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]
5 Mistakes Businesses Can Make When Hiring and Working With Independent Contractors
You hire independent contractors to help you with specialized or contract work. But if you find yourself engaging in what may be considered an employer-employee relationship with your independent contractor hires, you may be contacted by the EDD and the IRS for a potential mislabeling claim. Mislabeling is one of… [Read more]
Federal Net Investment Income Tax
The Net Investment Income Tax of 3.8% (IRC 1411) applies to unearned income – i.e. income from interest, dividends, annuities, royalties, rents (not derived from the ordinary course of trade or business). The tax, however, does not apply to interest from tax-exempt bonds, veteran’s benefits. This tax does applies to… [Read more]
Ways to Mitigate Your Risk of an EDD Audit
If you utilize contractors in your business, you are responsible for all of their financial, legal, and administrative paperwork. One of the most important responsibilities you are in charge of is withholding employment taxes and remitting them to the appropriate agencies. Failing to do so (or improperly filing) can result… [Read more]
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