What Pass-Through Businesses Need to Know About California Assembly Bill 150

Since the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, individuals who itemize their federal tax deductions have been limited to a $10,000 deduction for state and local income taxes (“state taxes”). This has impacted taxpayers [...]

By |2021-09-08T11:03:27-04:00August 5th, 2021|Categories: Blog, California, Kaylyn Kleinhans, SALT, Tax|Tags: , , , , , |Comments Off on What Pass-Through Businesses Need to Know About California Assembly Bill 150

Accounting Methods for Private Companies

Businesses need financial information that’s accurate, relevant, and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But [...]

By |2021-06-21T09:51:19-04:00June 18th, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Accounting Methods for Private Companies

2021 Q3 Tax Deadlines

The 2021 Q3 Tax Deadlines are approaching. Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional [...]

By |2021-06-14T13:24:53-04:00June 14th, 2021|Categories: Blog, Tax|Tags: , , , , , , , , , , |Comments Off on 2021 Q3 Tax Deadlines

Recordkeeping Do’s and Dont’s

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to [...]

By |2021-06-07T19:20:05-04:00June 7th, 2021|Categories: Blog, Tax|Tags: , , , , |Comments Off on Recordkeeping Do’s and Dont’s

Newsom’s Budget Proposal

In mid-May, California Governor Gavin Newsom released a revised state budget proposal for 2021-2022. This budget supports a $100 billion CA Comeback Plan with a projected state surplus of $75 billion, plus $25 billion in federal relief. Provisions include: [...]

By |2021-06-02T19:02:02-04:00June 2nd, 2021|Categories: Blog, California, SALT, Tax|Tags: , , , , |Comments Off on Newsom’s Budget Proposal

Benefits of Hiring Your Kids this Summer

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage [...]

By |2021-06-02T19:02:19-04:00June 1st, 2021|Categories: Blog, Tax|Tags: , , , , , |Comments Off on Benefits of Hiring Your Kids this Summer

Simple Retirement Savings Options for Your Small Business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee [...]

By |2021-04-12T12:14:32-04:00April 12th, 2021|Categories: Blog, Tax|Tags: , , , , |Comments Off on Simple Retirement Savings Options for Your Small Business

Need a New Business Vehicle? Consider a Heavy SUV

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus Depreciation Under [...]

By |2021-03-29T11:55:41-04:00March 29th, 2021|Categories: Blog, Tax|Tags: , , , , , |Comments Off on Need a New Business Vehicle? Consider a Heavy SUV

Is an S Corporation the Best Choice of Entity for your Business?

Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an explanation of the reasons [...]

By |2021-03-22T12:36:26-04:00March 22nd, 2021|Categories: Blog, Tax|Tags: , , , , , |Comments Off on Is an S Corporation the Best Choice of Entity for your Business?

Good News for Taxpayers: Individual Deadline Extended

Due to the ever-evolving financial state, the IRS and California FTB have decided to give taxpayers a month-long respite. This change only applies to individuals and does not impact other taxpayers like corporations and trusts due on April 15. [...]

By |2021-03-19T12:06:09-04:00March 18th, 2021|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on Good News for Taxpayers: Individual Deadline Extended
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