September 2021
Planning for Year-End Gifts with the Gift Tax Annual Exclusion
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family [...]
Want To Find Out What IRS Auditors Know About Your Business Industry?
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret [...]
California Tax Updates for 9/1
Update 1: San Francisco will impose an additional employer tax on certain businesses, effective in 2022. Businesses affected are those in which the highest-paid managerial employee earns more than 100 times the median compensation of [...]
August 2021
You Can Only Claim a Casualty Loss Tax Deduction in Certain Situations
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the [...]
California Tax Updates from 8/25
Update 1: Employers in California counties plagued by wildfires get payroll tax relief. The CA Employment Development Dept. (EDD) has announced tax relief for employers in Trinity, Tehama and Shasta Counties, directly affected by the [...]
Does Your Employer Provide Life Insurance? Here Are The Tax Consequences
Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. Tax [...]