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 been completed (the paperwork and emails, that is). After a relaxing weekend with our loved ones, we’re ready to move into May with renewed energy and enthusiasm. Before we do, though, we thought we’d review this month’s news from our blog, the IRS, and the Tax Board.
April 3 – An Introduction to Cybersecurity For Business Owners
It’s more important than ever for business owners to understand and implement, at a minimum, basic cybersecurity practices in their business. In this post, we outlined some general steps that you can take to safeguard your company’s business assets and prevent catastrophes and unflattering headlines.
April 10 – 5 Last-Minute Tips For Filing Taxes in 2019
In this post, we laid out some last-minute tips for taxpayers rushing to get their taxes in on time. Filing an extension is relatively easy, and we recommended it for taxpayers who didn’t feel confident in their preparedness or the accuracy of their paperwork.
April 17 – Guidance For Deferring Gains From Investments In QO Funds
The IRS proposed regulations to guide investors in qualified opportunity funds and opportunity zones. The regulations clarify many previously unanswered questions and specifically discussed acquisition of interests, Section 1231 gains, deferred gains, among other things.
For the acquisition of interests, the new regulations clarify that taxpayers can benefit from investing in an opportunity fund through cash, property, or interest from another involved investor. The proposed rules also stipulate that the 180-day period to reinvest gains in a qualified opportunity funds begins on the final day of the taxpayer’s tax year, rather than when the gain is recognized. If you’re interested in the other aspects of the regulations, they are discussed on the IRS website.
Franchise Tax Board News
California’s Franchise Tax Board announced the release of four new forms that are designed to streamline payments for new businesses, court-ordered non-tax payments, and vehicle registration debt payments.
FTB 5013 – Multipayment Voucher Submission for Business Entities
This form is used to identify each entity involved in the payment, specify the applicable tax period, indicate the payment type (return payment, extension, etc.), and state whether they are a new filer. If the entity is a new filer, the entity must submit the FTB 5012.
FTB 5012 – New Business Filer Attachment
For business entities that identify as a new filer on FTB 5013, this form must be completed and attached with FTB 5013. Each entity must indicate whether or not they are qualified with the Secretary of State, list their date of incorporation, specify the income tax form they’ll file, and whether they are filing as an LLC or corporation.
The FTB 5014 and 5015 are designed to allow multiple entities to make a single payment for court-ordered debt payments and vehicle registration payments.
If you have any questions, feel free to reach out to us! Our CPAs are more than happy to help you make your business a success, both now and in the years to come.