IRS Extends Tax Filing Deadline for Individuals to May 17th

March 18, 2021By KROST

The Internal Revenue Service has postponed the April 15 tax payment and filing deadline for individuals to May 17, allowing more time to file your 2020 Federal Form 1040 income tax return. California conforms to the federal change and many other states to follow the IRS lead. The recent $1.9 trillion COVID-19 relief bill signed … Read More

California Proposition 19: Tax Changes

December 1, 2020By Matthew Weber, CPA, MAcc

California Proposition 19 passed with just over 51% of the vote in the general election on November 3rd and is expected to become law. This new law has two separate effective dates: February 16, 2021 – For beneficiaries of real estate that use the property as a primary residence. April 1, 2021 – For transferring … Read More

The Streamlined Offshore Disclosure Procedures

April 29, 2020By Evelyn Fernandez

It is not uncommon for U.S. citizens or Green Card holders to come across a situation where they realize they haven’t been entirely compliant with U.S. tax filing requirements. The filing requirements, especially for foreign assets and income, have become so complex that even some tax practitioners don’t know where to start. If you feel … Read More

IRS Tax Tip: COVID-19 Economic Impact Payments – Beware of Scams

April 16, 2020By KROST

The following article is written by the IRS. View the original source here: https://www.irs.gov/newsroom/taxpayers-should-be-aware-of-coronavirus-related-scams Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Here’s what taxpayers should know: The IRS will … Read More

2018 Tax Planning – TCJA Impact on Cash Method of Accounting

March 18, 2019By KROST

Enacted on December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was hailed as the largest major tax reform for the past three decades. In particular, the TCJA contains a series of favorable accounting method reforms that will impact countless of business taxpayers such as the use of cash method of accounting and the … Read More