, 2020, former President Trump signed the Consolidated Appropriations Act (CAA) This bill contains tax provisions affecting many industries, including the...
Franchise Tax Board (FTB) Overpayments Notices If you have recently received FTB notices indicating either your 2019 California overpayments were not credited to 2020...
The Bipartisan Budget Act of 2015 (the Act) enacted late last year repeals the existing partnership audit rules known as the Tax Equity and Fiscal Responsibility Act of...
As the IRS announced the beginning of the 2018 tax filing season last week, it also warned that this is the time when identity thieves and fraudsters are actively...
The period between filing last year’s tax return and this year’s return is the perfect time to organize your tax records. Granted, it may not be something you relish...
Despite its name, the “kiddie tax” is far from child’s play. And a change made by the Tax Cuts and Jobs Act (TCJA) puts some adult teeth into the tax. Now, children...
Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners ’personal returns, making it about as simple as...