Archives for Uncategorized

AB 5 Rules Relaxed For Writers + Musicians, New CARES Act Carry-back Extension, And Biden’s Tax Plan

  Following more than six months of sheer chaos, the world seems to be settling down a bit. Or course, concerns surrounding COVID-19, and its impact on the economy persist. But most folks are looking to regain some measure of “normality” (whatever that actually means going forward) in their personal and professional lives. In the meantime, a couple of important tax legislation revisions have emerged. And with the Presidential election looming, many are wondering what
Continue Reading

AB 5 Generates Unintended Consequences For Many Independent Contractors

Assembly Bill 5 (AB 5) was passed by the California Legislature last year (2019) and officially took effect in January. This sweeping new legislation, which impacts the 2020 fiscal year and beyond, seeks to address what the California State Government sees as a gaping hole in the so-called “gig economy.” Outfits like Uber, Lyft, and the myriad food delivery services have all refused to grant drivers official “employee” status. Instead, insisting their legions of self-scheduling
Continue Reading

Additional Deductions Allowed Under the CARES Act + Is More Stimulus Funding on the Way?

  When the coronavirus crashed headlong into our world, the only thing certain, was…well…uncertainty. A sentiment you’ve no doubt heard echoed on just about every media update since mid-March. Yet now, nearly six months later, the prognosis remains…well…uncertain. Some businesses are open, while others remain closed. Some businesses are approaching full operational capacity, while others remain significantly scaled back. The rise in unemployment has slowed, but new jobless claims continue to roll in. And still,
Continue Reading

The Recently Passed SECURE Act Brings 4 Major Changes To Your IRA

  Greetings + Happy New Year! So, after the ball drops, and the jubilant Times Square celebration fades away, what comes next? You guessed it, a new year means new laws and changes to the tax code. And one of the tax code major changes this year directly impacts your IRA and other retirement accounts. Signed into law on December 20th, in the waning days of 2019, the Setting Every Community Up for Retirement Enhancement
Continue Reading

Obama Potential Tax Hikes after 2012

Five Types of Obama Tax Hikes President Obama’s unnecessary tax hikes break down into five categories: 1. Repeal of the 2001 and 2003 Tax Cuts for Upper-Income Families. President Obama reached an agreement with Congress in late 2010 to extend all 2001 and 2003 tax cuts for two more years, through 2012. After praising that agreement immediately after its passage, the President changed quickly back to his long-held preference of allowing those tax cuts to
Continue Reading

Welcome to Advise LLP

This blog will provide interesting and current news and research topics in the world of taxes, accounting, financial, and other issues that help small businesses grow and overcome obstacles. Peter Soh is an established CPA with a boutique CPA firm catering to small growth companies in the Los Angeles area.  He has spoken at UCLA, USC, local chapters of the SBA.  He has written articles for Fortune magazine.  Most of all, he prides himself on
Continue Reading