Late 1099
Late 1099 Does Not Excuse Omitted IncomeReceiving a late Form 1099 does not mean the income can be ignored on your tax return.A recent Tax Court case, Reyes Barrios v.…
Federal Courts Disagree on Home Distilling Ban
Federal Courts Split on Home Distilling BanA recent court split has created uncertainty over the federal ban on home distilling.In simple terms, two federal appeals courts looked at the same…
Federal Courts Split on Home Distilling Ban
Federal Courts Split on Home Distilling BanA recent court split has created uncertainty over the federal ban on home distilling.In simple terms, two federal appeals courts looked at the same…
Gambling Loss – Now Limited deductibility
New Gambling Tax Rule: Why Breaking Even May Still Create Taxable IncomeTaxpayers who gamble should be aware of an important federal tax change that may affect how gambling winnings and…
Tip Income Deduction Rules
New Federal Tip Income Deduction Rules (2025–2028)The IRS and Treasury Department finalized new regulations under Internal Revenue Code §224 creating a temporary federal income tax deduction for certain qualified tip…
Comparison of CA vs Los Angeles Sick Leave requirements
Understanding California & Los Angeles Paid Sick Leave RulesIf you have employees in California , especially in the City of Los Angeles , its important to follow the latest pick sick…
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.
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.