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5 Critical Tax Tips For Nonprofits in 2019

No one enjoys filing taxes, but it can be especially problematic for nonprofits. Many nonprofits focus on their cause so much that they neglect proper organization. As a result, they deal with disorganized records and systems, and a lack of clarity around tax issues....

THE SMART BUSINESS OWNER’S LIST OF TAX DEDUCTIONS

For a business owner, taxes can be overwhelming and cumbersome. Tax deductions allow you to save thousands of dollars each year on your taxes and make tax filing a much more bearable experience. In this post, we'll list some of the tax deductions you can use to...

The Smart Business Owner’s List Of Tax Credits

One of the best ways to cut costs as a business owner is to take advantage of all the tax deductions and tax credits for which you're eligible. As a business owner, you're concerned with the bottom line--increasing your net profits. That probably means you spend most...

PRESS RELEASE: Cassidy Jakovickas, CPA of Fresno, CA Appointed to Intuit’s Accountant Council

Select Panel Advises on Products and Services that Accountants and Their Clients Want Most             FRESNO, CALIFORNIA – June 4, 2019 –Today, Intuit, Inc (Nasdaq: INTU) announced that Cassidy...

Beyond The Numbers: What We’ve Been Reading

Although our team loves using numbers and spreadsheets to help our clients make the best financial decisions, we also enjoy reading great books. Staying well read on both fiction and non-fiction books helps us hone our imagination and introduces us to new, sometimes...

Looking Back At April

It’s hard to believe that we’re at the end of April, but it’s true! This month, we helped our clients wrap up another great (and busy) tax season. There was, as always, a lot of paperwork, emails, and nail-biting involved in the days preceding April 15, but that’s all...

5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

4 Key Changes To Depreciation Under The TCJA

As the Tax Cuts and Job Act (TCJA) continues to be unraveled by tax professionals, it’s important to review the changes and their implications on business operations and tax strategies. In this article, we’ll highlight TCJA’s changes to first-year bonus depreciation,...

IRS Providing Tax Relief for California Wildfire Victims

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Fires have ravaged various counties throughout Northern California since July 23, leaving the lives of many businesses and residents destroyed with sometimes no warning. Because of the widespread destruction, President Trump declared a state of emergency which allows the Federal Emergency Management Agency and the Department of Homeland Security to assist with disaster recovery measures. Also, the IRS has acted to provide tax relief for the residents that have been affected by the raging fires in Shasta County. For those businesses and residents in Shasta County, the IRS has stated possible eligibility for tax relief. While you can read about the relief on the IRS website, here are the main points for the relief for residents of Shasta County:

  • If you had a deadline scheduled between July 23 and November 30, you may be eligible to receive an extension through November 30. This includes:
    • Any penalties on payroll and excise tax deposits that were due between July 23 and August 7 may be abated as long as the deposits are received by August 7.
    • Tax filings, including extensions, due between July 23 and November 30
    • Estimated income tax payments that are due on September 17
    • Quarterly payroll and excise tax returns that were due on July 31 or October 31
    • Automatic extensions until November 15 for organizations that are tax-exempt
  • In order to claim disaster-related losses on your tax return for 2017 or 2018, list “California, Wildfires and High Winds” at the top of the form for an expedited refund
  • Fees are waived for affected residents who requested copies of prior year tax returns
  • If you are contacted by the IRS regarding collection of payment or an examination, explain your circumstances
    • You can download relevant IRS forms from the IRS website or order them over the phone at 800-829-3676
    • You can call the IRS with general tax questions at 800-829-1040

     

    We Are Here For You

    The victims of the horrible wildfires throughout California are in our thoughts as we wish for their safety and recovery. The team at MBS Accountancy is here for any questions you may have regarding your eligibility for the information in this article. As you cope with your losses and attempt to rise above this horrible tragedy, we are here to help you with all of your tax questions.

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