Rental Real Estate as Qualified Business Income Deduction effective to December 31, 2025 If you operate a rental real estate business, you may qualify to claim the business income deduction under ...
For years 2021 and 2022 only, Meals and entertainment 100% deductible under certain conditions. California does not conform and will limit deduction to 50%. ...
The IRS released the optional standard mileage rates for 2022. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: business, medical, and charitable purposes...
The IRS has encouraged taxpayers to take important actions this month to help them file their tax returns in 2022, including special steps related to Economic Impact Payments and advance Child Tax Cre...
The IRS has extended the availability of electronic signatures on certain audit and non-audit forms. Through October 31, 2023, taxpayers and their authorized representatives may electronically sign do...
The IRS has issued guidance for employers on the retroactive termination of the COVID-19 employee retention credit against the employer's share of Medicare tax. The Infrastructure Investment and Jobs ...
The IRS has reminded tax professionals and taxpayers that they can use digital signatures on a variety of common IRS forms and access a secure online platform to view and make changes to their account...
The IRS has reminded taxpayers that they can get extra protection starting in January by joining the Service's Identity Protection Personal Identification Number (IP PIN) program. The IRS has made rec...
The Internal Revenue Service is now allowing taxpayers who have had an offer in compromise accepted by the agency to keep their tax refunds instead of the previous policy of having those refunds appli...
A. Mcnulty, 157 TC —, No. 10, Dec. 61,950 Delivery of coins to the owner of a self-directed "Check Book IRA" was taxable income even though she took the coins as manager of the IRA’s LLC. While...
The Internal Revenue Service is keeping the pressure on high income taxpayers who do not file their taxes as well as other high wealth taxpayers who may otherwise be hiding their earnings to avoid pay...
Internal Revenue Service Commissioner Charles Rettig praised the work of agency employees throughout the COVID-19 pandemic but stated that there simply are not enough of them as the agency is slowly w...
The IRS has released additional Paycheck Protection Program (PPP) loan forgiveness guidance....
Welcome and thank you for visiting our Website. In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we endeavor to continue to provide the highest quality professional service and guidance.
January 10, 2022
Information to provide by our 2021 Individual Tax Return clients:
- IRS Notice 1444-C and information regarding the amount of the third stimulus check.
- IRS Letter 6419 and information regarding the amount of Advanced Child Tax Credit payments received.
- 1099-Ks for merchant charges. Reconcile amounts on 1099s to amounts reported by the client for Schedules C or E (or business entity return).
- 1099-Bs for sales of stock or securities. Reconcile amounts on 1099s to amounts shown on client reports, if any.
- Property tax statements: Look at property tax bills and estimate of value of real property in California to verify that the county has properly computed tax based on reduced property values.
- Property tax statements: Look for items that are not deductible as property taxes, such as HERO or PACE payments.
- Review government documents (W-2s, 1099s) for federal/California differences. Also be sure to review government documents for accurate taxpayer identification numbers.
- Paycheck stubs to review withholding and to provide to the FTB if withholding amount is reduced.
- Statements and instructions from mutual fund companies breaking down U.S. government and state tax-exempt income information.
- All tax information broken out separately for both members of a registered domestic partnership. 11. Notices, bills, etc., from the IRS or California.
- New clients should bring the past two years’ returns. May request prior years at our discretion
- For the Child and Dependent Care Expenses Credit: • Nontaxable funds received, including child support and public assistance; • Percentage of time the qualifying dependent lives in the California home of the taxpayer; • Address, telephone number, and Social Security number or Employer Identification Number of the care providers; • Expenses paid to California providers; and • Nonresident military spouse’s military income.
- California K-1 and accompanying correspondence (check for California differences and possible state tax paid by S corporation, partnership, trust, or LLC).
- Withholding paid through escrow on sales of property reported on FTB Form 593-B and closing statements. Keep a copy of the escrow closing statement and Form 593-B.
- Withholding for residents and nonresidents reported on FTB Form 592-B.
- Invoices from purchases made over the Internet, by mail, or by phone order where no California sales or use tax was paid (or, if the use tax table amount is used, only individual purchases of more than $1,000.
- Any activity pertaining to a Health Savings Account, including contributions to, earnings or losses from, distributions from, and rollovers to that account.
- Rollover or distribution amounts from Medical Savings Accounts, FSAs, HRAs, and Roth IRA conversions.
- Did the taxpayer form a business entity this year, does the taxpayer own an inactive business, or does he or she plan to terminate a business this year?
- Change of ownership of business entity.
- Title change information for property that changed hands due to gift or death of an owner. 2021/2022
- For employers with no more than 25 full-time equivalent employees, review for possible federal Health Insurance Credit. If credit is taken, there will be a federal/California difference in the expense amount for employee health insurance.
- For Schedule C and other business returns, alert the taxpayer of the requirement for a city business license.
- Identity Protection PIN (IP PIN): If you received a CP101A Notice from the IRS in January, your IP PIN is located in the left column. Please provide a copy of this letter.
- For all documents, please provide a scan, photocopy, or fax. Do not send photos taken with a cell phone.
- Foreign bank accounts and investments, - provide highest balance valued in US dollarrs during year in foreign bank account(s). Foreign Investments - provide highest value during year. Your information share will determine if it is relevant to request for more information.
- Crypto and Virtual Currency is considered property for federal tax purposes. More on tax recognition and treatment of Crypto currency transactions found here: https://www.irs.gov/newsroom/virtual-currency-irs-issues-additional-guidance-on-tax-treatment-and-reminds-taxpayers-of-reporting-obligations.
Our office is open but due to covid, we are not accepting face to face meetings at this time.
Encourage communication to our office via phone, email, fax, and written correspondence.
Our office is receiving mail, 3rd party delivery services, and clients may drop off packages at our socially distanced table within our reception area.
We do expect masks to be worn by all visitors to our office.
Good health to all
While browsing through our Website, please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.