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Practical guidance on tax, audit defense, bookkeeping, and compliance from our CPA team.
How can 403(b) Plans Help Non Profit Employees Save For Retirement?
Listen up! You are about to get to know about a secret that can help non-profit employees secure a comfortable retirement. Let’s dive into the world of 403(b) plans for tax-exempt organizations. These
Accelerating California's Clean Energy Transition: Understanding the California EV Tax Credit
As the world shifts towards a more sustainable future, California has emerged as a leading proponent of electric vehicles (EVs). With its commitment to reducing greenhouse gas emissions and promoting
California Assembly Bill 5: New Changes
Employees are entitled to greater labor protections, such as minimum wage laws, sick leave, and unemployment and workers' compensation benefits, which do not apply to independent contractors. Californ
New Rules for Partnership Audits
The IRS has laid out new audit rules which take effect on January 1, 2018. These rules are now applicable to all entities taxed as partnerships, unless the owners opt out. The new audit rules will app
New Healthcare Coverage Options: Flexibility for Employers and Employees
Great news for employers that prefer to reimburse health care expenses for employees with or without a group health plan. The federal government launched a new type of HRA, called the Individual Cover
Accrued Expenses Included in Income
So recently I had to work on a corporate tax return for a client where there were liabilities for accrued expenses for prior years. This company is no longer operating. However, I had been presented w
Liens and Levies
Here at G&S Accountancy we are dedicated to helping our clients pay the lowest amount of tax and resolving tax liabilities. You may ask yourself… How do I pay the lowest amount of tax? Our clients wil
Changing the State of Domicile for a Business
There are many states that are more employer friendly than California and changing the domicile or home state of a business may be desirable for many reasons. Changing the domicile of a business entit
Unemployment insurance and paid family leave. Is it taxable?
IRC Section §85 provides for the taxation of unemployment benefits and paid family leave (PFL). The law excluding up to $2400 in benefits was repealed. Good news is that California does not conform to
Moving Out of California? Better Make it Permanent!
California taxes all residents who are not temporary or for a transitory purpose. Some believe that moving to another state and establishing residency may preclude an obligation to file and pay tax re
California Assembly Bill 5 & Domicile
In September 2019, the California Senate passed the AB 5 bill to manage the concerns regarding employee misclassification in the gig-economy and it goes into effect on January 1, 2020. Many gig econom
New Employment Laws for California
With the start of the new year, new employment laws will be going into effect on January 1,2020. All employers who have businesses in California should be aware of these changes and understand how the
Terminating Employees
It is hard enough to start and run a business, but one of the least pleasant things to do as a boss is having to terminate an employee. It hurts to fire somebody at a personal level but then it can al
Everything You Need to Know About Employee Retention Credit
Have you ever thought about whether you are qualified for employee retention credit (ERC) or not? Do you know the process of claiming it? Even if you haven’t, it is still possible to make changes to y
IRS $80 Billion Funding: What Does It Mean For You
After years of declining funding, the Internal Revenue Service (IRS) has finally received a major boost in its budget. The Inflation Reduction Act allocates an additional $80 billion to the agency ove
Challenges and Updates in Logistics and Transportation Industry
After emerging from the global pandemic, the logistics industry is facing new challenges. The year 2022 couldn’t outperform 2019 for the logistics companies and trucking industry. As a result, there i
New Lease Accounting Standard
After a delay of many years, the new lease standard (FASB ASC Topic 842) finally became effective in 2022. The system seeks to ensure more transparency in financial statements for all organizations –
Section 1031 Exchanges vs. Qualified Opportunity Zone Funds
When it comes to real estate investing, 1031 Exchanges and Qualified Opportunity Zone Funds (QOZF) are two attractive options. Both programs help investors trade assets while deferring taxable profits
Increase Your Tax Refund
Take Advantage of Refundable and Non-Refundable Tax Credits Do you fall under the category of low or moderate income? Then, you can benefit from the "tax credits" offered by the Federal and State Gove
Misclassification of Employees as Independent Contractors [Exploring the Safe Harbor]
Employee misclassification as independent contractors is a major and widespread issue in the USA. While some employers misclassify their workers in error, many employers practice this intentionally to
Self-Directed IRAs: All You Need to Know
In addition to stocks, mutual funds, stocks, and other common investments associated with regular IRAs, self-directed IRAs (SDIRA) offer many more opportunities. With SDIRA, you have a wide range of i
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