Archives for Laws

New Federal Infrastructure Bill Impacts Crypto Currency

January 12, 2022 Categories: Business, Economy, Federal, Filing, IRS, Laws, News, Tax Return, and Taxes.
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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Governor Newsom Signs SALT Income Tax Deduction Cap Workaround Bill

November 3, 2021 Categories: Deductions, Economy, Federal, Filing, IRS, Laws, News, Tax Return, and Taxes.
Governor Newsom Signs SALT Income Tax Deduction Cap Workaround Bill

  There was certainly lots for taxpayers to love about former President Trump’s Tax Cuts and Jobs Act (TCJA) tax legislation. But a couple of elements in Trump’s plan ambitions plan left many California residents less than thrilled. One aspect, in particular, is the cap on federal income tax deductions for state and local taxes, commonly known as the SALT deduction. Prior to Trump’s TCJA legislation, you could deduct a significant portion of SALT (state
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Biden Tax Plan Overview

October 14, 2021 Categories: Business, Deductions, Economy, Federal, Filing, IRS, Laws, News, Tax Credits, Tax Return, and Taxes.
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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Do You Qualify For An Unemployment Tax Refund?

September 2, 2021 Categories: Deductions, Economy, Federal, Filing, IRS, Laws, News, Tax Credits, Tax Return, and Taxes.
Do You Qualify For An Unemployment Tax Refund?

  At the height of the pandemic-fueled “lockdown,” unemployment reached an unprecedented 14.4%. That equated to over 20 million people, some temporarily and others permanently, losing their jobs. The majority of whom applied for unemployment benefits. Though public health concerns still linger and various restrictions remain in place, most businesses that weathered the storm have returned to operation. And in turn, unemployment has dropped nationally to under 6% (though that figure hovers close to 8%
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How Do You Minimize Cryptocurrency Taxes?

August 18, 2021 Categories: Banking, Business, Economy, Federal, Filing, IRS, Laws, News, Tax Return, and 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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How Will President Biden’s Tax Plan Impact Your Personal Finances?

June 24, 2021 Categories: Deductions, Economy, Federal, IRS, Laws, News, Tax Credits, Tax Return, and Taxes.

What was the biggest selling point in former President Trump’s reelection campaign? It can be summed up in two words… LOWER TAXES! In fact, Trump successfully positioned himself as the “no new taxes” alternative to Biden’s stanch “tax the rich” stance. And many of the 75+ million citizens that cast their votes for Trump did so because of a massive marketing campaign relentlessly flogging the imagine of Biden as a “tax mad government robber,” coming
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What is The FFCRA Credit?

June 10, 2021 Categories: Business, Deductions, Economy, Federal, Filing, IRS, Laws, News, Tax Credits, Tax Return, and Taxes.
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?

May 18, 2021 Categories: Business, Deductions, Economy, Federal, Filing, IRS, Laws, News, Tax Credits, Tax Return, and Taxes.

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

April 28, 2021 Categories: Business, Economy, Federal, Laws, and News.
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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New Stimulus Bill Summary

March 23, 2021 Categories: Federal, Filing, IRS, Laws, and Taxes.
New Stimulus Bill Summary

  The COVID-19 vaccination rollout is charging full steam ahead! And it seems likely that all those who want the vaccine will be vaccinated before summer’s end. California (along with many other states) is laying off the “lockdown” restrictions and allowing most businesses to reopen (at least in some fashion). But while these are certainly positive developments, huge swaths of the economy continue to sputter. To address this still financially precarious situation, the new Biden
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