When Can You Dump Old Tax Records?
Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute…
Don’t Ignore Household Employee Payroll Tax Rules
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring…
June 2022 Due Dates
June Individual Due Dates June 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to…
Is Your Will or Trust Up-to-Date?
When was the last time you or your attorney reviewed or updated your will or trust? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA),…
Writing Off Your Business Start-Up Expenses
Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. However, with the help of vaccines and the waning lethality of the latest versions of the virus, new businesses will…
With a Possible Recession Looming, You May Want to Review Your Cash Flow Process
If you’re a business owner who has been through a recession before, you know that smart cash flow management is absolutely crucial. If you’re a new entrepreneur who hasn’t been through an economic downturn, you may…
Vacation Home Rentals: How the Income Is Taxed
If you have a second home in a resort area, or if you have been considering acquiring a second home or vacation home, and with summer just around the corner, you may have questions about how…
Yes, We are Hiring!
WE ARE CURRENTLY LOOKING FOR... Client and Accounting Services (CAS) Supervisor Location: Rose, Snyder & Jacobs – Encino, CA – Hybrid Role Position Type: Full-Time About Us: At Rose, Snyder & Jacobs, we are a dynamic, forward-thinking accounting firm…
May 2022 Individual & Business Due Dates
May 2022 Individual Due Dates May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them…
S Corporations Reasonable Compensation Requirement
Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits flow through to its shareholders’…
Why Employee Classification is of Paramount Importance
Not too long ago in Orlando, Florida, a federal investigation uncovered a situation where 22 workers were denied overtime by a Florida-based equipment rental company. The company was paying flat salaries to certain employees, regardless of…
Foreign Income and Tax Reporting Issues
We have a worldwide economy and with that comes a variety of tax issues. Some of these may be relevant to you. The following issues, some of which you may not be aware of, apply to…
Tax Issues That Arise When Converting a Home into a Rental
With the current substantial appreciation in home values and demand for housing exceeding the available inventory, along with low home mortgage interest rates, more and more homeowners are converting their existing homes into rentals when they…
Tax Day Details and Last Minute Filing Information
For those of us that like to live on the edge and who have not yet filed their 2021 tax returns, April 18, is the due date to either file a return (and pay the taxes…
The 2022 IRS Interest Rate Hike Will Go Live April 1st
If you are required to pay quarterly estimated income tax, an upcoming change in interest rates being imposed by the IRS may have a direct impact on you. Effective April 1st, 2022, corporations and self-employed filers…
Inheritances Enjoy a Special Tax Benefit
You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property. When…
You May Need to File Estimated Tax Payments
Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment…
April Due Dates
April 2022 Individual Due Dates April 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them…
San Fernando Valley Business Journal
This just in, our founding partners Tony Rose and Jake Jacobs have been featured in this latest edition of the San Fernando Valley Business Journal! As we continue to adapt and maintain the best service possible…
March 2022 Due Dates
March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS…