Hiring Independent Contractors? Make Sure They’re Properly Classified

As a result of the coronavirus (COVID-19) crisis, your business may be hiring independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them [...]

By |2020-04-27T13:19:23-04:00April 27th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on Hiring Independent Contractors? Make Sure They’re Properly Classified

5 Reasons You Shouldn’t Wait Until July 15th to File Your Return

While Treasury’s response to the ongoing COVID-19 crisis by automatically extending certain filing deadlines and payments is welcomed news to many, waiting until July 15th to file and/or pay your taxes may have unintended adverse consequences.  Here are five [...]

By |2020-03-26T11:37:08-04:00March 26th, 2020|Categories: Blog, COVID-19, Tax, Tim Tikalsky|Tags: , , , |Comments Off on 5 Reasons You Shouldn’t Wait Until July 15th to File Your Return

5 Ways to Withdraw Cash from Your Corporation While Avoiding Dividend Treatment

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the [...]

By |2019-10-16T16:47:09-04:00September 16th, 2019|Categories: Audit, Blog, Small Business Services, Tax|Tags: , , , |Comments Off on 5 Ways to Withdraw Cash from Your Corporation While Avoiding Dividend Treatment

Tax Relief Available For California Fire Victims

Victims of wildfires ravaging parts of California in Butte, Los Angeles and Ventura counties can qualify for tax relief under the federal government’s major disaster declaration for the state, the Internal Revenue Service. The emergency declaration will give residential [...]

By |2019-03-11T20:28:14-04:00November 16th, 2018|Categories: Blog, Gregory C. Brown, Tax|Tags: , , , |Comments Off on Tax Relief Available For California Fire Victims

Use Pay-Ratio Disclosures with Caution

Starting in 2018, certain public companies must disclose the ratio of their CEO’s annual compensation to that of its “median employee.” The rule allows for significant flexibility in calculating these ratios, leading to widely divergent ratios within the same [...]

By |2020-01-06T19:22:23-05:00August 21st, 2018|Categories: Blog, Tax|Tags: , , |Comments Off on Use Pay-Ratio Disclosures with Caution

Choosing the right accounting method for tax purposes

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided [...]

By |2018-08-13T12:49:10-04:00August 13th, 2018|Categories: Blog, Tax|Tags: , |Comments Off on Choosing the right accounting method for tax purposes

San Francisco Lessors: Get Ready for the New Gross Receipts Tax

Commercial property lessors in San Francisco should prepare for a sizable tax hike effective January 2019; the City’s voters passed Proposition C in June. The Commercial Rent Tax for Childcare and Early Education Tax imposes an additional 3.5% gross [...]

By |2019-03-11T20:48:03-04:00August 10th, 2018|Categories: Blog, Gregory C. Brown, Tax|Tags: , , , |Comments Off on San Francisco Lessors: Get Ready for the New Gross Receipts Tax

An FLP can Save Tax in a Family Business Succession

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is [...]

By |2019-03-25T13:20:42-04:00August 6th, 2018|Categories: Blog, Tax|Tags: , , , |Comments Off on An FLP can Save Tax in a Family Business Succession

Change in Accounting Method Considerations Under the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act provides a number of opportunities that may benefit small businesses. Taxpayers with gross receipts at or below the newly established requirements may be eligible for an automatic change to certain accounting methods. These include [...]

By |2018-07-27T14:38:06-04:00July 27th, 2018|Categories: Anna Baker, Blog, Tax|Tags: , , , , , |Comments Off on Change in Accounting Method Considerations Under the Tax Cuts and Jobs Act