Tag: 2024 taxes

One Big Beautiful Bill Act (OBBBA): What Taxpayers Need to Know for 2025

Posted on , by Victoria Chuidian

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 […]

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2024 Tax Update: Third-Party Payment Platforms and 1099-K Forms

Posted on by Victoria Chuidian

As you may have heard, there have been some proposed changes to the tax reporting requirements for the use of third-party payment platforms, such as credit card processors, PayPal, Venmo, Cash App, Etsy, Stripe, Ebay, Amazon, VRBO, AirBnB, and other sites. As part of the American Rescue Plan Act of 2021, the Biden Administration has […]

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