Bonus Depreciation
UNDERSTANDING BONUS DEPRECIATION Bonus depreciation is the same general concept as Qualified Improvement Property and Section 179 expenses covered in our other writings as they all allow for accelerated depreciation. The…
Tax Planning
Tax Planning If you were a real estate professional, your losses from real estate would not be limited and you could have deducted the real estate losses from regular income and…
Audit of Compliance Taxpayers Rights When Requested to Extend the Assessment Statute
Taxpayers have rights to decline requests to extend the assessment statute of limitations or to request that any extension be limited to a specific period of time or specific issues.
ERC – Employee Alert
There is a new credit available called Employer Retention Credit, and the IRS clarifications were released just this week. The matters discussed in the law are quite complex but we will summarize it in the below bullet points. You might be able to obtain a refund of up to $7,000 per employee per quarter if you qualify under the below rules. Please first review the below 3 qualification requirements and if you believe you qualify, then contact us
Annual Statement of Information required for CA Corporations and LLC’s
This is required to be renewed every year for your corporation and every 2 years for any LLC's that you might have in CA.
Deductibility of health insurance for employees and S-corporation Shareholder / Employees
In the below, we find that payments made by S-Corporations for employees health insurance is deductible for the corp and not taxable for the employees. However, for S-Corporation owners (more than 2%…
Gift Giving when 2 Spouses are involved.
This blog discusses the need to file 1 or 2 different form 709 Gift Tax returns if a gift is given in a community property State. As you might…
Fictitious Business Name statements expire every 5 years
All businesses must have on file within the County that they operate from, a registered and active Fictitious business Name statement. For Los Angeles County, Fictitious Business Name fillings in 5 years after submission. …