Archives for Business

Changes to BBA Allow Partnerships to File Amended Returns

The April 15th Tax Filing Deadline has come and gone. But if you filed an extension or are looking to submit return amendments, you’re on the hot seat to comply with the next set of looming deadlines. And this brings up an issue many small business owners face concerning the Bipartisan Budget Act of 2015 (BBA), which pared-down existing rules for auditing partnerships (legislation that first took effect in 2018). These revised rules could potentially
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Recent Changes To PTE Tax Are Good For Qualifying California Taxpayers

  As you’re probably aware, the Trump era Tax Cuts + Jobs Act senate bill capped SALT (state and local tax) deductions. Instead of being able to deduct the majority of the taxes you pay on income, capital gains, and property taxes paid at the state and local level, that deduction is now capped at $10,000. As a workaround to this deduction cap, California passed AB 150 last summer. The bill allows eligible businesses to
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How to Prepare for Your Annual Tax Appointment

  It’s tax season. A cold hard fact that probably has you dreading your annual CPA appointment. And if you’re like most anxious taxpayers, this worry isn’t just about the money you (potentially) owe. It’s the uncertainty of how much you (potentially) owe. Not to mention the broader financial implications of your tax bill. As in, where are you going to find the money to pay up if you owe more than you expected? All
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New Federal Infrastructure Bill Impacts Crypto Currency

  In case you haven’t already heard, Congress recently passed a 1.2 trillion “infrastructure bill.” And as is often the case with such legislation, it’s stuffed with a plethora of peripheral measures that have nothing to do with “infrastructure.” One of which directly impacts Cryptocurrency. So, what’s the latest from the federal government on this burgeoning digital asset investment? In short, there are two major issues crypto investors should be concerned with… Filing 1099-B Form
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Biden Tax Plan Overview

When not hammering on each other, the US Congress is still hammering away at President Biden’s proposed $3.5 trillion tax plan. The Biden Administration aims to do lots of “good” with the increased tax revenue this plan is projected to generate. Programs like free continuing education, financial support to children and families, and tax cuts for the middle and working classes are all on the docket. But of course, someone has to pay for all
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How Do You Minimize Cryptocurrency Taxes?

Cryptocurrency, or crypto, as it’s often abbreviated, has gained increasing attention and legitimacy over the past decade. And in light of recent economic issues, interest in crypto is surging, a trend that is likely to continue. Crypto’s status as a financial instrument is not quite “as good as cash,” though it’s not far off. But no one is quite sure how to deal with crypto. Including the government. How The US Government Currently Taxes Cryptocurrency
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What is The FFCRA Credit?

Sadly but certainly, countless small businesses have been whacked HARD by the COVID-19 pandemic. And nowhere has this hardship been more onerous for small business owners than when it comes to managing employees. Whether an employee fell ill with COVID, had a spouse or family member fall ill, or was forced to stay home due to a school or nursing care facility closure — the working question is either not on the job or far
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What’s The Employee Retention Credit + Does Your Business Qualify?

As Main Street attempts to shake off the pandemic’s lingering financial malaise, most employers are struggling to keep their normal staffing complement employed full-time. And while spending and growth numbers are surging, it’s hard to know how much of this upswing is artificially inflated, spurred by stimulus funding and other government intervention. In addition, many businesses are still lagging in terms of patronage and earnings. And if you’re a business owner in this boat, pandemic
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Payroll Protection Program (PPP) Part III

Most of Los Angeles has — at least in some fashion —  reopened for business. And the increased traffic on the roads, along with many local businesses being, if not full, certainly fuller than they’ve been at any point in the last 12 months, are all signs our economy is trending in the right direction. All of this said, however, many businesses are still struggling. Debt accrued during the lock-down coming due and earnings still
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Congress Passes $900 Billion COVID Relief Package

  First off, Happy New Year! I hope you all enjoyed a happy, and most importantly, healthy holiday season. Secondly, it’s a brand new year… But we’re still facing many of the same problems. Particularly in California. Govern Newsom has extended the current lockdown order “indefinitely.” Which has forced many businesses to shutter or further curtain operations. Of course, this is bad news for a whole lot of people, business owners and employees alike. And
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