There have been recent changes to the passthrough tax laws that we believe would be advantageous to your entity and its members. California has recently ratified AB 150, a credit for passthrough entities, which enables us…
Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don’t,…
Even with the delays, the IRS owes you interest on your money. The IRS has administrative time (typically 45 days) to issue your refund without paying interest on it. Many taxpayers use the Where's My Refund…
If you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. The tax treatment of your income or loss from this endeavor hinges…
Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child…
One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce, particularly female workers with families. While they remain unemployed, these women will have lost the opportunity to…
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…
February 4 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 10 - Report Tips to Employer If…
Many people dream of starting their own company, but if you’re one of the few who has turned their dream into reality, you know that it didn’t happen overnight. Making your business a success involved plenty…
This could be another rough tax season for the IRS and taxpayers. Although this year’s filing season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns),…
January 2022 Individual Due Dates January 3 - Time to Call For Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we…
Over the last 3 years, the Internal Revenue Service has been engaged in a virtual currency compliance campaign to address tax noncompliance related to cryptocurrency use. The IRS’ efforts have included outreach to taxpayers through education,…
If you claimed the employee retention credit (ERC) in the fourth quarter of 2021, you better read this about a retroactive change affecting the credit for the fourth quarter of 2021. Background: The ERC was created…
If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC…
When Congress established tax-favored retirement plans, they allowed taxpayers to take a tax deduction for the amount of their allowable contribution to the plans. But they also included a requirement for a portion of the funds…
If you are an employer looking for an attractive employee benefit that lets you plan contributions around your revenues, consider a 401(K) profit-sharing plan. These plans allow you to make pre-tax deposits to your employees’ eligible…
Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such assets…
When it comes time for financial documents to be corroborated, the three options available are a compilation, a review, and an audit. Each of these represents a very different degree of effort and investigation, and therefore…
Creating a successful business requires a good idea combined with skill, talent, and ambition. But even if you have all of those elements, you may end up falling short if you can’t raise the capital that…
Here are a few filing date reminders for you to keep in mind!Remember, the normal April 15, 2021 filing deadline for 2020 individual tax returns was extended by the IRS to May 17, 2021 due to…