Have you filed your 2019 tax return…? If not, It is not too late to file it to claim valuable tax credits that could apply! Extended filing deadline for 2019 tax refunds postponed to July 17, 2023 Taxpayers generally have three years to file a tax return and claim their tax refunds. Due to the […]
2019 Tax Filing Deadline Extended Read More »
Starting May 17, 2023, IRS will offer a new sign-in option with ID.me. To access IRS e-Services, the taxpayer must create a new account through ID.me. For questions and assistance regarding ID.me, please visit the Internal Revenue Service – ID.me Help Site. For questions, please contact our office at 310.666.0244 Reference Page: https://help.id.me/hc/en-us/articles/8214940302999
Accessing IRS e – Services Read More »
Certain taxpayers can utilize an Offer in Compromise to resolve their tax debt issues! For some taxpayers’ paying full tax liability may cause financial hardship… In these situations, the taxpayer may want to consider applying for an Offer in Compromise. The taxpayer may consider the agreement, an Offer in Compromise in settling a tax debt
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These are the states with the highest and lowest income tax burdens… Highest income tax burdens: New York – 12.47% Hawaii – 12.31% Maine – 11.14% Vermont – 10.28% Connecticut – 9.83% New Jersey – 9.76% Maryland – 9.44% Minnesota – 9.41% Illinois – 9.38% Iowa – 9.15% Lowest income tax burdens: Alaska – 5.06%
States in the U.S. with the highest and lowest tax burdens Read More »
Beginning with 2022 tax returns, in order to e-file tax returns or make electronic payments: the partnerships and LLCs must provide the following information LPs and LLCs registered with the Secretary of State (SOS) must provide their SOS registered numbers; and Entities not registered with the SOS must provide an FTB Assigned ID number (previously
New Partnership and LLC ID Number Requirements Read More »
On February 24, 2023, the FTB has reconsidered its position regarding California’s tax treatment of the Employee Retention Credit (ERC) FTB will not require taxpayers to include any portion of the ERC on their California tax return. FTB stated: “Recently, the Franchise Tax Board provided a response to a question regarding the taxability of the
ERC refunds are not taxable income for California Read More »
2022 tax filing deadline extended for disaster area taxpayers to October 16, 2023, for most California counties… But not all… Below is the list of seven California counties that are excepted from the extended filing deadline: Imperial Kern Lassen Modoc Plumas Shasta Sierra The extension applies to all returns due to prior to the October
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The Internal Revenue Service (IRS) has announced in IR-2023-05 that they will begin accepting and processing 2022 individual tax returns on January 23, 2023. The news release also provides tips, key dates, and other details about the filing season. Here is some additional information that will help you plan for an easier opening to filing season:
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2023 Clean Vehicle Tax Credit The IRS has issued Notice 2023-1 in response to the new 2023 Clean Vehicle Tax Credit, a provision of the Inflation Reduction Act. Taxpayers may be eligible for a credit of up to $7500 for purchasing and placing a qualifying new plug-in electric vehicle (EV) or fuel cell vehicle (FCV)
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The California FTB is not requiring partnerships or LLCs to report their tax basis capital accounts under California law on 2022 returns. The mandate to use tax basis capital reporting as determined under California law will not go into effect until the 2023 taxable year. For more information about CA tax basis capital gain reporting
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