Millions of Americans overpay on their taxes each year, simply because they don’t understand how the system works. Since new tax reforms were passed in December 2017, it’s more important than ever to understand how the tax system could affect your finances. With updates to everything from the dedufctions you… [Read more]
Get a Head Start on the New Tax Laws for the 2018 Season
The April 2019 deadline for filing your 2018 taxes probably seems far in the future, but if you start preparing for the filing process now, you’ll save yourself a lot of stress closer to the deadline. Here’s a handy guide to the new tax laws, the paperwork you need, and… [Read more]
6 Mistakes to Avoid When Filing Your 2018 Taxes
Understanding tax rules is complicated. In 2018, the launch of the new tax reform means that US citizens now have a host of unfamiliar rules and regulations to keep up with — beneficial or not, any change in the rules can increase the stress involved with tax season. Already, millions… [Read more]
4 Consequences of Unpaid Business Taxes
Millions of dollars in penalties are doled out by the IRS each year, the majority of which are attributed to businesses that failed to file taxes or pay payroll taxes. With this in mind, it’s important to understand compliance to ensure your company steers clear of costly violations. There are… [Read more]
5 Common Mistakes Businesses Make When Filing Taxes
We all make mistakes. But in the tax world, even the smallest mistake could cause a huge problem for your business. An error or problem with your tax return could mean late processing — which could result in a delayed refund — an IRS audit, or even filing penalties. Business… [Read more]
Real Estate Investors: New Yearly Reporting Requirements
California law obligates owners of real estate investment property in California who later acquired non-California property in a 1031 exchange to file an annual informational tax return. [1] California requires this yearly filing to track property with California sourced gains and later assess taxes when the property is sold in… [Read more]
What is Corporate Tax Compliance?
For any business to succeed, it must follow the laws and regulations associated with it. Your business stays compliant when all employees — from the CEO down — are aware of what laws the company needs to adhere by. It’s essential to build a culture of compliance. Leaving the responsibility… [Read more]
What to Expect from Your Upcoming EDD Audit
The State of California’s Employment Development Department (EDD) is responsible for collecting employment payroll taxes to fund and administer unemployment and disability insurance, paid family leave, and other state programs. Beyond tax collection, the EDD also has the authority to issue audits to anyone operating a business within California. The… [Read more]
What is an Offer in Compromise?
When you owe the Internal Revenue Service more than you can reasonably afford to pay, they may be willing to negotiate with you. That’s where an Offer in Compromise (OIC) can help mitigate your financial burden in this situation. An OIC requires you to submit specific forms that explain to… [Read more]
When Do I Need a Tax Attorney and When Do I Need a CPA?
It can be complicated to know when to contact a tax attorney versus when to reach out to a CPA, especially when you need help with your taxes. Both professionals can help you with tax-related issues, but despite their similarities, a tax attorney and a CPA are used for very… [Read more]
