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Can the Coronavirus pandemic excuse you or your company from performing contract obligations? Could it be used as an excuse for a vendor, customer or client to breach their contract with you? In this unprecedented time, the answer depends on the facts of your situation and should be discussed with your attorney. Talk to one…
Federal and State Filing Deadlines The past few weeks have brought about several changes to filing and payment deadlines that may have caused confusion. The following is an outline of those deadlines as they stand today. Federal Deadlines IRS announced that the federal income tax filing date is automatically extended from April 15, 2020 to…
As a response to COVID-19 pandemic, the federal and state of California government agencies have issued the below relief related to tax filings and tax payments. IRS TAX PAYMENT EXTENSION: The IRS announced today they will give an additional 90-day extension of tax payments. Individuals and business that have an April 15 deadline will be…
In 2018 you may have secretly admired some additional information items listed on K-1s received from Partnerships. This change was due to the new IRS reporting requirements of the partnership maintaining the partner capital account on a tax basis. The phase in of this reporting requirement began in the 2018 tax year. For the tax…
For those companies that require audits to be done, here is my office white elephant gift to you this holiday season. In February 2016, FASB issued the Accounting for the New Lease Standard. The birth for these changes were prompted by the naughtiness of Enron and a few other entities (Enron says: “You’re Welcome”). As…
Looking to start a business, or perhaps you already own a business and with the new tax law considering whether you are set up with the right business entity? Whether you’re navigating the internet or listening to your neighbor, it can quickly become a cornucopia of information. Your research of the various types of business…
An old saying that was always thrown around when I grew up was, “There are only two things guaranteed in life – death and taxes.” Oh, you’ve heard that one before? Because it continues to ring true today; perhaps you were haunted by the filing of your 2018 tax return and want to exorcise the…