Tax Audits On The Rise This is a long post but it is a very important topic, so please read the whole thing. And do feel free to pass it along to anyone you think may be interested. Do you know how many tax return audits are based on “random selection”? The answer is about […]
Sales Tax Rate Drops July 1st Effective July 1, 2011, the combined statewide sales and use tax rate will decrease from 8.25% to 7.25%. The temporary 1% increase implemented in April 2009 expires June 30, 2011. Remember that district taxes are still applicable, so the tax rates in most areas of California will be greater
Independent Contractor Checklist Mistakenly classifying an employee as an independent contractor can result in significant fines and penalties. There are 20 factors used by the IRS to determine whether you have enough control over a worker to be an employer. Though these rules are intended only as a guide-the IRS says the importance of each
What is an Enrolled Agent? An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals. What does the term
For tax preparers lets start with credentials. In California the credentials to look for are Enrolled Agents (E.A.’s) and Certified Public Accountants (CPA’s). Consider an enrolled agent if you desire more expertise than an walk-in chain such as, H&R Block or Jackson Hewitt, but don’t need a full-service CPA. Enrolled agents are licensed by the
What To Look For In A Tax Preparer & Business Consultant Read More »
January 27, 2011 Dear Clients, Family, and Friends: According to sources at the IRS, their forms should be finished by February 14th (Happy Valentines Day!) so we can begin filing returns affected by the tax law extension. Despite calls for simplifying the tax laws, they have actually been made much more
Most people you talk to would probably agree to some extent that real success is a puzzle. Why is this? I would say that it is partly due to the fact that we’ve never really had much training in how to be successful. There is certainly no class in traditional schooling on success that I
Hello All, New law includes unpleasant surprise in nonbusiness energy property credit Alert While the recently passed Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act) contained a host of taxpayer-friendly provisions—including 100% bonus depreciation, reduced Social Security tax, increased alternative minimum tax exemptions, and the extension of many
Dear Clients, Family and Friends: The midterm elections have changed the Congressional landscape, with Republicans winning control of the House of Representatives and picking up seats in the Senate. Even so, it’s still too early to know exactly how this will affect open tax issues for 2010 and 2011. Many tax breaks that lapsed after
Here is a link that my client and friend Scott Pickens of Mid-State Financial in Solvang sent to me. It is a must read for you and anyone you know. THIS IS A SHORT VIDEO (less than 6 minutes) TO SEE HOW IT IS DONE, and anyone can do it. This is a very important