Required FinCEN Beneficial Owner Information Reporting

Significant changes in federal reporting requirements may impact your businesses starting January 1, 2024. LEARN MORE

California Conforms to the Federal November 16, 2023 Deadline for California Storm Victims

On October 16, 2023, the Governor’s office has now announced California will conform to the Federal November 16, 2023 deadline extension. LEARN MORE

Deadline for California Storm Victims Further Postponed to November 16, 2023

On October 16, 2023, the Internal Revenue Service (IRS) further postponed the deadline to file and pay taxes for California taxpayers located in 55 of California’s 58 counties. LEARN MORE

IRS Suspends Processing New ERC Claims

The IRS issued two important announcements, IR-2023-169 and IR-2023-170. These releases announce an immediate suspension of the processing of new Employee Retention Credit (ERC) claims. LEARN MORE

IRS Reassures Taxpayers Regarding Automatic Extension Disaster Relief in Light of Recent Balance Due Notices

The IRS has granted an automatic extension for filing and paying taxes to individuals affected by disaster declarations in California, as well as many other states. LEARN MORE

California Conforms to Federal October 16, 2023 Extended Relief for Storm Victims

On March 2, 2023, the Governor’s office announced that California will conform to the filing extensions for residents of the following counties. LEARN MORE

Extension of Federal, California, Georgia and Alabama Due Dates for Storm Victims

On February 23, 2023, the IRS announced that the relief for California, Georgia and Alabama storm victims would be further extended. LEARN MORE

SECURE Act 2.0

On December 29, 2022 President Biden signed the Consolidated Appropriations Act of 2023 into law. LEARN MORE

Extension of Federal and California Due Dates for California Storm Victims

The IRS has granted relief and California has conformed for California storm victims in various counties. LEARN MORE

Supreme Court Grants Temporary Approval to Continue Collecting Washington Capital Gains Tax

New legislation passed in Washington in 2021 creating a 7% tax on the sale or exchange of long-term capital assets such as stocks, bonds, business interests, or other investment and tangible assets. LEARN MORE

Los Angeles Approves Tax Increase on Real Estate Deals Over $5 Million

Los Angeles voters approved to increase the tax on real estate transactions. LEARN MORE

Biden’s Student Debt Relief Blocked by the Court

On November 10, 2022 a federal district judge in Texas struck down President Biden’s student loan forgiveness program. LEARN MORE

Biden Announces Student Debt Relief Plan

On August 24, 2022, President Biden announced a student debt relief plan which includes the following: LEARN MORE

Tax Rebate Included in California 2022-23 State Budget

On June 30, 2022, California Governor Gavin Newsom signed the 2022-23 se budget, which includes another round of tax rebates, otherwise knows as the ‘Middle-Class Tax Refund.’ LEARN MORE

IRS Penalty Relief for Tax Years 2019 and 2020

On August 24, 2022, the IRS released Notice 2022-36 which provides penalty relief from certain failure to file penalties and international information return penalties with respect to 2019 and 2020 tax returns filed before September 30, 2022. LEARN MORE

Inflation Reduction Act of 2022

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022. The bill contains a range of provisions relating to tax, health care and clean energy. LEARN MORE

California Franchise Tax Board (FTB) Issuing Erroneous Passthrough Entity (PTE) Tax Refunds

The California FTB has acknowledged that due to a systemwide issue with the 2022 Form 3893 (Passthrough Entity Elective Tax Payment Voucher) the first installment of the 2022 passthrough entity (PTE) elective tax prepayments due by June 15, 2022 were incorrectly applied to the 2021 tax year resulting in erroneous refunds of these payments. LEARN MORE

Delays for Tax Season

For various reasons (summarized below) we anticipate many passthrough entities with California filing requirements will experience delays in completing their 2021 tax returns and as a result an increasing number of entities will need to file extensions. LEARN MORE

California AB 87 (SB 113) Retroactively Makes Taxpayer Friendly Changes to SALT Cap Workaround

On Monday February 7, 2022 California passed Assembly Bill 87 (SB 113), which retroactively makes a number of changes to the passthrough entity tax. LEARN MORE

IRS Letters Regarding Stimulus Checks

The IRS announced it will be sending out letters starting in late January 2022 to individuals who received the third Economic Impact Payments (OVID Stimulus Checks that were paid back in March 2021). LEARN MORE

2021 Q4 Estimate Reminder

As a reminder to those who are required to remit estimated tax payments, the fourth installment of your 2021 individual estimated taxes is due January 18, 2022. LEARN MORE

Form 1099 Annual Update

Federal and California Updates for Forms 1099. LEARN MORE

2022 Annual Payroll, Pension And Other Tax Information Update

Federal and California Updates for 2022. LEARN MORE

Health Insurance Reminder For Greater Than 2% Shareholders

All S Corporations are REQUIRED to include health insurance premium costs as additional wages on box 1 of each greater than 2-percent shareholder employee’s W-2. LEARN MORE

Property Tax Reminder

As a reminder for those of you that own real property in San Diego County, the first installment of property taxes for the 2021/2022 tax year is due by December 10, 2021. LEARN MORE

CA FTB Error Results In Individual Taxpayers Receiving Notices

Many Individual taxpayers have recently received tax notices from the California Franchise Tax Board for the 2020 tax year, which adjusts the tax payments claimed on the 2020 tax returns. LEARN MORE

House Passes Infrastructure Investment and Jobs Act

On Friday November 5, 2021, the House passed the Infrastructure Investment and Jobs Act, which is currently awaiting President Biden’s signature. LEARN MORE

GPW New Domain

As of November 5, 2021, GPW has changed it’s domain from .com to .cpa LEARN MORE

California AB 150 Provides SALT Cap Workaround

On Friday July 16, 2021 California Governor Gavin Newsom signed Assembly Bill 150. This bill contains a mixture of tax relief measures, which includes a SALT Cap workaround. LEARN MORE

Temporary Expansion of the Child Tax Credit, Advance Payments and how to Enroll or Unenroll

In March of 2021, the American Rescue Plan Act of 2021 provided a temporary expansion of the child tax credit for tax year 2021. LEARN MORE

CA PPP Conformity General Assembly Bill No. 80

On April 29, 2021, the California Governor signed AB 80, which partially conforms to the Federal treatment of the deductibility of expenses paid for with forgiven PPP loan proceeds. LEARN MORE

Tax Season Extended Deadline for Individuals

On March 17, 2021, the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for tax year 2020 will automatically be extended from April 15, 2021, to May 17, 2021. LEARN MORE

Tax Season Update From GPW

On January 15, 2021, the IRS announced that it will not be ready to start accepting and processing 2020 tax returns for individuals until February 12, 2021. LEARN MORE

FTB Error Results In Individual Taxpayers Receiving Notices

Many Individual taxpayers have recently received tax notices for the 2019 tax year, which adjusts the tax payments claimed on the 2019 tax returns. LEARN MORE

Delayed Start To The 2021 Tax Filing Season

On January 15, 2021, the IRS announced that it won’t be ready to start accepting and processing 2020 tax returns for individuals until February 12, 2021. This is later than in previous years, when the IRS is usually ready to accept and process returns by mid to late January. LEARN MORE

Form 1099 Annual Update

Taxpayers who operate a business must issue annual 1099-NEC’s, Non-employee Compensation (NEC) to any non-corporate service provider that the taxpayer’s business pays $600 or more in a calendar year. LEARN MORE