Deducting Corporate Expenses Covered by Shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being non deductible both by an officer and the corporation unless proper steps are taken. [...]

By |2021-07-26T12:20:03-04:00July 26th, 2021|Categories: Blog, Tax|Comments Off on Deducting Corporate Expenses Covered by Shareholders

How to Handle Start-Up Expenses

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures [...]

By |2021-07-20T13:48:09-04:00July 19th, 2021|Categories: Blog, Tax|Comments Off on How to Handle Start-Up Expenses

California Cannabis Tax Fact Sheet

California’s Dept. of Tax and Fee Administration has issued a cannabis tax fact sheet for calculating the cannabis excise tax. To properly calculate the 15% tax, cannabis distributors must determine whether the sale or transfer to the cannabis retailer [...]

By |2021-07-14T14:29:38-04:00July 14th, 2021|Categories: Blog, California, SALT, Tax|Comments Off on California Cannabis Tax Fact Sheet

Unemployment Insurance Deadline

California employers: don’t miss this important deadline. Federal and CA wage reports and related unemployment insurance premiums for the second quarter are due on Aug. 2, 2021 (most years the due date is July 31, which falls on a [...]

By |2021-07-14T14:25:20-04:00July 14th, 2021|Categories: Blog, California, SALT, Tax|Comments Off on Unemployment Insurance Deadline

Trust Fund Recovery Penalty, Are you at Risk?

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income [...]

By |2021-07-12T19:27:26-04:00July 12th, 2021|Categories: Blog, Tax|Comments Off on Trust Fund Recovery Penalty, Are you at Risk?

Marin County Paid Sick Leave

Small employers in Marin County, California must provide supplemental paid sick leave. On June 8, 2021, the Marin County Board of Supervisors passed an urgency ordinance requiring employers in unincorporated areas, with 25 or fewer employees, to provide supplemental [...]

By |2021-07-14T12:46:30-04:00July 7th, 2021|Categories: Blog, California, SALT, Tax|Comments Off on Marin County Paid Sick Leave

10 Facts about the Pass-Through Deduction

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 [...]

By |2021-07-06T12:27:21-04:00July 6th, 2021|Categories: Blog, Tax|Comments Off on 10 Facts about the Pass-Through Deduction

California Unemployment Changes

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 [...]

By |2021-06-30T13:13:03-04:00June 30th, 2021|Categories: Blog, SALT, Tax|Comments Off on California Unemployment Changes

California Minimum Wage Changes

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 [...]

By |2021-06-30T13:07:36-04:00June 30th, 2021|Categories: Blog, SALT, Tax|Comments Off on California Minimum Wage Changes

Claim the Employee Retention Tax Credit

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 [...]

By |2021-06-28T18:45:59-04:00June 28th, 2021|Categories: Blog, COVID-19, Tax|Comments Off on Claim the Employee Retention Tax Credit
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