CA - Linkenheimer LLP CPAs & Advisors

California Tax Updates for July 8th

Post 1:

Interest rates set on overdue payroll tax in California. For the period beginning July 1, 2020, through Dec. 31, 2020, the rate will be 5% compounded daily, according to the CA Employment Development Department. The rate is adjusted semiannually.

Post 2:

A California apparel designer loses a tax credit fight in court. CA companies that engage in qualified research and development (R&D) activities may be entitled to a credit on their CA tax returns. In one case, a women’s apparel design company filed for tax refunds for 2008 through 2011, based on claims for R&D credits in those years. The credit related to projects, which the CA Franchise Tax Board (FTB) said didn’t satisfy a requirement known as the experimentation process test. The credits were disallowed. The taxpayer sought a rehearing in the CA Office of Tax Appeals. The Appeals Court agreed with the FTB and upheld the decision to disallow the credit. (Swat-Fame, Inc. 5/20/20) If you […]

By Linkenheimer LLP|2020-09-03T20:02:18+00:00July 8th, 2020|ca, CA tax, california, payments, research credit, tax credit|0 Comments

California Tax Updates for June 25

Update 1:

Many California businesses are downsizing or have closed permanently due to COVID-19. The California Franchise Tax Board (FTB) has released a detailed set of steps needed to fully close a CA business entity, including links to resources from the CA Secretary of State and other state departments. The FTB highlights the need to close out tax accounts by filing delinquent returns and paying all balances due on taxes, filing a current annual or quarterly return as final, filing the appropriate closure forms with different state agencies, notifying employees and other stakeholders of the intent to close and dissolving all accounts associate with the business. For more: https://bit.ly/37e3cjI

Update 2:

Businesses that hold unclaimed property in California get extra time to file reports. Due to COVID-19, the CA State Controller (SCO) has postponed the due date for holders of such property, including unclaimed wages, to submit their Remit Reports and Remittances for properties reported […]

By Linkenheimer LLP|2020-09-03T20:02:24+00:00June 25th, 2020|business, ca, CA tax, ftb, New Tax Laws|0 Comments

California Tax Updates for May 21st

Update 1:

Do you still have questions about how California helps those affected by the novel coronavirus (COVID-19) pandemic? The CA Franchise Tax Board (FTB) has just updated its frequently asked questions (FAQs) by adding a section on the individual status letter (also known as a veteran affairs status letter). These letters help individuals get student loans or Veteran Affairs financing. They also show third parties such as employers that the letter holder has no outstanding CA income tax obligations. If you have questions, please contact your Linkenheimer CPA. You can also learn who may obtain an individual status letter and how, and get answers to a wide variety of questions by visiting the FTB here: https://bit.ly/2AuMxwb

Update 2:

Are you part of the California gig economy? The CA Franchise Tax Board (FTB) has updated its gig economy webpage, which it created to provide information to those who use platforms such as Uber, Lyft, […]

By Linkenheimer LLP|2020-09-03T20:02:54+00:00May 21st, 2020|ca, CA tax, california, ftb|0 Comments

California Tax Updates for April 15th

Post 1:

Special tax relief is available for certain filing and payment deadlines, said the California Franchise Tax Board (FTB), in response to the coronavirus (COVID-19). The FTB has posted on its website a spreadsheet of certain filing and payment deadlines for all individuals and businesses entities. The spreadsheet has been updated to include information on real estate withholding, nonresident, nonwage, withholding and foreign partner or member withholding. https://bit.ly/2yoWpGK

Post 2:

Small California businesses get interest-free payment plans for sales tax, effective April 2. Governor Gavin Newsom is allowing businesses with sales less than $5 million to defer payment of sales and use taxes, up to $50,000, for up to 12 months, said the CA Dept. of Tax and Fee Administration (CDTFA) (other help may also be available for larger tax liabilities). For taxpayers choosing to defer their first quarter 2020 liability, for example, their tax liability would be paid in 12 monthly installments, […]

By Linkenheimer LLP|2020-09-03T20:03:06+00:00April 15th, 2020|business, ca, CA tax, california, New Tax Laws, tax deadlines|0 Comments

Supporting You During the Coronavirus

Dear clients, friends and community,

We understand there is a lot of anxiety and stress caused by the unprecedented coronavirus pandemic that is affecting the local and global community. As Sonoma County and the Bay Area have been put under a shelter in place order, we are doing everything we can to look after the health and safety of our staff and clients. We want you to know we are standing by your side during this crisis.

Certain essential businesses such as providers of healthcare, food, supplies, and financial services are exempt from the shelter in place order. Because of the clients served by Linkenheimer LLP, we are also exempted from the order as an essential services provider. That being said, we are implementing strategies to reduce contact and mitigate exposure.

Currently, our offices will remain open during regular business hours. However, for the protection and health of our staff, clients and community we are implementing a strategy that involves most of our staff working from home. We are also asking documents be sent to us electronically, rather than delivered in person. In person meetings, when possible, should be conducted electronically, whether via video […]

By Linkenheimer LLP|2020-09-03T20:03:15+00:00March 20th, 2020|CA tax, New Tax Laws, Santa Rosa, tax deadlines, taxpayers california franchise tax board|0 Comments