Accounting & Tax News

Breaking California Residency

Breaking California Residency

Taxpayers have been leaving California in droves. California’s rising cost of living with increased ability to work remotely has resulted in an unprecedented exodus. In addition, California residents are taxed at one of the highest rates in the country. Many taxpayers are incentivized to leave the state for these reasons and others, but breaking residency in California can be a complex process that requires detailed tax planning. 

1040 Filings Extended to May 17, 2021

1040 Filings Extended to May 17, 2021

March 15, 2021 marked the one-year anniversary of the Shelter in Place mandate. Shortly thereafter, on March 17th, the United States Treasury and Internal Revenue Service announced for the second time in history that the April 15th tax deadline would be postponed. 2020 tax filings and related tax payments normally due April 15th, for individual taxpayers ONLY, are now due May 17th, 2021.

Important Tax Considerations  for Working from Home

Important Tax Considerations for Working from Home

As COVID-19 continues to limit our work environment, many employers are continuing to encourage or require their employees to work from home. There are several tax considerations to be aware of regarding remote work arrangements. State Tax Obligations for Employers...

New Rules for Federal Non-Employee  Compensation Reporting

New Rules for Federal Non-Employee Compensation Reporting

Starting in 2021, any business, including sole proprietors, regardless of size, that pays at least $600 for services performed for their trade or business by a person who is not an employee is required to file Form 1099-NEC for tax year 2020 and all years going...

Must-Know Year-End Tax Planning Considerations for 2020

Must-Know Year-End Tax Planning Considerations for 2020

Everyone will agree that 2020 has been one of the most unusual years we have ever experienced. Many are relieved that the year is quickly coming to a close. With Joe Biden winning the Presidential election, year-end tax planning has become more important than ever....

Choosing the Right Entity Classification for Your Business

Choosing the Right Entity Classification for Your Business

Has Sheltering-In-Place given you the time to brainstorm some new business ideas? Entity selection and the resulting tax consequences are hot topics, and we can help! The best entity choice is one that satisfies your nontax objectives, while maximizing any current and...

Important News Regarding Independent Contractors

Important News Regarding Independent Contractors

In 2019, Governor Newsom signed Assembly Bill 5 (AB 5). Under AB 5, most California workers are presumed to be employees unless a hiring entity satisfies a three-factor test known as the ABC test. This means that many workers previously classified as independent...

The CARES Act and Your Business

As the coronavirus (COVID-19) continues to affect local communities and global economies, we would like to address your concerns about your company’s financial well-being as well as the welfare of your employees. You may also be wondering about how recently passed...

Update about the CARES Act

In response to the COVID-19 (coronavirus) pandemic and its impact on the economy, the federal government enacted the Coronavirus Aid, Relief, and Economic Relief (CARES) Act (P.L. 116-136). The $2.2 trillion price tag makes this the most expensive act of legislation...