Our CPAs help you stay on top of Tax Changes – LSL CPAs & Business Advisors – Brea, Santa Ana & Sacramento, California – (714) 672-0022
More relief for small businesses! Governor Newsom signed an executive order on March 30th that allows the California Department of Tax and Fee Administration to grant a 90-day extension, without penalties, for tax returns and payments for all businesses filing a return for less than $1 million in taxes. Highlights Read more…
One of the most exciting and most confusing provisions of the CARES Act, which was signed into law by the President on Friday, March 27th, is the Paycheck Protection Program. Since many of you are at home and spending more time with your families, we thought it appropriate to answer Read more…
We want to make sure you know about the latest COVID-19 relief factors for your businesses. For U.S. businesses with fewer than 500 employees, the Treasury Department, the Internal Revenue Service, and the Labor Department announced that these small and mid-sized employers could start taking advantage of two new refundable Read more…
Due to the COVID-19 pandemic, individuals and businesses will have an additional 90 days to pay the IRS if they owe additional income tax for 2019, according to Treasury Secretary Steven Mnuchin on Tuesday, March 17, 2020. Based on the latest updates, individuals can defer up to $1 million of Read more…
In late 2018, the United States government announced the new Excise Tax for products purchased from China. Many distributors and manufacturers raced out and purchased extra merchandise to avoid the Excise Tax for as long as possible. By purchasing excess inventory, they thought they would be saving money because they Read more…
Since the new tax law, also known as the Tax Cut and Jobs Act (“TCJA”), was enacted by Congress and signed into law in December of 2017, the IRS has begun to issue some clarifications on portions of the law. On October 3, 2018 the IRS issued Notice 2018-76 which Read more…
How Tax Cuts and Jobs Act (TCJA) Effects Charitable Donations on Your 2018 Tax Return With the passing of the Tax Cuts and Jobs Act (TCJA), it’s estimated that the number of taxpayers who will itemize on their 2018 tax return will fall by more than half compared to 2017. Read more…
On April 30th 2018, the California Supreme Court formally issued their opinion of the highly anticipated case, Dynamex Operations West, Inc. v. Superior Court of Los Angeles County. The purpose of this case is to determine the most appropriate classification of a worker by using (a) the employee criteria established Read more…
Effective for taxable years starting after December 31, 2015 partnership returns will be due March 15th and C corporation returns will be due April 15th. This is a swap from previous year due dates. Selected return changes are below. 2016 Tax Return Due Dates (download a .pdf version of the graphic) Read more…
It’s likely that big tax changes are on the horizon. It’s unknown at this time when these taw lax changes will be effective, but most likely they will be spread out during 2017 and 2018. Individual Tax Changes Trump’s plan would simplify the current 7 tax brackets to 3 brackets. Read more…