Linkenheimer

California Tax Updates for July 2nd

The inscription Tax Day on the note like Notification of the need to file tax returns, tax form

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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 on their 2019 Notice Reports. Regarding the June 1-15 period for holders to submit their reports and remittances for properties reported on 2019 Notice Reports is extended from June 1, 2020, to August 15, 2020. Holders or agents of holders who are able to submit their Remit Reports and remittances during the original reporting period are encouraged to do so. Contact your Linkenheimer CPA with questions.

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As Tax Day approaches, the Franchise Tax Board offers tips to help Californians prepare to file by the July 15 deadline. Among other things, the tips include the following: COVID-19 relief […]

By |July 2nd, 2020|california, tax deadlines|0 Comments

Paycheck Protection Program Loan Forgiveness Calculators

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Many small businesses are struggling navigating the complexity of the Paycheck Protection Program (PPP) and loan forgiveness aspect of it. While legislation, regulations and info regarding loan forgiveness is changing and revised often, it’s important to be proactive and keep a close eye on your record keeping. The AICPA has released an excel file that serves as a calculator, based on the current parameters of the loan forgiveness program. If you have questions, please reach out to your Linkenheimer CPA.

You can access the calculator by clicking here. It will download a copy of excel file once you click on it. You can also find the calculator on the AICPA website here. 

By |May 26th, 2020|business|0 Comments

California Tax Updates for April 22

3d-man points to the text Covid-19 and relies on a question mark.

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The California Franchise Tax Board (FTB) has posted frequently asked questions (FAQs), related to tax relief due to the novel coronavirus (COVID-19). The list addresses topics such as: information returns, extensions to file; the postponement periods of March 12 through July 15, 2020; statutes of limitations, and more. Even more recent additions to FAQ topics are: nonresidential nonwage withholding and real estate withholding. Check the latest FAQ here: https://bit.ly/3e2q9cA or contact us with questions.

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An extension of time has been issued for California taxpayers to accomplish certain tasks, from the CA Franchise Tax Board (FTB), due to the novel coronavirus (COVID-19). They include claiming a refund, filing a protest of a notice of proposed assessment (NPA) with the FTB, and filing an appeal or petition for a rehearing with the Office of Tax Appeals. The extension also gives the FTB extra […]

By |April 22nd, 2020|california, ftb, irs, New Tax Laws|0 Comments

IRS Issues Warning About Coronavirus-Related Scams

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The IRS warned taxpayers to watch out for emails, text messages, websites, and social media attempts related to the coronavirus that request money or personal information. Taxpayers should not click on links from emails that appear to come from the IRS. The IRS and its Criminal Investigation Division have seen a wave of new and evolving phishing schemes against taxpayers. In most cases, the IRS will deposit economic impact payments into the direct deposit account taxpayers previously provided on tax returns. Taxpayers who have previously filed but not provided direct deposit information to the IRS will be able to provide their banking information through a newly designed secure portal on www.irs.gov in mid-April. If the IRS does not have a taxpayer’s direct deposit information, a check will be mailed to the address on file. No one from the IRS will be reaching out to taxpayers by phone, email, mail, or in person asking for information to complete economic impact payments. If you have questions or concerns, please reach out to your Linkenheimer CPA.

By |April 6th, 2020|irs|0 Comments

Linkenheimer Team’s Eye Care Service Project to Nicaragua in January of 2020

We departed the night of January 14, 2020 on a graveyard flight from SFO to Houston to Managua. The intrepid travelers included first timers – Dana Breaux, Ernie Ceja, Charla Balkin, Jan Coulter, Gino Scurini and Kelly McGlinchy. Experienced missionaries included Carli Ortiz, Kerri Berry, Nina Shaposhnikov, Joshua Warren, Andy Vedder and John Jones. Our objective was to provide eye care (exams and prescription eye glasses for free) to the people of Las Azucena. This is a small village south of San Carlos Nicaragua and upriver from our home base at the Sabalos Lodge.

Nicaragua is the 2nd poorest country in the western hemisphere behind Haiti. The area of Sabalos and the Rio San Juan is the poorest of all Nicaragua. Average per capita income for the country is about $400 and likely in the Rio San Juan it is closer to $200 per year. Few paying jobs exist with most people surviving on subsistence farming. The people though are very content and gracious. There are no eye care teams (or brigades) that make it to this part of the country. The work we do through the firm, Santa Rosa Sunrise Rotary and St Mark Lutheran Church is the total eye […]

By |February 14th, 2020|Community, Nicaragua|0 Comments

Help Protect Your Personal Information By Filing Your 2019 Tax Return Early

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The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax identity theft — and you may obtain other benefits, too.

Tax identity theft explained

In a tax identity theft scam, a thief uses another individual’s personal information to file a fraudulent tax return early in the filing season and claim a bogus refund.

The legitimate taxpayer discovers the fraud when he or she files a return and is informed by the IRS that the return has been rejected because one with the same Social Security number has already been filed for the tax year. While the taxpayer should ultimately be able to prove that his or her return is the valid one, tax identity theft […]

By |February 6th, 2020|individuals, irs, tax deadlines, tax planning, w2|0 Comments

Vote Now for Your Favorite Local Businesses

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It’s that time of the year- New Years Resolutions, Super Bowl parties, voting for your favorite local companies… The NorthBay Biz has opened the polls to their annual Best of the Best survey. We’d love it if you took a minute to vote for your favorite local companies and accounting firm! Click here to cast your vote!  

It’s been 88 years since Linkenheimer opened for business and we are grateful for another year of being able to serve our clients and community!

By |January 30th, 2020|best, best place to work, Community|0 Comments

Giving Back During the Holidays at the Redwood Empire Food Bank

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On Tuesday, December 3rd, the team from Linkenheimer, along with significant others and kids, met up after work at the Redwood Empire Food Bank to lend a helping hand. Holiday months are always tough for REFB in terms of finding volunteers, so we were excited to be able to participate and assist a great local non-profit that has been serving Sonoma County for over a decade, providing meals to elderly, children and those in need. Over the course of our two hours there, we formed into teams to put to sort through and box bread and baked goods. In total, we boxed 3, 697 lbs of bread to be sent out in the community. This helps provide over 2,900 meals to be distributed to our neighbors in need. Local charities like these are what makes Sonoma County such a great place to live and do business in and we are proud to support them. So during these busy holiday months, we encourage everyone to take some time and think about how they can give back and help those less fortunate. If everyone does a little, the impact can be huge. Happy Holidays from the Linkenheimer […]

By |December 12th, 2019|Community|0 Comments

FAQs Related to Disaster Recovery and the Fires

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Our CPA’s have compiled a list of 25 frequently asked questions related to fire victims and the recovery process. This document will continue to be updated over time as new questions roll in. If you have any additional questions in the meantime that aren’t answered below, please feel free to contact us at Linkenheimer LLP. We’ll continue to work side by side with all of you during this rebuilding process as we put our great community back together.

Frequently asked questions related to disaster relief for those affected by the fires: 

  1. Can an employer make a payment to an employee for missed time as a result of the fire and have that payment excluded from the employees gross income? No, the payments would be considered taxable wages.
  1. What information is needed to substantiate a casualty loss? To substantiate your loss, you’ll need the following, the type of casualty and date it occurred, proof that you were the owner of the property, or if you were a lessee, that you were contractually liable for the damage, whether a claim for reimbursement exists for which there is a reasonable expectation of recovery and documented […]
By |November 8th, 2019|Fire Relief Info|0 Comments

Thinking About Converting from a C Corporation to an S Corporation?

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The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before making the decision to convert from a C corporation to an S corporation.

Here’s a quick rundown of four issues to consider:

LIFO inventories. C corporations that use last-in, first-out (LIFO) inventories must pay tax on the benefits they derived by using LIFO if they convert to S corporations. The tax can be spread over four years. This cost must be weighed against the potential tax gains from converting to S status.

Built-in gains tax. Although S corporations generally aren’t subject to tax, those that were formerly C corporations are taxed on built-in gains (such as appreciated property) that the C corporation has when […]

By |November 5th, 2019|business, tax implications|0 Comments