By Fernando Jimenez The IRS announced on September 14th that it has put a hold on processing all new Employee Retention Credit (ERC) claims through the end of 2023. The
IRS Issues Guidance on New Retirement Catch-Up Contribution Rules
By Fernando Jimenez In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant
The IRS Warns Businesses About ERTC Scams
By Fernando Jimenez The airwaves and internet are inundated these days with advertisements claiming that businesses are missing out on the lucrative Employee Retention Tax Credit (ERTC). While some employers
IRS Provides Transitional Relief for RMDs and Inherited IRAs
By Fernando Jimenez Three years later, in December 2022, the SECURE 2.0 Act increased the RBD age for RMDs further. This year the age increased to 73, and it’s scheduled to
Social Security’s Future: The Problem and the Proposals
By Fernando Jimenez Recent reports have raised anew concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security reform has long been considered a “third
IRS Guidance Coming Regarding the IRA’s Clean Vehicle Credit
By Fernando Jimenez The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean
Californians Impacted by Winter Storms Receive Extension to File Taxes
By Fernando Jimenez The state of California is conforming with the IRS and extending the tax filing deadline for Californians affected by December and January winter storms. The extended deadline
Reading the Tea Leaves: Potential Tax Legislation in the New Congress
By Fernando Jimenez The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. While it remains to be seen
Act Now to Reduce Your Business’s 2022 Tax Bill
By Fernanco Jimenez It’s been a tumultuous year for many businesses, and the current economic climate promises more uncertainty for the short term, if not longer. Regardless of how your
PTE Payments Made by Dec. 31 Trigger Federal Deduction
By Fernando Jimenez California passthrough entities (PTEs) that made the initial June 15 passthrough entity elective tax payment can take advantage of increased federal tax savings by paying the remainder
What do the 2023 Cost-of-Living Adjustment Numbers Mean for You?
The IRS recently issued its 2023 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, many amounts increased considerably over 2022 amounts. As you implement
Inflation Reduction Act Expands Deductions for Energy-Efficient Construction
Mitigating the adverse effects of climate change is one of the primary targets of the recently enacted Inflation Reduction Act (IRA). To that end, the legislation is packed with tax
Inflation Reduction Act Expands Valuable R&D Payroll Tax Credit
When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also
Clean Vehicle Credit Comes with Caveats
The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers
FTB Admits Errors on PTE Payments
RJI CPAs has recently learned that due to errors with the Franchise Tax Board (FTB) processing of passthrough entity tax payment vouchers, the FTB is erroneously issuing refunds of the
IRS Offers Penalty Relief for 2019, 2020 Tax Years
While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in
Student Loan Relief Announced by President Biden
On August 24, President Biden announced a three-part plan addressing student loan debt. The three parts encompass the following: The Administration has already extended the student loan repayment pause several
CHIPS Act Poised to Boost U.S. Businesses
CHIPS Act poised to boost U.S. businesses The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and
Businesses: Act Now to Make the Most Out of Bonus Depreciation
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available
Congress Eyes Further Retirement Savings Enhancements
In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress
PPP Loan Applications Re-Open
Key Changes and Upcoming Deadlines The U.S. Small Business Association and Treasury re-opened the Paycheck Protection Program (PPP) on January 11, 2021. Initially, only community financial institutions that serve minority-
COVID-19 Relief Bill Signed into Law
President Trump signed off on a $900 billion COVID relief bill on December 27, 2020, offering economic aid as the pandemic worsens. His approval came just in time to avert
Reserve Your Small Business Hiring Credit Now
Businesses with 100 employees or less are eligible for California’s new Small Business Hiring Credit, equal to $1,000 per net increase in qualified employees. Businesses that have been negatively impacted
Should You File a Protective Refund Claim for ACA-Related Payments?
The U.S. Supreme Court has agreed to hear arguments on whether the Affordable Care Act (ACA) is unconstitutional. It is expected that the Supreme Court will not make a decision
What does the Executive Action Deferring Payroll Taxes Mean for Employers and Employees?
On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this