Accounting & Tax News

Unfortunately, the incidence of identity theft continues to rise, fueled by increasing numbers of data breaches and sophisticated cybercrime techniques.  Tax-related identity theft occurs when unauthorized persons either impersonate the taxpayer or the IRS to obtain...

CalSavers was implemented to ensure that each employee in the state has access to a workplace retirement savings account. California state law (Title 21 of the California Government Code) requires employers who do not offer a retirement plan to participate in and register with CalSavers as early as December 31, 2024, depending on the number of employees. The registration deadline for employers with 5 or more employees is December 31st, 2024. The registration deadline for employers with 1 to 4 employees is December 31, 2025.

Since the Tax Cuts and Jobs Act (TCJA) passed in 2017, taxpayers can only claim the state and local tax deduction on their Federal personal tax filings to a maximum deduction of $10,000. The passthrough entity tax may allow certain taxpayers to offset more of their income with a state tax deduction for Federal tax purposes.

With the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, the state and local tax deduction on Federal personal tax filings was limited to a maximum deduction of $10,000. However, certain taxpayers may be able to claim a larger deduction on their Federal tax returns for their state taxes paid by electing into the “passthrough entity tax” (PTET).

Year-end is a great time to finalize tax optimization strategies to ensure timely filing in the new year. Please consider some of our favorite savings opportunities below to help you with tax planning.

Have you made any energy efficient improvements to your home or business? You may be able to claim valuable tax credits.

As the filing season begins, we would like to remind you about key tax filing dates for 2025. Keep apprised of these deadlines to stay compliant and meet all necessary requirements in a timely manner. Individual, Fiduciary, & Gift Tax Return Deadlines Individual...

With the 2024 election on the horizon, tax reform is a pivotal issue impacting high-net-worth individuals. Each candidate’s approach to tax policy carries distinct implications for investment strategies, wealth preservation, and estate planning. In this article, we explore the leading candidates’ tax proposals, focusing on potential changes to capital gains, estate tax exemptions, and income tax brackets for higher earners.

Proposition 19 was approved by California voters on November 3, 2020, and was enacted in April 2021. This proposition was designed to provide protection of primary residences for seniors, severely disabled, families, and victims of wildfire or natural disasters. This proposition includes two provisions for property tax reappraisal exclusions: