New Guidance on the Employee Retention Credit

New Guidance on the Employee Retention Credit

With the 2021 tax filing season underway, it is important for taxapyers to review their tax saving opportunities, especially as they relate to the Employee Retention Tax Credit (ERC).     Overview of the Employee Retention Credit Since enacted in March 2020 as...

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When are you considered a Household Employer?

When are you considered a Household Employer?

In today’s world it is common to have domestic help; from gardeners and housekeepers to nannies and home health care assistance.  The question is, when does this situation turn into an employer and employee relationship and what are the filing requirements and...

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Special Charitable Deductions in 2021

Special Charitable Deductions in 2021

In years past, charitable donations were only beneficial to individuals who itemized their deductions. To itemize, single or married filing separately and married filing jointly taxpayers’ deductions must exceed the standard deduction of $12,400 or $24,800,...

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California SALT Cap Workaround (AB 150)

California SALT Cap Workaround (AB 150)

The Tax Cuts and Jobs Act (TCJA) passed in late 2017 put a $10,000 limit on the amount of state taxes individuals could subtract as itemized deductions.  As a workaround, some states have enacted legislation to allow certain pass-through entities (PTEs) to be taxed at...

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Things to do before the end of 2021

Things to do before the end of 2021

This is the time of year to do some year end tax planning and implement some of those ideas before December 31st.  With tax law changes looming from congress there are some things that may be implemented retroactively to Sept 14, 2021 and others that are expected to...

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Updates on New CA Tax Credits Coming Soon

Updates on New CA Tax Credits Coming Soon

  Main Street Small Business Tax Credit II California enacted legislation for the Main Street Small Business Tax Credit II to support taxpayers impacted by the economic troubles in tax years 2020 & 2021. Like the Main Street Small Business Tax Credit...

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