Tax Planning and Preparation

This email applies only to California residents and businesses, except for those residing in the following counties:  Imperial, Kern, Lassen, Modoc, Plumas, Shasta and Sierra.  Dear Clients: As many of you are probably now aware, most of California has been deemed a disaster zone because of the recent storms, except for those counties listed above.…

The SECURE ACT 2.0, or the Setting Every Community Up for Retirement Enhancement Act 2.0, was recently signed into law and brings with it several important changes that may affect your retirement planning. If you are a small business owner or an individual saving for retirement, it is important to understand these changes and how…

TAX UPDATE FOR CALIFORNIA BUSINESS OWNERS Elective Passthrough Entity Tax For 2021 through 2025 taxable years, a qualified S-Corporation or Partnership that is doing business in California may elect to pay a pass-through entity tax equal to 9.3% of its qualified net income. This change allows California pass-through entities to take a deduction for the…

Tax Filing Update Pursuant to the changes set forth in The American Rescue Plan, the Department of Treasury will be automatically issuing advance payments of the Child Tax Credit to eligible taxpayers beginning July 15th 2021.  Here is what you should know: For tax year 2021 the Child Tax Credit (CTC) has been increased to…

Please note that the information below is subject to change at any time by further guidance from the IRS and Treasury or further legislation from Congress. The content provided herein is based on our interpretation of the CARES Act and is not intended to be legal advice or provide a tax opinion. This document is…

Proposition 19 passed during the 2020 election by a slim 2.2% margin. This Proposition, which changes parts of Proposition 13 and Proposition 58, affects the way we currently pass appreciated property down to our heirs and presents a planning opportunity for many Californians. Real estate in California is taxed based on assessed value rather than…

A lot has changed since our initial blog post on the Paycheck Protection Program that was signed into law on March 27, 2020. In order to give you the most up-to-date information, I am going to touch on the most important updates in this article and provide trusted resources for you to research further. Here…

Welcome to your new Paycheck Protection Loan (PPP). Now what?  We have provided more details below but let us start by highlighting the most important guidelines to follow to ensure you are on track to qualify for forgiveness.  Ensure you have payroll wages of at least 75% of the loan amount over an 8-week period…

Our very own Jessica Folsom, EA provides a comprehensive overview on the CARES Act and how it applies to the gigworker, freelancer and the self employed.

On March 27, 2020, congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the Coronavirus pandemic that has caused worldwide economic and social turmoil. Our goal in this update is to highlight the tax and financial aspects of how this $2tn bill will affect many of our clients. As such,…