How to determine "reasonable compensation" for corporate business owners
Tax Relief Update Due to COVID-19 Pandemic: Federal and California April 15th Filing Date Pushed back to July 15, 2020
The Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) addressed tax relief measures for taxpayers affected by the coronavirus pandemic. These measures include a 90-day extension of time to file federal individual and business tax returns and pay certain federal income tax payments to July 15, 2020 and a 90 to [...]
At a press conference today, U.S Treasury Secretary Mnuchin announced extensions for federal income tax payments for individuals and business owners due the effects of COVID-19 on the nation. Individuals and businesses with an April 15, 2020 filing deadline will be given an additional 90 days (July 15, 2020) to pay the taxes they [...]
Do you have long-term capital gains or qualified dividends? If so, there's good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income. The rate is only available for those with relatively low income. But, if your income is too high [...]
If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind: Child [...]
IRS UPDATE: If you adopted or tried to adopt a child in 2015, you may qualify for a tax credit. Here are ten things you should know about the adoption credit. 1. Options. The credit is nonrefundable. This means that the credit may reduce your tax to zero. If the credit is more than your tax, [...]
On June 26, the U.S. Supreme Court issued another landmark decision on same-sex marriage. In Obergefell v. Hodges, the Court ruled that same-sex couples have a constitutional right to marry, making same-sex marriage legal in all 50 states. This 5-4 decision will affect tax and estate planning for many same-sex married couples and also impact their employers.