New COVID-19-Related Payroll Tax Credits

Employee Retention Credit under CARES Act https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act FFCRA tax credit https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs#specific Qualified employer no need apply from any bank or IRS but deduct directly from the payroll tax deposit. Immediately improve the cash flow starting second-quarter...
read more

Tax Reform Tax Tip from IRS

“Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. ” Please see the link below: https://www.irs.gov/newsroom/business-owners-can-claim-a-qualified-business-income-deduction How the Tax Cuts and Jobs Act affects your taxes. https://www.irs.gov/tax-reform...
read more

New Tax Cut

Trump’s new tax cut is really a boost for business tax savings, no matter what type of business entities: C-Corporation, S-Corporation, LLC or Partnership. And of course the most favored by this new tax cut is the real estate investors. Please consult our tax professional to see which business entity is a best fit for this new tax cut.
read more

CA Tax Proposal: Income Tax Paid-Donation?

Lawmakers in Sacramento is considering a proposal: allowing CA taxpayer to pay to a state fund in a form of donation to replace state income tax. And of course get tax credit. Interest to follow…
read more

S-corporation vs. C-corporation
(S corp) (C corp)

In recent years the S-corporation has been a popular choice for small to medium sized companies. A few of its tax advantages include avoiding double taxation (which the C-corporation has also), pass through income to individual shareholders personal taxes, and flexibility for closely held businesses. However, with Trump’s imminent tax changes, it will be interesting to see if the C corporation becomes popular again for overall tax...
read more