The federal government signed the Families First Coronavirus Response Act (FFCRA) into law Mar. 18, 2020, which includes paid sick leave for employees that need to take time off to limit the spread of the coronavirus. Under this law, employees will qualify for paid sick leave if they have the virus, if they are caring for a…
The Internal Revenue Service has confirmed that the federal income tax filing deadline is automatically extended from April 15, 2020 to July 15, 2020. Taxpayers can also defer federal income tax payments due April 15, 2020 to July 15, 2020 without interest or penalties, regardless of the amount owed. This deferment applies to all taxpayers,…
FTB Deadlines The California Franchise Tax Board (FTB) is postponing the tax filing deadline to July 15, 2020. This includes: 2019 tax returns 2019 tax return payments 2020 1st and 2nd quarter estimated payments 2020 LLC taxes and fees 2020 Non-wage withholding payments FTB is extending this relief to all California taxpayers, there is no…
It’s easy to get caught up in the enormity of Covid-19, but take a breath and remember that we will get through this. With so many businesses feeling unsettled about the coming months, we have compiled some helps to get you and your business through this difficult time. IRS Extension The IRS and Treasury Department…
Preparations we’ve made to keep you and our staff safe during tax season and the coronavirus COVID-19 spread We sincerely hope that you and your family are healthy and happy and will not be directly impacted by the highly contagious coronavirus during this flu season. In our office, we have taken serious precautions to fight…
As many have heard, on September 18, 2019, Governor Newsom signed AB5, effective January 1, 2020. The new law codifies the “ABC test” from the California Supreme Court decision in Dynamex Operations West, Inc. v. Superior Court of Los Angeles, 4 Cal. 5th 903 (2018). Under the ABC test, any person providing labor or services…
The difficulty of getting year-end business tasks done will depend on how organized you’ve been throughout the year. Whether you’re a DIY business owner and handling things yourself, or if you have a bookkeeper/accountant, there are some tasks you’ll need to get done to button up 2019. While the government requires much of the work,…
There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay alert to the ways that criminals pose as the IRS to trick you out of…
Taxes for the individual can often be onerous, but when you have a business or company involved, the tax situation can be downright frustrating and confusing. The tax laws seem to change with each passing year, and one year there may be a benefit to you, but the next it is gone and replaced with…
Hiring your child to work as a legitimate employee is a great tax strategy, which got even better with the Tax Cuts and Jobs Act. Starting in 2018, the standard deduction nearly doubled, from $6,350 to $12,000, meaning under the new law, your child can shelter almost twice the wage income without paying income taxes. …
