Insights

By Fernando Jimenez For the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms

As another year ends with interest rates and markets in flux, one thing remains certain: Reducing your company’s tax bill can improve your cash flow and your bottom line. Below

The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation moderating slightly this year over last, many amounts will increase over 2023 amounts but

A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the

by Fernando Jimenez Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but

State & Federal Tax Deadline Extended to 11/16/23 for Most CA Taxpayers By Fernando Jimenez The California Franchise Tax Board and the Internal Revenue Service have extended the tax deadline

By Fernando Jimenez Starting January 1, 2024, virtually all legal business entities in the United States will be subject to the Corporate Transparency Act (CTA). With an estimated nearly 33

How Remote Work Triggers Nexus The rise of remote work has transformed how businesses operate, providing flexibility and convenience for both employers and employees. However, along with its benefits, remote

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

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

By Alex Sneed The rise of remote work has transformed the traditional office landscape, enabling individuals to work from anywhere in the world. While flexibility has advantages, it also brings

For the third year in a row, Assemblymember Alex Lee (D-San Jose) has introduced a wealth tax, AB 259, along with a proposed constitutional amendment, ACA 3, which would tax

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

By Gordon MacLean and Ian Lawson   A Quality of Earnings (QofE) report plays a crucial role in assessing the financial health and reliability of a company’s earnings. It provides

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

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

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

By Manny Ramirez and Fernando Jimenez 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

By Manny Ramirez 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

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

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

By Martin Gamez and Fernando Jimenez One delayed tax impact of the 2017 Tax Cuts and Jobs Act (TCJA) went into effect as of January 1, 2022. Taxpayers may no

By Nicole Hagaman 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

By Manny Ramirez and Fernando Jimenez 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

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