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Insights

Insights President Biden’s proposed budget includes notable tax provisions
March 17, 2023in Insights 0 Comments 0 Likes

President Biden’s proposed budget includes notable tax provisions

President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous

by Manny Ramirez and Fernando Jimenez
Insights U.S. Supreme Court Limits IRS Penalties for Not Reporting Foreign Accounts
March 15, 2023in Insights 0 Comments 0 Likes

U.S. Supreme Court Limits IRS Penalties for Not Reporting Foreign Accounts

Last week, the U.S. Supreme Court limited the ability of the IRS to impose penalties on those who do not report foreign accounts. The Case & the Bank Secrecy Act

by Manny Ramirez
Insights Californians Impacted by Winter Storms Receive Extension to File Taxes
March 15, 2023in Insights 0 Comments 0 Likes

Californians Impacted by Winter Storms Receive Extension to File Taxes

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 for 2022 filings

by Fernando Jimenez
Insights Reading the tea leaves: Potential tax legislation in the new Congress
March 14, 2023in Insights 0 Comments 0 Likes

Reading the tea leaves: Potential tax legislation in the new Congress

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 if — and

by Fernando Jimenez
Insights Section 174 and Capitalization of R&D Costs
February 15, 2023in Insights 0 Comments 0 Likes

Section 174 and Capitalization of R&D Costs

One delayed tax impact of the 2017 Tax Cuts and Jobs Act (TCJA) went into effect as of January 1, 2022. Taxpayers may no longer take current deductions for research

by Martin Gamez and Fernando Jimenez
Insights IRS Extends 2022 Tax Filing for Californians Affected by Recent Storms
January 12, 2023in Insights 0 Comments 0 Likes

IRS Extends 2022 Tax Filing for Californians Affected by Recent Storms

California residents and businesses in certain counties have been given an extension until May 15, 2023 to file their federal income tax returns for 2022. The extension is for taxpayers

by Nicole Hagaman
Insights 117th Congress Rushes to Pass a $1.7 Trillion Omnibus Spending Package before it ends  January 3, 2023: What’s Included?
December 28, 2022in Insights 0 Comments 0 Likes

117th Congress Rushes to Pass a $1.7 Trillion Omnibus Spending Package before it ends January 3, 2023: What’s Included?

Just before funding for the federal government was set to expire on December 23, 2022, Congress passed—and President Biden is poised to sign—the Consolidated Appropriations Act of 2023. The nearly

by Manny Ramirez and Fernando Jimenez
Insights Act now to reduce your business’s 2022 tax bill
November 14, 2022in Insights 0 Comments 0 Likes

Act now to reduce your business’s 2022 tax bill

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 company has fared

by Fernando Jimenez
Insights PTE Payments Made by Dec. 31 Trigger Federal Deduction
November 14, 2022in Insights 0 Comments 0 Likes

PTE Payments Made by Dec. 31 Trigger Federal Deduction

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 of the 2022

by Fernando Jimenez
Insights What do the 2023 cost-of-living adjustment numbers mean for you?
October 26, 2022in Insights 0 Comments 0 Likes

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

by Fernando Jimenez
Insights Inflation Reduction Act expands deductions for energy-efficient construction
October 19, 2022in Insights 0 Comments 0 Likes

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

by Fernando Jimenez
Insights Inflation Reduction Act expands valuable R&D payroll tax credit
September 29, 2022in Insights 0 Comments 0 Likes

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

by Fernando Jimenez
Insights Clean Vehicle Credit comes with caveats
September 8, 2022in Insights 0 Comments 0 Likes

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

by Fernando Jimenez
Insights FTB Admits Errors on PTE Payments
September 6, 2022in Insights 0 Comments 0 Likes

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

by Fernando Jimenez
Insights IRS offers penalty relief for 2019, 2020 tax years
September 1, 2022in Insights 0 Comments 0 Likes

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

by Fernando Jimenez
Insights Student Loan Relief Announced by President Biden
August 30, 2022in Insights 0 Comments 0 Likes

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

by Fernando Jimenez
Insights Inflation Reduction Act of 2022 aka The IRS $80 Billion Funding Act
August 23, 2022in Insights 0 Comments 0 Likes

Inflation Reduction Act of 2022 aka The IRS $80 Billion Funding Act

The Inflation Reduction Act (IRA) was signed by President Biden on August 12, 2022, purportedly to help reduce the country’s crippling inflation. Using the Tax Foundation’s General Equilibrium Model, they

by Manny Ramirez
Insights CHIPS Act poised to boost U.S. businesses
August 4, 2022in Insights 0 Comments 0 Likes

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

by Fernando Jimenez
Insights CLTs: A Charitable Trust That Takes the Lead
July 28, 2022in Insights 0 Comments 0 Likes

CLTs: A Charitable Trust That Takes the Lead

by Daniel Garrett
Insights Businesses: Act now to make the most out of bonus depreciation
July 20, 2022in Insights 0 Comments 0 Likes

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

by Fernando Jimenez
Insights Standard business mileage rate will increase for the second half of 2022
June 15, 2022in Insights 0 Comments 0 Likes

Standard business mileage rate will increase for the second half of 2022

The IRS recently announced that it’ll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this

by Karen Turner
Insights Proposed regs for inherited IRAs bring unwelcome surprises
May 27, 2022in Insights 0 Comments 0 Likes

Proposed regs for inherited IRAs bring unwelcome surprises

Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes

by Karen Turner
Insights Congress Eyes Further Retirement Savings Enhancements
April 14, 2022in Insights 0 Comments 0 Likes

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

by Fernando Jimenez
Insights New State Laws Affect Businesses for the Good and the Bad
March 30, 2022in Insights 0 Comments 0 Likes

New State Laws Affect Businesses for the Good and the Bad

A bill Governor Gavin Newsom signed into law in February has positive tax implications for businesses, while a second bill requires certain companies to provide workers with COVID-19 sick leave

by Karen Turner
Insights The IRS again eases Schedules K-2 and K-3 filing requirements for 2021
March 30, 2022in Insights 0 Comments 0 Likes

The IRS again eases Schedules K-2 and K-3 filing requirements for 2021

The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships

by Manny Ramirez
Insights Why a Cost Segregation Study is a Good Idea
March 25, 2022in Insights 0 Comments 0 Likes

Why a Cost Segregation Study is a Good Idea

Accelerate Depreciation Deductions to Reduce Taxes and Boost Cash Flow The COVID-19 pandemic has resulted in many companies conserving cash and not buying much equipment during the past year. An

by Karen Turner
Insights 2022 Tax Calendar
February 1, 2022in Insights 0 Comments 0 Likes

2022 Tax Calendar

To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the

by Manny Ramirez
Insights U.S. House passes the Build Back Better Act
November 23, 2021in Insights 0 Comments 1 Likes

U.S. House passes the Build Back Better Act

The U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213 on November 19. The Build Back Better Act (BBBA) includes numerous provisions

by Karen Turner
Insights Don’t Forget to Factor 2022 Cost-of-living Adjustments Into Your Year-end Tax Planning
November 16, 2021in Insights 0 Comments 0 Likes

Don’t Forget to Factor 2022 Cost-of-living Adjustments Into Your Year-end Tax Planning

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably

by Karen Turner
Insights Potential Tax Law Changes Hang Over Year-end Tax Planning for Individuals
November 15, 2021in Insights 0 Comments 0 Likes

Potential Tax Law Changes Hang Over Year-end Tax Planning for Individuals

As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build

by Karen Turner
Insights The Infrastructure Investment and Jobs Act includes Tax-related Provisions You’ll Want to Know About
November 15, 2021in Insights 0 Comments 0 Likes

The Infrastructure Investment and Jobs Act includes Tax-related Provisions You’ll Want to Know About

Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill.

by Karen Turner
Insights Businesses Must Navigate Year-end Tax Planning with New Tax Laws Potentially on the Horizon
November 15, 2021in Insights 0 Comments 0 Likes

Businesses Must Navigate Year-end Tax Planning with New Tax Laws Potentially on the Horizon

The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax

by Karen Turner
Insights State Taxes Impact Business Sales, Too
October 27, 2021in Insights 0 Comments 0 Likes

State Taxes Impact Business Sales, Too

For a business owner to successfully negotiate the sale of a business, it is critical to understand the tax implications. Armed with this knowledge, you can assess the impact of

by Manny Ramirez and Fernando Jimenez
Insights Worker Classification is Still Important
October 11, 2021in Insights 0 Comments 0 Likes

Worker Classification is Still Important

Over the last year, many companies have experienced “workforce fluctuations.” If your business has engaged independent contractors to address staffing needs, be careful that these workers are properly classified for

by Manny Ramirez and Fernando Jimenez
Insights Bolster Wealth Management with Trusts
August 25, 2021in Insights 0 Comments 0 Likes

Bolster Wealth Management with Trusts

by Karen Turner
Insights New CA SALT Cap Workaround Saves Federal Taxes
August 4, 2021in Insights 0 Comments 0 Likes

New CA SALT Cap Workaround Saves Federal Taxes

What is the CA Salt Cap Workaround? California has joined the growing list of states that have enacted a SALT cap workaround. California Governor Gavin Newsom recently signed Assembly Bill

by Karen Turner
Insights Consider Taxes Before Moving Out of State
June 24, 2021in Insights 0 Comments 0 Likes

Consider Taxes Before Moving Out of State

With so many people working remotely these days, it has become common to think about moving to another state — perhaps for better weather, to be closer to family or

by Karen Turner
COVID-19 Will Changes to CA’s PPP Loan Bill Affect Your Business?
April 21, 2021in COVID-19 0 Comments 0 Likes

Will Changes to CA’s PPP Loan Bill Affect Your Business?

2020 California PPP Law Explained California enacted a law in late 2020 allowing businesses to exclude PPP loan amounts under the federal CARES Act for state tax purposes, but denying

by Karen Turner
COVID-19 $1.9 Trillion American Rescue Plan Act
March 15, 2021in COVID-19 0 Comments 0 Likes

$1.9 Trillion American Rescue Plan Act

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARPA). This $1.9 trillion stimulus package contains extensions to unemployment, stimulus payments and provisions for small

by Manny Ramirez
Insights New Law Extends Opportunity for Businesses to Claim Employee Retention Credit
February 12, 2021in Insights 0 Comments 0 Likes

New Law Extends Opportunity for Businesses to Claim Employee Retention Credit

The Consolidated Appropriations Act of 2021, signed into law in December 2020, modified some of the CARES Act provisions, including expanding Employee Retention Tax Credit (ERTC) eligibility and extending the

by Manny Ramirez and Fernando Jimenez
COVID-19 PPP Loan Applications Re-Open
January 13, 2021in COVID-19 0 Comments 0 Likes

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-

by Fernando Jimenez
COVID-19 COVID-19 Relief Bill Signed into Law
December 29, 2020in COVID-19 0 Comments 0 Likes

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

by Fernando Jimenez
Insights Potential Impacts of the Election on Tax Reform
December 10, 2020in Insights 0 Comments 1 Likes

Potential Impacts of the Election on Tax Reform

The recent presidential and upcoming Senatorial special elections may have a significant impact on tax law next year (2021) and therefore the need for 2020 year-end tax planning is extraordinarily

by Manny Ramirez
Industries Reserve Your Small Business Hiring Credit Now
December 4, 2020in Industries 0 Comments 0 Likes

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

by Fernando Jimenez
Insights Should You File a Protective Refund Claim for ACA-Related Payments?
November 9, 2020in Insights 0 Comments 0 Likes

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

by Fernando Jimenez
COVID-19 PPP Loan Audits: What You Need to Know
October 26, 2020in COVID-19 0 Comments 0 Likes

PPP Loan Audits: What You Need to Know

Many small business owners received forgivable loans as part of the CARES Act Paycheck Protection Program (PPP). If you received a PPP loan, you may be audited by the SBA

by Manny Ramirez and Fernando Jimenez
COVID-19 Tax Alert – Proposition 15 Raises Property Taxes!
October 21, 2020in COVID-19 0 Comments 0 Likes

Tax Alert – Proposition 15 Raises Property Taxes!

Amid an unprecedented economic crisis, special interests are pushing Prop 15 on the November 2020 statewide ballot to begin the process of eroding Propositions 13’s property tax protections. This is

by Manny Ramirez
COVID-19 Tax Alert: Payroll Tax Deferral Began Sept 1
September 14, 2020in COVID-19 0 Comments 0 Likes

Tax Alert: Payroll Tax Deferral Began Sept 1

The U.S. Department of Treasury and Internal Revenue Service (IRS) issued official guidance for taxpayers on the “payroll tax holiday” ordered by President Donald Trump in early August as part

by Manny Ramirez and Fernando Jimenez
COVID-19 Payroll Tax Deferral Starts Today – Employer Can Elect In or Out
September 4, 2020in COVID-19 0 Comments 0 Likes

Payroll Tax Deferral Starts Today – Employer Can Elect In or Out

On August 28, 2020, the Department of Treasury and Internal Revenue Service (IRS) issued official guidance for taxpayers on the payroll tax deferral ordered by President Donald Trump on August

by Manny Ramirez and Fernando Jimenez
COVID-19 You Have Received Your PPP Loan, Now What?
August 17, 2020in COVID-19 0 Comments 0 Likes

You Have Received Your PPP Loan, Now What?

More than 4 million small businesses have applied for and received their Paycheck Protection Program (PPP) loan. The next logical question is: How do you account for it? There has

by Ian Lawson and Erik Tischofer
COVID-19 What does the Executive Action Deferring Payroll Taxes Mean for Employers and Employees?
August 11, 2020in COVID-19 0 Comments 0 Likes

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

by Fernando Jimenez
Insights Retroactive California Tax Hike Proposed by Legislature
August 5, 2020in Insights 0 Comments 0 Likes

Retroactive California Tax Hike Proposed by Legislature

Democrats in the California state legislature have proposed a significant tax hike on taxable income of $1 million and higher. Legislators say the tax hike would raise more than $6

by Manny Ramirez
COVID-19 PPP Loan Extension Gives Small Businesses 5 More Weeks
July 9, 2020in COVID-19 0 Comments 0 Likes

PPP Loan Extension Gives Small Businesses 5 More Weeks

President Trump signed a bill into law on July 4, 2020 that extends the Paycheck Protection Program (PPP) deadline for five more weeks until August 8. The original deadline to

by Manny Ramirez
COVID-19 PPP loan forgiveness changes July 2020
July 6, 2020in COVID-19 0 Comments 0 Likes

PPP Loan Flexibility & Maximizing Forgiveness

The Paycheck Protection Program Flexibility Act recently became law to provide additional flexibility on the use of Paycheck Protection Program (PPP) funds and make it easier for businesses to qualify

by Manny Ramirez and Fernando Jimenez
COVID-19 IRS Guidance Provides RMD Rollover Relief
July 1, 2020in COVID-19 0 Comments 0 Likes

IRS Guidance Provides RMD Rollover Relief

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take

by Karen Turner
COVID-19 New Law Improves PPP Loan Flexibility & Forgiveness
June 29, 2020in COVID-19 0 Comments 0 Likes

New Law Improves PPP Loan Flexibility & Forgiveness

The recently approved Paycheck Protection Program Flexibility Act (PPPFA) provides businesses with much-needed flexibility regarding the use of Paycheck Protection Program (PPP) funds and eases the requirements for full loan

by Karen Turner
COVID-19 IRS Denies Deductions for Expenses Paid by PPP Loans
June 8, 2020in COVID-19 0 Comments 0 Likes

IRS Denies Deductions for Expenses Paid by PPP Loans

The IRS has recently confirmed that they will not allow taxpayers to claim tax deductions for expenses that were paid by PPP loans that were forgiven, even for recurring expenses

by Karen Turner
COVID-19 Good News for Small Businesses as Senate Passes PPP Reform Bill
June 8, 2020in COVID-19 0 Comments 0 Likes

Good News for Small Businesses as Senate Passes PPP Reform Bill

The U.S. Senate passed the House version of the Paycheck Protection Program Flexibility Act on June 3, 2020, easing restrictions on how small businesses can use their PPP loan funds

by Karen Turner
COVID-19 SBA Clarifies Good Faith Certification for PPP Loans
June 8, 2020in COVID-19 0 Comments 0 Likes

SBA Clarifies Good Faith Certification for PPP Loans

On April 23, the Small Business Administration (SBA) issued a warning that businesses with substantial access to liquidity may not qualify for Paycheck Protection Program (PPP) loans. Concerned that their

by Karen Turner
COVID-19 House Proposes More Flexibility for PPP Program. Will Senate Follow?
May 29, 2020in COVID-19 0 Comments 0 Likes

House Proposes More Flexibility for PPP Program. Will Senate Follow?

The U.S. House of Representatives passed a bill on May 28, 2020 that would make it easier for businesses to have their Paycheck Protection Program (PPP) loans forgiven by reducing

by Karen Turner
COVID-19 Missed or Denied a PPP Loan? Good News, Here Are Some Alternatives
May 5, 2020in COVID-19 0 Comments 0 Likes

Missed or Denied a PPP Loan? Good News, Here Are Some Alternatives

The Paycheck Protection Program (PPP) loan is anticipated to quickly run through its second round of $310 billion in funding due to high demand, which will leave many small business

by Karen Turner
COVID-19 New Funds Now Available for PPP and EIDL Loans
April 27, 2020in COVID-19 0 Comments 0 Likes

New Funds Now Available for PPP and EIDL Loans

On April 24 the Paycheck Protection Program (PPP) Increase Act of 2020 was signed into law. The Act is an interim stimulus plan designed to provide relief to small businesses

by Karen Turner
COVID-19 How to Achieve Maximum PPP Loan Forgiveness
April 24, 2020in COVID-19 0 Comments 0 Likes

How to Achieve Maximum PPP Loan Forgiveness

If you received a Paycheck Protection Program (PPP) loan, you have probably already started thinking about the next step – determining how much of the loan will be forgiven. Qualifying

by Karen Turner
COVID-19 New COVID-19 law makes favorable changes to “qualified improvement property”
April 20, 2020in COVID-19 0 Comments 0 Likes

New COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred

by Karen Turner
COVID-19 The IRS announces new COVID-19-related assistance for taxpayers
April 13, 2020in COVID-19 0 Comments 0 Likes

The IRS announces new COVID-19-related assistance for taxpayers

The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file

by Karen Turner
COVID-19 Answers to questions about the CARES Act employee retention tax credit
April 7, 2020in COVID-19 0 Comments 0 Likes

Answers to questions about the CARES Act employee retention tax credit

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the

by Karen Turner
COVID-19 Paycheck Protection Program Analysis Tool
April 2, 2020in COVID-19 0 Comments 0 Likes

Paycheck Protection Program Analysis Tool

RJI CPAs has developed a tool to simplify the application process when applying for a Paycheck Protection Program loan. The tool includes the total amount for which you qualify and

by Manny Ramirez and Fernando Jimenez
COVID-19 The CARES Act and What it Means to You
March 30, 2020in COVID-19 0 Comments 0 Likes

The CARES Act and What it Means to You

The $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on Friday, March 27, 2020. The Act aims to provide economic relief through a multitude

by Manny Ramirez and Fernando Jimenez
COVID-19 SBA Offers Low-Interest Loans to CA Businesses Impacted by COVID-19
March 24, 2020in COVID-19 0 Comments 0 Likes

SBA Offers Low-Interest Loans to CA Businesses Impacted by COVID-19

The U.S. Small Business Administration announced on March 16th that they are offering low-interest federal disaster loans for working capital to California small businesses suffering substantial economic injury as a

by Manny Ramirez and Fernando Jimenez
COVID-19 Coronavirus (COVID-19): Tax relief for small businesses
March 23, 2020in COVID-19 0 Comments 0 Likes

Coronavirus (COVID-19): Tax relief for small businesses

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has

by Karen Turner
COVID-19 What you need to know about the Families First Coronavirus Response Act
March 20, 2020in COVID-19 0 Comments 0 Likes

What you need to know about the Families First Coronavirus Response Act

President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave

by Karen Turner
COVID-19 BREAKING: U.S. Treasury Secretary now says tax filing deadline is moved to July 15
March 20, 2020in COVID-19 0 Comments 0 Likes

BREAKING: U.S. Treasury Secretary now says tax filing deadline is moved to July 15

U.S. Treasury Department Secretary Steven Mnuchin announced that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19)

by Karen Turner
COVID-19 The IRS extends the federal income tax payment deadline
March 20, 2020in COVID-19 0 Comments 0 Likes

The IRS extends the federal income tax payment deadline

After U.S. Treasury Secretary Steven Mnuchin’s announcement that the deadline for paying federal income taxes would be extended, the IRS released guidance on March 18 outlining the details. IRS Notice

by Karen Turner
Insights The IRS provides guidance on meal and entertainment deductions
March 4, 2020in Insights 0 Comments 0 Likes

The IRS provides guidance on meal and entertainment deductions

The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December 31, 2017. Among other things, the proposed regs clear up

by Karen Turner
Insights How business owners may be able to reduce tax by using an S corporation
February 18, 2020in Insights 0 Comments 0 Likes

How business owners may be able to reduce tax by using an S corporation

Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There

by Karen Turner
Insights The SECURE Act likely to affect your retirement and estate plans
February 10, 2020in Insights 0 Comments 0 Likes

The SECURE Act likely to affect your retirement and estate plans

In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the

by Karen Turner
Insights Numerous tax limits affecting businesses have increased for 2020
January 27, 2020in Insights 0 Comments 0 Likes

Numerous tax limits affecting businesses have increased for 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your

by Karen Turner
Insights The SECURE Act changes the rules for employers on retirement plans
January 27, 2020in Insights 0 Comments 0 Likes

The SECURE Act changes the rules for employers on retirement plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of

by Karen Turner
Insights Wayfair revisited — It’s time to review your sales tax obligations
January 6, 2020in Insights 0 Comments 0 Likes

Wayfair revisited — It’s time to review your sales tax obligations

In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote

by Karen Turner
Insights Spending bill extends tax breaks, adds retirement account provisions
December 23, 2019in Insights 0 Comments 0 Likes

Spending bill extends tax breaks, adds retirement account provisions

Spending bill extends tax breaks, adds retirement account provisions With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on

by Pamela Marches
Insights Small Businesses: It may not be not too late to cut your 2019 taxes
December 16, 2019in Insights 0 Comments 0 Likes

Small Businesses: It may not be not too late to cut your 2019 taxes

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: 1. Buying

by Karen Turner
Insights IRS updates rules for using per diem rates
December 10, 2019in Insights 0 Comments 0 Likes

IRS updates rules for using per diem rates

The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance

by Karen Turner
Insights Holiday parties and gifts can help show your appreciation and provide tax breaks
December 2, 2019in Insights 0 Comments 0 Likes

Holiday parties and gifts can help show your appreciation and provide tax breaks

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving

by Karen Turner
Insights Two valuable year-end tax-saving tools for your business
November 26, 2019in Insights 0 Comments 0 Likes

Two valuable year-end tax-saving tools for your business

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related

by Karen Turner
Insights IRS Updates Rules for Mileage-Related Deductions
November 22, 2019in Insights 0 Comments 0 Likes

IRS Updates Rules for Mileage-Related Deductions

The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. IRS

by Karen Turner
Insights Thinking about converting from a C corporation to an S corporation?
November 4, 2019in Insights 0 Comments 0 Likes

Thinking about converting from a C corporation to an S corporation?

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some

by Courtney Holst
Insights It’s not too late to trim your 2019 tax bill
October 28, 2019in Insights 0 Comments 0 Likes

It’s not too late to trim your 2019 tax bill

Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing

by Courtney Holst
Insights Accelerate depreciation deductions with a cost segregation study
October 21, 2019in Insights 0 Comments 0 Likes

Accelerate depreciation deductions with a cost segregation study

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may

by Courtney Holst
Insights Setting up a Health Savings Account for your small business
October 14, 2019in Insights 0 Comments 0 Likes

Setting up a Health Savings Account for your small business

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals,

by Courtney Holst
Insights IRS issues final QBI real estate safe harbor rules
October 10, 2019in Insights 0 Comments 0 Likes

IRS issues final QBI real estate safe harbor rules

Earlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction.

by Courtney Holst
Insights Understanding and controlling the unemployment tax costs of your business
October 7, 2019in Insights 0 Comments 0 Likes

Understanding and controlling the unemployment tax costs of your business

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed

by Courtney Holst
Insights The chances of an IRS audit are low, but business owners should be prepared
October 1, 2019in Insights 0 Comments 0 Likes

The chances of an IRS audit are low, but business owners should be prepared

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the

by Courtney Holst
Insights IRS provides additional guidance on bonus depreciation under the TCJA
September 24, 2019in Insights 0 Comments 0 Likes

IRS provides additional guidance on bonus depreciation under the TCJA

The IRS has released final regulations and another round of proposed regs for the first-year 100% bonus depreciation deduction. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to

by Courtney Holst
Insights 2019 Q4 tax calendar
September 11, 2019in Insights 0 Comments 0 Likes

2019 Q4 tax calendar

Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that

by Courtney Holst

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