Archive for the ‘Tax’ Category

IRS AND FTB FORM AND INSTRUCTION DELAYS

NEW IRS FOREIGN REPORTING REQUIREMENTS AND CA PASS-THROUGH ENTITY TAX FORM DELAYS Authored by: Atherton & Associates LLP Date: February 14, 2022   As we have seen over the past few years, the tax filing season has been more complex and stringent on every individual taxpayer, business owner, and of course, their tax preparers. At… [Read More]

National Taxpayer Advocate provides 2021 annual report to Congress

The Taxpayer Advocate Service highlighted 10 major IRS problems affecting taxpayers and made several recommendations to mitigate the issues.

2021 Child Tax Credit and Economic Impact Payments

The IRS has begun issuing informational letters to qualifying taxpayers in January 2022. Click to learn more.

Main Street Small Business Tax Credit II

Main Street Small Business Tax Credit II The Main Street Small Business Tax Credit II will provide Covid-19 financial relief to qualified small business employers. On November 1, 2021, the California Department of Tax and Fee Administration will begin accepting applications for tentative small business hiring credit reservation amounts through our online reservation system. Qualified… [Read More]

Pass-Through Entity Tax

Pass-Through Entity Tax With the passing of Assembly Bill 150 on July 16, 2021, California has created an elective tax that certain pass-thru entities can pay on behalf of their owners. For tax years beginning on or after January 1, 2021 and before January 1, 2026, “qualified entities” can elect to pay an optional tax,… [Read More]

American Rescue Plan: Employee Retention Credit Extended

American Rescue Plan: Employee Retention Credit Extended The American Rescue Plan Act of 2021 modifies the employee retention credit first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act then extended and expanded under the Consolidated Appropriations Act, 2021. This highly popular employment tax credit is designed to encourage businesses to keep workers… [Read More]

2021 Tax Update: Advance Child Tax Credit

2021 Tax Update: Advance Child Tax Credit There are important changes to the Child Tax Credit starting this summer. From July 15, 2021 through December 31, 2021, the IRS is paying half the total Child Tax Credit amount in advance monthly payments. You will claim the other half when you file your 2021 income tax… [Read More]