The Farm Bill The Agricultural Improvement Act of 2018 (the Farm Bill) made cannabis-derived products such as industrial hemp and CBD (cannabidiol) legal at the federal level as long as it did not exceed 0.3% THC (tetrahydrocannabinol).  Cannabis products below the...

Many founders decide to incorporate their business in the State of Delaware, often at the advice of corporate attorneys and investors.  While the corporation may not have an income tax imposed simply for incorporating in the state, the corporation remains subject to...

There have been many changes to credits over the last few years; especially Covid related tax credits.  Here is what is currently applicable to the 2023 tax year.   Child and Dependent Care Tax Credit – the temporary increase in childcare expenses amount for the...

In late December 2022, the SECURE Act 2.0 was passed.  SECURE stands for Setting Every Community Up for Retirement Enhancement and this act is predominantly focused on enhancements to retirement programs. Catch Up Contributions For taxpayers 50 years and above, catch...

Small business owners are excited to kick-start their businesses and start generating revenue, but often miss opportunities to document and claim ordinary and necessary business expenses as tax deductions.  Below are some of the most common expenses that small...

Recent legislation (the Inflation Reduction Act of 2022 or IRA 2022) updated the requirements related to electric vehicle purchases made after August 16, 2022. As a refresher, taxpayers may qualify for a federal income tax credit up to $7,500 for the purchase of a...

After three years of drought, California has experienced an onslaught of storms within a short span of three weeks beginning January 8, 2023. As such, the grounds are saturated. Streets are heavily flooding and destroying homes and businesses. Sinkholes are forming...

The IRS issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning January 1, 2023, the standard mileage rates for the use of a car (including vans...

A question CPA’s are commonly asked is “when is my tax return due?”  Below is a quick summary of some of the most common tax deadlines for calendar year-end filers (note, fiscal year-end filers and state income tax return filing dates may vary): January 31, 2023 -...

On December 22, 2022, the Internal Revenue Service (IRS) finalized changes to Schedule UTP (Uncertain Tax Position Statement) and the UTP instructions for the 2022 tax year. What is an UTP? An UTP is a position taken on a tax return for which uncertainty exists...