This is a summary of changes and stimulus programs available from the CARES Act. Given the fluid nature of the pandemic and the government’s response to it, these programs are subject to change. To get current information, or if you have questions, please give us a call at 415-781-4000 to discuss. Paycheck Protection Program (“PPP”) … Continue reading COVID-19 Relief Summary
Today’s press release from the IRS regarding the VCSP: IRS Expands Voluntary Worker Classification Settlement Program; Relief From Past Payroll Taxes Available to More Employers Who Reclassify Their Workers As Employees WASHINGTON — The Internal Revenue Service has expanded its Voluntary Classification Settlement Program (VCSP) paving the way for more taxpayers to take advantage of … Continue reading IRS Expands Voluntary Worker Classification Settlement Program
Tax Changes for 2013 Each year starts with some changes to our tax regime. The changes for 2013 have been much higher profile given the drama in Congress and the “fiscal cliff.” Here is a brief summary of the changes that will impact individuals this year. Individuals For 2013, standard deductions and the personal exemption, … Continue reading 2013 Tax Changes for Individuals
I fielded a series of California LLC questions yesterday that I am sure come up quite frequently for people beginning new ventures and selecting an appropriate California entity for that venture. How is the California Franchise Tax Calculated? California LLCs are subject to a $800 annual LLC tax. The annual tax is due on … Continue reading California LLC Tax and Franchise Fee
There’s a new 1099 reporting form that looks like it may have a big impact by capturing unreported income earned by small businesses., Form 1099-K, Merchant Card and Third Party Network Payments. The form is the result of compliance reporting requirements for some credit card and PayPal payments. By requiring compliance reporting by credit card companies … Continue reading New Credit Card Reporting Requirement Will Impact Small Businesses
Moving your business offshore to avoid US tax exposure is an option, but doing so comes with significant risks, including increased scrutiny by the IRS and their interest in your offshore profits. IRS Auditing How Google Shifted Profits By Jesse Drucker The U.S. Internal Revenue Service is auditing how Google Inc. (GOOG)avoided federal income taxes by shifting profit into … Continue reading The IRS is Interested in Google's Offshore Profits
Past Payroll Tax Relief Provided to Employers Who Reclassify Their Workers The Internal Revenue Service launched a new program on September 21, 2011 giving many employers an affordable option to resolve past and present worker classification issues by voluntarily reclassifying their independent contractor or nonemployee workers as employees. The Vountary Classification Settlement Program (“VCSP”) is part of … Continue reading IRS Announces Voluntary Worker Classification Settlement Program ("VCSP")
See the article here. Though the deadline for participation in the 2011 Offshore Voluntary Disclosure Program passed September 9, 2011, and the unofficial deadline passed last friday, keep in mind that the standard Voluntary Disclosure Program remains in effect. Please give us a call at 415-781-4000 if you have concerns. (Reuters) – The U.S. pursuit of offshore … Continue reading U.S. tax-evasion probe turns to Israeli banks
The drama continues – AOC Agrees to Advocate for Local Revenue Solutions, Restoration of Trial Court Funding SAN FRANCISCO — An emergency funding compromise reached with the Administrative Office of the Courts (AOC) would significantly reduce the San Francisco Superior Court’s staff layoffs from 177 to 75 and allow the Court to keep 11 civil … Continue reading UPDATE – Additional San Francisco Superior Court Funding
Are you Feeling Lucky? You may be on the fence as to whether you want to raise your hand and tell the IRS you’ve been moving money around overseas for the past 20 years. You may also be considering rolling the dice and betting that you won’t be caught. Of course, one risk you’re running … Continue reading IRS 2011 Offshore Voluntary Disclosure Initiative – Cost of Disclosure vs. Non-Disclosure