Fuel licensees in California saw a recent decrease in the diesel fuel tax rate. The International Fuel Tax Agreement and Interstate User Diesel Fuel Tax that licensees report and pay with their quarterly returns for fuel purchased outside of [...]
Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. The pass-through deduction is available to [...]
Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before the end of the [...]
On July 11th, Californians receiving unemployment benefits will again be required to search for work. The CA Employment Development Department (EDD) is currently sending notices to claimants to inform them of the reinstatement of this requirement. The search for [...]
Local minimum wages in several California areas will increase on July 1, 2021. The per hour rates include the following: Berkeley ($16.32); Emeryville ($16.97); Fremont ($15.00 for small employers, $15.25 for large employers); Long Beach ($15.69, and for concessionaire [...]
The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything [...]
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of [...]
Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses. However, during the COVID-19 pandemic, managers may be tempted to show earnings [...]
Are you a Californian with questions about the Golden State Stimulus checks? The CA Franchise Tax Board (FTB) has updated its webpage to answer questions. New information includes the Governor’s proposal to expand stimulus payments for more state residents, [...]
Interested Californians are invited to view a livestreamed public hearing. The CA State Board of Equalization (SBE) will hold a teleconference of its annual Taxpayers’ Bill of Rights hearing on Aug. 24, 2021, at 10 a.m. Taxpayers, assessors and [...]
