The pumpkin patch is open, Halloween and Dia de Los Muertos are coming up quickly! We will focus on a tax planning opportunity created by the higher SALT caps. This time we remind you of the benefit of having a side business, including but not limited to an S-Corp. This strategy potentially allows you to […]
The recently signed One Big Beautiful Bill Act (OBBBA) introduces sweeping tax changes that will impact both individuals and businesses beginning in 2025. From automatic filing extensions for Los Angeles County residents to a temporary increase in State and Local Tax (SALT) deductions, taxpayers need to understand how these updates may affect their 2024 and […]
With the recent passage of the One Big Beautiful Bill Act (OBBBA), significant tax changes are now in motion. While many of these provisions phase in over several years, there are immediate implications for 2024 and 2025 tax filing that individuals, businesses, and particularly Los Angeles County residents need to know. Here’s a breakdown of […]
March 15, 2025 S-Corp. and Partnership Deadline Approaching and BOI Report Update If you are a Los Angeles County resident, you have an automatic extension of time to file your S-corporation (Form 1120S) and partnerships (Form 1065) tax filings until October 15th, 2025. These filings are normally due March 15th. Otherwise, if you are NOT a […]
The BOI Filing Requirement on HOLD – originally due January 1st, 2025. An injunction from a federal court has paused the Corporate Transparency Act enforcement of the Beneficial Ownership Information report, but the possibility of enforcement remains in the future. The last weeks of 2024 offer an opportunity for tax planning and for setting up […]
Starting January 1, 2024, the Corporate Transparency Act (CTA) introduces a new federal reporting requirement impacting many business entities. If you operate a Limited Liability Company (LLC), an LLC taxed as an S-Corp, a Corporation, or other entities registered with the Secretary of State, this law now mandates you to disclose specific personal information about your business’s […]
2023 Extension Request Due April 15, 2024 Please request an extension if your 2023 individual, single-member LLC, or C corporation filings will not be complete by 4/15/24. We cannot assume that you need an extension. If you are requesting an extension, remember it is an extension of time to file and not an extension of […]
The IRS and the state of CA have started accepting 2022 e-filings. It’s not too soon to schedule your in-person or virtual tax appointment for your 2022 tax year preparation! Contact us with any questions, to review our virtual tax process, and with requests for 2022 tax organizers. Send 2022 1099 Forms to Independent Contractors by January 31st, 2023. Issue 1099s […]
Happy November and best wishes for a memorable holiday season. We still have a few weeks for tax planning, then we’ll get into holiday mode and start looking forward to a great 2023! There are a couple of weeks left to project your 2022 tax results and make tax-saving decisions. Whether you simply wish to anticipate […]
“Gig Economy” – A labor market of self-employment, freelance, short-term contracts as opposed to permanent employment. The term “gig” is borrowed from performing artist appearances. Whether you are transitioning to the gig economy or just dabbling in a side business there is a bit of a learning curve. We’ll share two important bits of information […]
