Accounting & Tax News

The IRC §199A Qualified Business Income Deduction, a significant component of the Tax Cuts and Jobs Act (TCJA), may grant substantial tax savings to those who qualify. We are encouraging all eligible clients to take advantage of this opportunity. These new rules stipulate that owners of sole proprietorships, S-Corporations, and Partnerships may be able to claim up to a 20% deduction against their Qualified Business Income.

With the 2017 tax reconciliation reform (Tax Cuts and Job Acts) comes a new tax incentive program aimed at promoting investments in certain economically distressed communities across the country.

QSBS is stock of a U.S. “C” corporation with gross assets less than $50M, both before and immediately after the issuance of the stock. The original issuance of the stock must have occurred after August 10, 1993. All corporations that are a part of the same parent corporation are treated as one corporation.

In response to a Federally declared disaster, the taxing authorities often work to provide extra relief from tax obligations and deadlines to assist in reducing stress on those affected by disasters. The relief often takes the form of payment and deadline extensions, ability to claim casualty losses on those affected, as well as relief from taxation on payments received related to the disaster. In California, the most recent Federal disaster declaration was in Los Angeles for the wildfires that began in early January. We have compiled some of the more relevant guidelines & limitations available to Los Angeles residents in the Federally-declared disaster areas.

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...

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).

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...

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.

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.