Important Tax Updates for 2015-2016

This has been a busy time for both the Internal Revenue Service and Congress. On December 18th Congress passed, and President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015. The IRS has been busy with the Affordable Care Act and the employer mandate, new FATCA regulations, and legislation to regulate the […]

Use Health Flexible Spending Arrangements in 2016

(Source: IR-2015-126, Nov. 12, 2015) WASHINGTON — The Internal Revenue Service today reminded eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2016. Plan now to use health flexible spending arrangements in 2016; contribute up to $2,550; a $500 carryover option […]

Five Easy Ways to Spot a Scam Phone Call

(Source: IRS Special Edition Tax Tip, September 2, 2014) The IRS continues to warn the public to be alert for telephone scams and offers five tell-tale warning signs to tip you off if you get such a call. These callers claim to be with the IRS. The scammers often demand money to pay taxes. Some […]

Tips from IRS for Year-End Gifts to Charity

(Source: IRS Newswire, Issue Number IR-2015-134, November 25, 2015) WASHINGTON — The Internal Revenue Service today reminded individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years. Some of the changes taxpayers should keep in mind include: Rules for Charitable Contributions of Clothing and Household […]

IRS Tax Tips for Deducting Gifts to Charity

(Source: IRS Special Edition Tax Tip 2015-20, November 24, 2015) The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are […]

Tax Preparedness Series: Make a Wise Choice when Selecting a Tax Preparer

(Source: IRS NewsWire Issue Number: IR-2015-124, November 5, 2015) WASHINGTON — While there is still time before the next tax filing season, choosing a return preparer now allows more time for taxpayers to consider appropriate options and to find and talk with prospective tax preparers rather than during tax season when they’re most busy. Furthermore, […]

Key Tax Tips on the Tax Effects of Divorce or Separation

(SOURCE: IRS Summertime Tax Tip 2015-23, August 24, 2015) Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and a name change are just a few items you may need to consider. Here are some key tax […]

Employee Sick Pay Benefits Begin July 1st

Effective July 1, 2015, employers will be required to provide at least three days of annual sick leave to their employees (Labor Code §245 et seq.). Not only will businesses be required to provide the benefits, but there are numerous notification, posting, and employee information reporting requirements that must be satisfied as well. Employers must […]

What Employers Need to Know about California’s New Sick Pay Law

We are continuously keeping a watchful eye for changes that affect our clients, which is why we are alerting you to California AB 1522. This law, also known as the Healthy Workplace, Healthy Families Act of 2014, became effective January 1, 2015 and California businesses must take immediate steps to make sure that they are […]

Late Filing and Late Payment Penalties

We are sharing this article from IRS Tax Tip 2013-58, April 18, 2013, for your information regarding late filing and late payment penalties: Eight Facts on Late Filing and Late Payment Penalties April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the […]