Blog

The latest in accounting, taxes and financial news and updates.

The New 1040 Tax Form

Toward the end of June, the IRS released the first public draft of the newly formatted federal tax return. Trimming the federal tax return from about 79 lines to 23 lines, the IRS seeks to replace the 1040 tax form variations like the 1040A and 1040EZ with this new...

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Sales Tax For Online Services & Shopping

On June 21st, the United States Supreme Court decided the case of South Dakota v. Wayfair, Inc. and its decision will have a large effect on ecommerce industries. The purpose of the case was to reconsider the current laws regarding the taxation of online businesses...

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Sales Tax for Services? California’s deciding today.

SB 993 - The "Sales Tax" for Services Today, the Senate’s Governance and Finance Committee will make a decision on whether or not to impose a sales tax on services provided to California businesses. Contained within Senate Bill 993 (SB 993), this sales tax on services...

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What You Need To know About the 2018 Tax Reform – Part III

Over the past couple of weeks, we have reviewed specific tax law updates that will be taking place now that the 2017 Tax Cuts & Jobs Act was enacted last November. In this week’s post, we are concluding that theme and are discussing the other tax changes that are...

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What You Need To know About the 2018 Tax Reform – Part II

Last week, we discussed five specific changes that are occurring due to the passage of the 2017 Tax Cuts & Jobs Act. In this week’s post, we are continuing that theme and highlighting five other updates that are included in this tax reform. Our goal is to make you...

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The New Centralized Revenue Opportunity System (CROS)

On May 7, 2018, The California Department of Tax and Fee Administration released a drastic update to the way their online services are accessed and used. The new system, Centralized Revenue Opportunity System (CROS), paves the way for future efficiency upgrades and...

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What You Need To know About the 2018 Tax Reform – Part I

Introduced in November 2017, the Tax Cuts and Jobs Act has made many important changes and updates to existing tax law for areas like the individual mandate, medical expense deductions, miscellaneous tax deductions, and much more. Given that these changes will be...

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Tips For Small Business Success

Whether you’re competing in an existing market or creating a whole new industry, you will no doubt face challenges as a small business owner. Starting a small business is a patchwork of sleepless nights, daring business moves, and other events that are not for the...

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2018 Small Business Stats Infographic

Small businesses are the driving force of our national and local economies. Through small businesses, game-changing ideas and concepts are brought to life. Even the big businesses started off as small businesses. If you're a small business owner, you should take great...

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Why It’s Time to Go Paperless

Woohoo! The stress and headaches of tax season are finally over! As you celebrate though, be careful not to trip over that stack of paperwork...or that one there...or there. During the fervor and chaos of tax season, you likely realized how much paperwork you had...

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How To Proactively Prepare for A Tax Audit

Audit. This word worries even the most meticulous business owner. When it comes to the IRS, the issue is usually never a simple one and almost always requires digging into the records of past years to substantiate a certain income or expense stated on a return. While...

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2018 Tax Reform Updates and How They Affect Your Business

The President recently signed the biggest tax reform law in over 30 years. When you file your 2018 tax returns — about a year from now — your tax return will look very different. And because most changes don’t happen until then, we have some time to learn about the...

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Overlooked Tax Deductions for Small Businesses

Tax deductions can make all the difference when it comes to saving money for your small business. Here are some of the most overlooked tax deductions for small businesses. Startup Expenses Deduction It's possible that you could deduct your startup expenses for your...

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