Law Firms

Law Firms: Annual License Renewal and Minimum Continuing Legal Education

License renewal for the 2023 State Bar of California began December 1, 2022 with the deadline to file on February 1, 2023. According to The State Bar of California, you must complete the following order to complete license renewal: -Verify required information in your State Bar record pursuant to rule 2.2(c) of the Rules of…

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Let's Talk 1099s!

Let’s Talk 1099s!

All businesses are required to issue Form 1099-MISC or Form 1099-NEC to relevant vendors, freelancers, and contractors, as well as file these forms with the IRS by January 31 for the prior tax year. Businesses should ask vendors, freelancers, and contractors to fill out a W9 form as soon as you start working with them….

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Augusta Rule

Tax Loophole: The Augusta Rule

Did you know that you can rent out your home for up to 14 days per year without needing to report the rental income on your individual tax return? Section 280A(g), more commonly known as the Augusta Rule, applies to any taxpayer who owns a home in the United States as long as your home…

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Employee Retention Credit

Employee Retention Credit: Up To $26,000 Per Employee From The IRS? Yes, Please.

The Employee Retention Credit (ERC) has been infusing small to mid-sized businesses with cash across the country since it was passed under the CARES Act, to encourage businesses to keep their employees on payroll. Qualifying employers can receive up to $26,000 per employee from this program, yet many businesses have not yet taken advantage of the ERC…

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Deferment Period for Disaster Loans Extended

With the upheaval of the last few years, millions of small businesses have taken advantage of Covid-related relief funds to stay afloat. With no additional relief from Congress in sight, there is some good news for small businesses and not-for-profits that received the Economic Injury Disaster Loan (EIDL). The Small Business Administration (SBA) has extended…

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IRS Letters ()

Information Letters From The IRS Are Going Out

The Internal Revenue Service has announced that it will be issuing information letters to Advance Child Tax Credit recipients. Letters started going out in December 2021, and to recipients of the third round of the Economic Impact Payments they will be mailed at the end of January. Using this information when preparing a tax return…

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Employers Required to Provide (k) to Employees by June

Employers Required to Provide 401(k) to Employees by June 2022

The state of California has initiated a mandate to assist private sector employees with saving for retirement through their job by requiring employers to provide a 401(k). California employers with five or more employees have until June 2022 to establish a retirement savings plan or facilitate their employees’ access to the state run program. Employers…

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Employee Retention Credit Axed for Fourth Quater

The Employee Retention Credit, which has been infusing businesses with cash that have been affected by the Covid-19 pandemic, is due to be terminated three months earlier than hoped. The legislation known as the Infrastructure Investment and Jobs Act, which will soon likely be signed into law, ends the Employee Retention Credit as of September…

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ADA Compliance

IRS Pays $5,000 for Website Accessibility

The Americans with Disabilities Act of 1990 (ADA) is a civil rights law that prohibits discrimination based on disability. Most business owners know that they need to comply with standards providing reasonable access and accommodation for disabled clients, customers, and employees in their place of business. Did you know that ADA compliance extends to your…

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