Archive for 'Corporate Accounting'

Partners Be Warned: The IRS May Not View You Equally

Partners Be Warned: The IRS May Not View You Equally

What’s Your IRS Payment Responsibility for Joint Income?

People who are in receipt of money—whether by gift or for business purposes—often erroneously assume that if it’s split among other recipients, then the tax liability is on the final figure not the original dollar amount. Not so in some cases, says the IRS. You could be taxed on the entire amount if you were originally in receipt of the whole dollar payment and you cannot prove a partnership or “community” property relationship. ...

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IRS Formally Announces 2014 ACA Relief

IRS Formally Announces 2014 ACA Relief

On July 9th, the Internal Revenue Service released Notice (2013-45) of the Affordable Care Act delay for applicable large employers.

The IRS Notice solidifies the implementation of the delay of IRS reporting requirements and key Employer Shared Responsibility provisions under the Affordable Care Act, first announced by the U.S. Treasury on July 2nd.  At that time there was a promise of more definitive information forthcoming by the Treasury, thus the Notice.

Notice 2013-45 is the formal, legal announcement of the ACA ...

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ESR Provisions Delayed for Employers Until 2015

ESR Provisions Delayed for Employers Until 2015

On July 2nd, the U.S. Department of the Treasury announced a one year delay in the enactment of the Employer Shared Responsibility (ESR) provisions of the Affordable Care Act until January 2015.

 The ESR provisions, also known in the press as the “Employer Mandate,” state that the responsibility of applicable large employers—that is, employers who have 50 or more full-time employees and full-time equivalent employees—must provide qualified and affordable health insurance to their full-time employees and dependents or face a financial penalty. 

The U.S. ...

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CA Income Tax: Shareholder Denied Claim Deduction for Alleged Advance Made to Corp.

CA Income Tax: Shareholder Denied Claim Deduction for Alleged Advance Made to Corp.

The sole shareholder of a corporation, which provides health and support services to very ill patients, was denied her claim on a California personal income tax deduction for an alleged advance made by her to the corporation. This deduction was denied because the taxpayer failed to substantiate that she actually made the advance. But even in the event that the advance was substantiated, the taxpayer failed to prove that this was actually a business ...

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Tax Updates for 2013

Tax Updates for 2013

Our Woodland Hills accounting office is well versed in all the new tax updates and changes for 2013. It’s very important that you be aware of these changes so that you can properly plan and prepare for a financially successful year. While we’ve discussed several of these changes on the blog, here are a few more changes to be aware of.

S Corporation Built-in Gain Tax

The current tax continues through 2013 and will be reduced over a period of five years ...

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The New Tax Act

The New Tax Act

The Senate and House have passed a new federal tax law known as the American Taxpayer Relief Act of 2012 (“New Tax Act”).

But now with the swearing in of new Congress members, it is likely that they will be tackling the federal deficit during 2013. In light of this there will certainly be additional tax law changes in the new year.

Some of the more important provisions of this New Tax Act are listed below.

1. Income Tax Rates

The New Tax Act ...

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Year-End Acceleration/Deferral Techniques

Year-End Acceleration/Deferral Techniques

You may be considering accelerating or deferring income or deductions now that we’re here at the end of the year, but if you don’t have the right techniques it can be frustrating since many tax law provisions are deliberately uncertain, particularly this year-end. It is more crucial this year than ever to have increased tax knowledge and understand certain tax techniques. Because the “fiscal cliff” talks are leaving the raising of tax revenues ambiguous, the timing of these techniques in ...

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The 2013 IRS Standard Mileage Rate Deductions

The 2013 IRS Standard Mileage Rate Deductions

Standard Mileage Rates Released for 2013

As we near the end of 2012, it is once again time for the IRS to release its tax codes for 2013. There are some promising changes in the area of allowable mileage deduction rates that I thought important to share with you as we approach the end of another year. All individuals who drive for business purposes, either self employed or for a company, will appreciate the newly released changes.

IRS 2013 Standard Mileage ...

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2012 Year-End Tax Planning for Individuals

2012 Year-End Tax Planning for Individuals

In today’s business environment, when the economy takes on the ups and downs of a roller coaster ride, all individuals, self-employed and business owners should respond by changing their financial goals.  The financial approach one takes to reach their goals depends on their particular situation.  During difficult times, the only way to achieve positive long-term results is to develop well conceived strategies and goals.  Unfortunately, many individuals lack the skills, resources, discipline and time necessary to effectively plan their financial ...

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Deductions for the Entertainment Professional

Deductions for the Entertainment Professional

As a Los Angeles CPA, I often work with entertainers and industry professionals, and tax deductions are a subject that comes up frequently. Although there are many rules regarding tax deductions for self employed professionals, deductions for entertainers and entertainment industry professionals can be particularly difficult to navigate.  Few entertainers can manage to toe the fine line between asking for too many deductions and not claiming enough without the help of Certified Public Accountant. Some will attempt ...

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