A Guide To Form 990 For Tax-Exempt Organizations

What is Form 990? Although many nonprofit organizations are exempt from paying federal taxes, the IRS requires tax-exempt organizations to file Form 990 for informational purposes. The IRS uses this informational return to determine whether you're still exempt from...

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....


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...

Looking Back At April

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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.

Our Blog

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.

IRS News

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.



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