The Office of Tax Appeals (OTA) recently issued opinions reviewing CDTFA gas station sales tax audits. (You can read the opinions here and here). The OTA opinions describe the CDTFA using national gas price averages to measure the audited sales prices of gas sold at local gas stations. These opinions appear troubling for gas station
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The New 529 Rollover Provision: What It Means for Parents Saving for College
New 529 Rollover Provision For years, the 529 rollover has been a popular way for parents to save for their children’s education. These tax-advantaged accounts offer a variety of benefits, including tax-free growth and qualified withdrawals. However, one of the drawbacks of 529 plans has been that the funds may only be used for qualified
IRS Announces Seven Warning Signs a Business’ Employee Retention Tax Credit (ERC or ERTC) May Be Incorrect or Fraudulent
IRS | ERTC | ERC The IRS issued a recent press release announcing Seven Warning Signs a business’ Employee Retention Tax Credit (ERC or ERTC) may be incorrect or even fraudulent. Businesses that filed incorrect or fraudulent ERC or ERTC claims may not only have to pay back the refunds they received but may also
ERTC Deadline for Covid-19 Tax Relief Employee Retention Tax Credits (ERTCs or ERCs) May Be January 31, 2024
ERTC Deadline Congress is currently considering legislation which may affect the deadline for Covid-19 tax relief employers have to file a claim for Employee Retention Tax Credits (ERTCs or ERCs). The current ERTC deadline is April 15th of this year. The legislation Congress is currently working on will move the deadline to January 31, 2024t.
IRS Adjusts Standard Mileage Rates for 2024 – What You Need to Know
IRS Standard Mileage Rate 2024The Internal Revenue Service (IRS) has recently announced updates to the standard mileage rates for 2024. Taxpayers use these rates to calculate the deductible costs of operating vehicles for business, medical, moving, and charitable purposes. Here are the key details regarding these changes and how they affect taxpayers. Key Changes in
Avoiding Mistakes with a California Small Estate Affidavit
California Small Estate Affidavit Estate planning is an important part of financial planning, but it can be complex. Many times, assets fail to be protected from probate proceedings. However, assets may nonetheless be transferred to the decedent’s successor in interest without having to go through probate by utilizing a Small Estate Affidavit. However, there are
Good News and Bad News – IRS Announces Penalty Relief – Also Announces Collections to Ramp up in 2024
IRS Penalty Relief The IRS just gave us some good news and possibly some bad news. The IRS recently announced that approximately 4.7 million taxpayers may get IRS penalty relief for 2020 and 2021 late payment penalties. The bad news (at least for some taxpayers) is the IRS announced it plans to resume the collection
Year-End Tax Strategies to Optimize Savings
Year-End Tax Strategies As we move through the holiday season take some time to give yourself and loved ones a year-end bonus. Implementing smart year-end tax strategies now can help retain a greater portion of earned income and save money on 2023 taxes owed when filing federal and state returns in April. It is effectively
AB Trusts: Navigating the Shifting Landscape of Estate Planning
In the world of estate planning, AB trusts have long been a popular tool for married couples seeking to minimize estate taxes. However, recent tax law changes have brought about a significant shift in their relevance and effectiveness, leaving many couples wondering if AB trusts still hold value in their estate plans. Understanding AB Trusts:
Paycheck Protection Program – PPP Fraud Investigations
PPP Fraud Investigations It was three years ago when a dreaded virus, we would later know as COVID, was first introduced to us. Not only did it introduce unknowns to our health, but it instilled fears in us economically and financially. So much that Congress thought it was best to create several COVID financial relief