In April 2020 the Paycheck Protection Program (PPP) was announced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It granted loans to businesses across the country to support more than 51 million jobs and over 80 percent of all small business employees. While the average loan… [Read more]
Your 2021 Resolution – Stay Organized For Your CPA!
Starting to think about your resolutions for the new year? Well, we’ve got the perfect suggestion for you: make a commitment to make 2021 the year that you stay organized for your CPA. Whether on a personal level or for your business, staying on top of your finances with your… [Read more]
Are Unemployment Benefits Being Taxed?
Were you laid off during the COVID-19 pandemic? Have you been receiving unemployment benefits? Are you questioning what’s going to happen when it comes time to file your taxes? Wondering whether or not the unemployment benefit income you’ve received is taxable? The short answer is yes, it is. Millions of… [Read more]
8 Red Flags That You May Be Headed for an IRS Audit
Chag Sameach! In the spirit of Hanukkah, we’re gifting you some insight into the 8 most common red flags that could trigger an IRS audit. 1. Having a higher than average income Having a significantly above average annual income has the potential to serve as a red flag for IRS… [Read more]
CPA’s: Who should you call when your client is being audited?
As a CPA you are an expert at advising your clients in tax optimization, business transactions, and all elements of their financial health and well-being. But, what do you do when your client is being audited? If you need a good haircut you go to an experienced barber, if your… [Read more]
Top 10 Worst Celebrity Tax Cheats in History
Celebrities really are just like us. Just because they live in the public eye doesn’t make them exempt from the rules the rest of us have to live by too. As Benjamin Franklin once said, “in this world, nothing can be said to be certain, except death and taxes.” This… [Read more]
EDD Freezing Thousands of Unemployment Debit Cards
The Employment Development Department (EDD) has recently begun freezing unemployment debit cards due to suspected fraud. Debit cards have been frozen for a variety of reasons including a number of claims at the same address. EDD has said they have frozen over 350,000 debit cards. They are currently unsure how… [Read more]
How to Prepare for an EDD Misclassification Audit
As a business owner the best way to prepare for, or avoid entirely, an audit from the Employment Development Department (EDD), is to make sure that you’re correctly classifying your employees. Whether your employees W-2 or 1099 employees or a combination of both, it’s important to ensure that they are… [Read more]
AB-5 Exemptions: Your Comprehensive Guide
California Assembly Bill 5 (AB5) has built-in exemptions for many businesses. We say “Not So Fast”! Even exempted industries have to adhere to the old 13 point Borello criteria for classifying 1099 contractors. So, while many business owners are celebrating the free pass the AB-5 exemptions seem to offer, take… [Read more]
Stop an EDD Audit of Your 1099s in its Tracks
How to navigate AB-5 Assembly Bill 5, which required companies to reclassify most independent contractors as employees, is hurting employees. California’s new AB-5 and Gig Workers Bill has employers concerned since it is unknown what EDD will do next. The bill that passed a few months back was already affecting… [Read more]
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