San Francisco Tax Preparation / CPA: Senate Fails to Pass “Skinny” COVID-19 Relief Bill

On September 10, 2020, the Senate failed to pass the Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act. This bill was described as a targeted proposal, and included provisions that carry broad support. Its price tag, however, was about half of the $1 trillion dollar bill proposed by the Senate as “CARES 2” in […]

San Francisco Tax Preparation / CPA: Final Regulations Provide Additional BEAT Guidance

Final regulations provide additional guidance on the base erosion and anti-abuse tax (BEAT) under Code Sec. 59A. The regulations also address certain aspects of the BEAT under Code Secs. 1502 and 6031. The final regulations retain the basic approach and structure of the 2018 proposed regulations ( NPRM REG-112607-19), with certain revisions. The final regulations generally provide rules addressing the […]

San Francisco Tax Preparation / CPA: Higher Penalties on 2019 Returns Filed After September 14

The IRS has warned taxpayers who have not yet filed their 2019 tax returns that higher penalties will be imposed if they file after September 14. Taxpayers who submitted an extension of time to file their returns have until October 15 to file and do not face the failure to file penalty if they file […]

Since COVID-19, There Have Been Many Changes to the Tax Laws in California

When you run any sort of business in San Francisco, you have to prepare a tax return. Even if you make a loss and don’t owe any tax, you still need to prepare a tax return and provide proof that you don’t need to pay anything.

Trying to Do Your Own Tax Returns Will Give You Brain Fever!

If you do nothing else, listen to this advice: don’t try to do your tax return yourself. Unless you are a very simple W-2 income earner, you will drive yourself nuts! And if you own any sort of business in the Bay Area you would be crazy even to think about it.

When It Comes to Taxes, You Can Choose a Professional Tax Advisor or an Amateur

OK. Maybe that sounds like a silly question. But the fact is that quite a number of people choose a tax amateur to do their tax return rather than a tax professional because it “saves money”. Or so they think.