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
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
$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
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
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
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
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
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
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
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
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
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
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
CARES Act Alert – NOL Filing Deadline Now June 30, 2020
The CARES Act has loosened the rules around net operating loss deductions (NOLs), in addition to other tax relief. The CARES Act provides a five-year carryback for losses earned in
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
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
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
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
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
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
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
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
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
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)
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
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
AB-5: California’s Worker Classification Problem
Businesses with workers in California are dealing with a new tax headache this year. In the fallout from the 2018 Dynamex ruling, California lawmakers passed Assembly Bill 5 (AB-5), which
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
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
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
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
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
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
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
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
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
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
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
California Cannabis Update
California has the largest legal marijuana market in the world and is on track to post a record $3.1 billion in cannabis sales this year, representing a 23% increase over
California Tax Traps on M&A Transactions
If you think it’s easy to structure the sale of a business to minimize taxes, think again. Over the last four decades, RJI CPAs has noticed a disturbing trend in
“Q of E” Your “E” Ticket to a Successful Acquisition
If you are thinking of buying or selling a company, you have probably heard the term “due diligence.” What does this term actually mean? Although due diligence can essentially mean
How Is the Restaurant Industry Impacted by Tax Reform?
The Tax Cuts and Jobs Act has yielded just as many questions as answers since its inception. Restaurants structured as C-Corporations enjoy a 21% tax rate, while restaurants operating as
State Court Throws Contract Workers Into Upheaval
With the Dynamex decision, the California Supreme Court created new, unlegislated law with respect to the use of independent contractors; many companies continue to seek advice on how to mitigate
Challenges Facing the Hospitality Industry
One of the biggest challenges for the hospitality industry is the balancing act between customer service and the related internal controls that go into running a hotel, resort or restaurant.
Pay Zero Tax on Sale of Your Business/Stock/Other Assets!?
Created by the Tax Cuts and Jobs Act (TCJA), Opportunity Zones were designed to increase investment in low-income communities throughout the country. In June of 2018 over 8,000 communities in
It’s Only Been 20+ Years…..Not-for-Profits, Are You Ready?
That is how long it has been since the Financial Accounting Standards Board (FASB) last modified the accounting rules and disclosure requirements for non-profit entities, including churches, schools and 501(c)3
Cost Segregation & Tax Reform – Opportunities for Increased Depreciation and Expensing
With the Tax Reform legislation passed in December 2017 and effective for new and used fixed asset additions, businesses can elect a 100% depreciation deduction for qualified tangible personal property.
Could a Change in Accounting Method Save Taxes?
With the 2017 tax filing season at a close, taxpayers and their accountants are now shifting their focus to year-end planning. While most year-end planning conversations include a discussion about
Cryptocurrency (and What it Means for Your Taxes)
Bitcoin had a banner year in 2017. Though it’s been around for almost a decade, the explosive growth experienced in 2017 has piqued the interest of investors and the IRS
International Tax Business Booming at Irvine Firm
[twitter name=”name”][/twitter] By PETER J. BRENNAN Manuel Ramirez is reluctant to add employees. When the chairman of RJI International CPAs was asked if he might add, say, 10 more this
Internal Controls – A Key Ingredient to Success!
Few restaurant and franchise owners would cite internal controls among the key ingredients to success. However, restaurant internal controls are crucial to operating a self-reliant business and minimizing financial mistakes
Upcoming Changes to the Measure of Inventory
Confucius said, “Life is really simple,but we insist on making it complicated”. This truth can be said for the accounting profession and some of its related accounting pronouncements. With complex
Crossing State Lines: Complexities of State Business
Many state governments are placing an increased emphasis on ensuring that out- of-state businesses that should be paying sales and income taxes are registered and are paying the proper amount
Capitalize on the Hot M&A Market?
Last year, the value of Merge & Acquisition (M&A) transactions reached a record high with aggregate deals in excess of $4.8 trillion. This exceed the previous high in 2007 which
Who is Watching Over your Finances?
The Securities and Exchange Commission (SEC) requires all listed companies to have an audit committee (or equivalent) as part of its Board of Directors. Highly effective audit committees are comprised
Due Diligence and Quality of Earnings
If you are thinking of buying or selling a company, you have probably heard the term ‘due diligence’. What does this term actually mean? Read More
IRS Loses Third Captive Case
On September 21st, 2015 the U.S. Tax Court ruled in favor of an insurance company, R.V.I. Guaranty Co., Ltd. & Subsidiaries v. Commissioner. It is the third major captive insurance
Simplify to Innovate
Taking something complex and making it as simple as possible is an important aspect of innovation. To quote one of the great innovators of our time, Steve Jobs, “Simple can
Upcoming Changes to Measurement
Confucius said, “Life is really simple, but we insist on making it complicated”. This truth can be said for the accounting profession and some of its related accounting pronouncements. With
Thinking of Expanding Your Business? Consider the Following Sources of Capital
Are you thinking of expanding your business? If you, you are probably weighing numerous options. Read More
RJI Names Fernando R. Jimenez as Chief Executive Officer
RJI International CPAs, a full-service CPA and consulting firm, has named Fernando R. Jimenez, CPA, as the CEO and Director of Tax Services. Read More
Accounting For Success
Manuel Ramirez knew what he wanted to focus on as soon as he earned his business degree: ” Working at an international accounting firm that would allow me the flexibility
International Tax Strategies – Reduce Your Tax Rate (Orange County Business Journal)
March 20, 2018 Microsoftʼs paying a 7 percent tax rate! How you ask? By utilizing some basic international tax strategies which might apply to you! The fact is, few large
Which Way For Wealthy?
First Foundation Inc. had no interest in expanding beyond California until last November. That’s when Proposition 30 passed, bringing a tax hike to households throughout the state with more than
International Tax Strategies – Reduce Your Tax Rate!
March 20, 2018 Microsoft is paying a 7 percent tax rate! How you ask? By utilizing some basic international tax strategies which might apply to you! The fact is, few
RJI Ramirez Jimenez International joins global CPA network
The Irvine-based firm’s CEO says its association with DFK will help expand its worldwide reach. Brandon Russell, OC Metro Irvine-based RJI Ramirez Jimenez International has been selected as the Orange
Ramirez International Changes its Name
The Irvine-based CPA firm also has moved into larger offices and launched a new website. Jenna Sweeney, OC Metro Ramirez International Inc. is rebranding as Ramirez Jimenez International. As part
H.R.1 Tax Cuts and Jobs Act
On November 2, 2017, after months of discussion, the U.S. House Ways and Means Committee released its sweeping bill to reform the tax code. Here is a brief summary of
New Property Capitalization Regulations Effective January 1, 2014
Recently, the Internal Revenue Service issued final tangible property capitalization regulations. These regulations provide clarity to a complex area of tax law for business taxpayers who acquire tangible property or
American Taxpayer Relief Act of 2012
The tax side of the fiscal cliff has been averted. The US Senate overwhelmingly passed legislation to avert the so-call fiscal cliff on January 1, 2013… American Taxpayer Relief Act
Prop 30
Temporary taxes to fund education. Guaranteed local public safety funding. Initiative Constitutional Amendment. Prop-30
Post-Election Tax Policy
President Obama secured a second term in office November 6, 2012, in the end winning the Electoral College by a wide margin. The President’s re-election now sets in motion what
RJI Ramirez Jimenez International adds Orange County’s fastest growing public company to its Impressive Client List
IRVINE, Calif. – RJI Ramirez Jimenez International CPAs (RJI), a full-service CPA and consulting firm, has added Seychelle Environmental Technologies, Inc. (Seychelle) (OTCQB:SEYV.PK) to its already impressive client list .
Ramirez Jimenez International Experiences Growth in 30th Anniversary Year
Accounting Firm Takes on New Name, Larger Offices and New Website IRVINE, Calif. – Ramirez International, Inc., a Public Company Accounting Oversight Board (PCAOB) certified accounting firm specializing in servicing
Manuel Ramirez, C.P.A. Elected President of the California Board of Accountancy
IRVINE, Calif. (December 14, 2009) – Manuel J. Ramirez, certified public accountant (CPA), president and chief executive officer of Ramirez International, has been unanimously elected president of the California Board
Ramirez International Offers Assistance In Wake of Approaching IRS Foreign Income Amnesty Program
IRVINE, Calif. (September 2, 2009) – Ramirez International, an Orange County Calif.-based, full-service CPA and consulting firm announces special services designed to assist clients with the Internal Revenue Service (IRS)
Ramirez International Appoints Daniel Garrett, C.P.A, to Senior Manager, Estate and Tax Services
IRVINE, Calif. (February 27, 2009) – Ramirez International, a full-service CPA and consulting firm, has announced that Daniel C. Garrett, CPA, has been appointed to senior manager of the firm’s
Manuel Ramirez, CPA, Appointed Vice President of The California Board of Accountancy
IRVINE, Calif. (January 9, 2009) – Manuel J. Ramirez, CPA, president and chief executive officer of Ramirez International, has been named vice president of the California Board of Accountancy. Since
