Accounting & Tax News
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
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
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
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...
To Shred or Not to Shred?
As we launch into another tax season, clients often ask us about how long specific documentation should be retained. Disposing of records prematurely can create potential tax and legal headaches that could be avoided easily. On the other hand, keeping records too long...
New Year, New Tax Laws: How Key Changes May Affect You
As 2019 drew to a close, Congress enacted a slate of new tax laws that will impact you in 2020 and beyond. Below is a summary detailing a few of these key changes that may have lasting implications on your tax situation. While this is not an exhaustive list, we hope...
What You Need to Know for 2019 Year-End Tax Planning
Looking Forward while Reflecting on 2018: What You Need to Know for 2019 Year-End Tax Planning 2019 is rapidly drawing to a close. With 2020 just around the corner, we are working hard to implement tax strategies that will benefit our clients for the 2019 tax...