Paying all the fringe benefits necessary to hire a W-2 employee is a heavy burden for many small business owners. And while it is the law, many small business owners will intentionally misclassify workers as 1099s to avoid those payroll taxes, unemployment insurance and worker’s compensation costs associated with hiring… [Read more]
YOUR DEFINITIVE GUIDE TO California EDD Audits, The Dynamex Case and Independent Contractor Classification
AB-5 ‘Gig Work Bill’ Goes Into Effect Jan 2020. Are you prepared if EDD comes knocking?
When Assembly Bill 5 (AB-5) goes into effect on January 1, 2020, employers will have to meet stricter standards when classifying workers as independent contractors. Workers who don’t meet the new standards must be classified as W-2 wage-earning employees. This has wide-ranging implications for how small business owners… [Read more]
Want to Start a Business in California? Here’s a Checklist for Your First Year
Are you ready to launch your own business in California? You’re in for an exciting journey. As of 2018, small businesses in California employ 48.8% of the employees in the state. As a business owner, you will be contributing to this thriving local economy. To ensure that you get started… [Read more]
The NEW ABCs of 1099 Contractor Classification (AB-5)
In January 2020 California AB-5 will go into effect and many workers previously classified as contractors will be required to reclassify as W-2 wage earning employees. The CA EDD has always had criteria by which employers can determine whether a worker is classified correctly as a 1099 but those criteria… [Read more]
How to Prepare a Tax Return and Minimize Your Risk of Audit: A Guide for The Starting CPA
Preparing and filing accurate business tax returns can be complicated. That’s why so many business owners rely on CPAs to help them navigate the complexities of the tax world. As a CPA, it is your responsibility to help your clients manage their tax compliance and achieve the best possible outcomes… [Read more]
Four Year-End Tax Questions to Ask Your CPA
Your CPA isn’t just there to ensure that the numbers add up on your tax returns. They can also provide useful advice on how to manage your income for the year and estimate your tax liabilities going forward. A qualified and knowledgeable CPA can also give you insights to help… [Read more]
Understanding Business Tax Rates By Entity Type
There are complicated rules, and they apply differently to businesses based on entity type, size, and a number of other variables. The good news is that, like a new language, it is possible to pick up enough basic tax knowledge to get by on a day-to-day basis and ensure your… [Read more]
Calculating Your Business Tax Liability: Federal and California State Tax Law
States vary in their tax laws and in their allowable deductions for business owners. Because California’s state tax laws differ from federal tax laws, business owners in California should be attentive to ensure they comply with both the federal and state requirements. Working with a qualified CPA who understands California… [Read more]
Does Your Business Accept Large Cash Payments? What You Need to Know to Avoid Red Flags.
While many businesses find that cash payments are both industry-standard and a convenient way of doing business, and acknowledging that it is perfectly legal to accept cash payments, there are some challenges to consider when it comes to preparing for tax season if your business accepts large cash payments. It… [Read more]
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