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…
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…
Tax planning is the process by which we make sure you are paying the right amount of taxes at the right frequency. Why? If you own your own business, you need to manage your tax liability, which means not paying too little, of course, but not paying too much either. Read more…
Maybe. When you have a business presence in another state, you must charge and remit sales taxes in that state. This is referred to as ‘nexus’. Nexus impacts businesses that sell products and some services directly to the consumer. It’s a big deal because if you’re company does not remit Read more…
New Developments The new hot button for the IRS is shareholder loans in S-Corps because there is usually a lack of documentation or interest being paid on these loans. It can be tough because if it is reclassified by the IRS as a shareholder distributions or salary it can dramatically increase the Read more…
Time is running out on many tax savings and lucrative business credits. Extensions have been slow in materializing as Congress focuses its attention on Healthcare legislation while business is taking a back seat, at least for now. There are still opportunities for tax saving strategies that can be implemented before Read more…
Greg Lewis Offers Planning Tips for Roth IRA Conversions For tax years beginning after 2009, the $100,000 modified AGI limit on conversions of traditional IRAs to Roth IRAs is eliminated. Additionally, married taxpayers filing a separate return will be able to convert amounts in a traditional IRA into a Roth Read more…