Empowering our clients through knowledge
Managerial Accounting and Consulting
Even after the Tax Cuts and Jobs Act effectively eliminated the Federal penalty for a lack of health insurance coverage, uninsured individuals may still be on the hook for a penalty. If you are a resident of a state that enacted their own health insurance mandate, you will still be fined if you are uninsured.
Read MoreDid you receive an unexpected tax refund from the IRS this fall? If your 2018 return was filed before May 15th, 2019, it might be due to an IRS error regarding the new tax code.
Read MoreEffective April 1, 2019, the California Department of Tax and Fee Administration (CDTFA) will be implementing the sales and use tax approved by the U.S. Supreme Court in Wayfair, Inc. v. South Dakota. Because of Wayfair, states are authorized to begin collecting sales and use tax from online and out-of-state retailers, who may or may not have a physical presence in California. Therefore, businesses within California, as well as out-of-state business with transactions in California, must begin collecting and remitting district use taxes for districts in which the thresholds are met – 200 or more annual sales transactions or over $100,000 in yearly sales in California. Accordingly, the CDTFA administration will begin issuing notices to affected retailers in the upcoming months.
Read MoreMany of our clients wonder what goes on in our office the other 9 months of the year outside of tax season. For one, we stay busy with business other than tax returns such as bookkeeping, payroll services, and business consulting. Another thing that happens in our “off-season” is our continuing education. To maintain a valid CPA license, a CPA is required to complete a certain number of educational hours each year. These hours, called continuing education, can be completed either online or at in-person tax conferences. This past week, some members of our staff attended the NATP (National Association of Tax Professionals) conference up in Anaheim.
Read MoreOn Thursday June 21st, the Supreme Court ruled in favor of the states, in the case South Dakota v. Wayfair Inc. in a 5-4 decision. The court approved the South Dakota state law that requires online retailers, even those without a physical presence in the state, to collect sales tax.
Read MoreIf you miss the deadline to either make your tax payments or file your return, you could be facing some costly repercussions. While you should not purposely miss a deadline, it does sometimes happen. Keep reading to find out what to do.
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