As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of June 2017. June 1Employers. Semi-weekly depositors must deposit employment taxes for payroll dates May 24–26. […]
San Francisco Tax Preparation / CPA: CA – Amended returns, notices, audits, power of attorney and more discussed
In its June 2017 issue of Tax News, the California Franchise Tax Board (FTB) discusses a variety of corporation franchise and income and personal income tax issues, including the following: amended returns; notices; audits; power of attorney (POA); stale-dated warrants; FTB Notice 2017-03 ; interest rates on overpayments and underpayments ; and business entity return due date […]
The Congressional Budget Office (CBO) issued a report in mid-March about current tax incentives. Tax expenditures, CBPO explained, reduce the amount of revenue that is collected for any given set of statutory tax rates. Tax incentives also affect the distribution of the tax burden in ways that may not always be recognized, both among people […]
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It seems social media is rife with misunderstandings creating unnecessary angst in people. Someone posts a snarky comment and then someone else misreads the post and fires back with a nasty reply. This downhill posting string creates a tangle of attacks and confusion. Review This!
Individuals, trusts, estates, personal service corporations and closely held C corporations may only deduct passive activities losses from passive activity income. The rules do not apply to S corporations and partnerships but do apply to their respective shareholders and partners. In general, limited partners are not deemed to materially participate in partnership activities. Thus, a […]
As “hurricane season” officially begins, the IRS has released a number a tax tips, reminders and other advice to help taxpayers weather the storm of natural disasters and similar emergencies. The underlying theme for all IRS “tax tips” is that recordkeeping has generally become easier in the digital age. However, it remains the primary responsibility […]