Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
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Dear Valued Client,
In this edition of our newsletter, we highlight essential tax planning strategies for business owners, the latest PPP loan forgiveness news, retirement saving tips, inheritance taxes, and much more.
We are also monitoring tax and fiscal policy and will communicate any changes or planning opportunities as they present themselves.
We know that the COVID-19 pandemic is taking a toll on individuals and businesses. Make sure you talk to us before making any significant tax or business decisions.
If you, your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous.
If you should have any questions or need to schedule an appointment, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
In this edition of our newsletter, we highlight essential tax planning strategies for business owners, the latest PPP loan forgiveness news, retirement saving tips, inheritance taxes, and much more.
We are also monitoring tax and fiscal policy and will communicate any changes or planning opportunities as they present themselves.
We know that the COVID-19 pandemic is taking a toll on individuals and businesses. Make sure you talk to us before making any significant tax or business decisions.
If you, your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous.
If you should have any questions or need to schedule an appointment, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
Don't Fall Behind in Saving for Retirement
Some folks have been tapping or suspending their retirement savings to make ends meet during this COVID-19 pandemic, and although understandable, it is important that they continue making contributions to their savings as quickly as financially possible.
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Preparing for 2021: Tax Planning Strategies for Small Business Owners
Now is a great time for small business owners to think about tax planning strategies, either to close out this year or to prepare for 2021. Here are some examples.
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Employee Holiday Gifts May Be Taxable
It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated as a de minimis fringe benefit. As such, it would be tax-free to the employee, and its cost would be tax deductible by the employer.
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What Happens if I Receive an IRS CP2000 Notice?
If you receive an IRS CP2000 notice (also known as an underreporter inquiry) in the mail, don’t panic. First step: contact our office. We’ll help you through the rest.
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SBA Questioning PPP Borrowers with Loans Over $2 Million
When Congress initially authorized the Paycheck Protection Program, its intent was to provide loans that would be partially or completely forgiven if used for the intended purposes of helping businesses affected by COVID-19 stay afloat and to help those businesses maintain payroll. As part of the Small Business Administration’s (SBA’s) loan application, Form 2483 or lender’s equivalent form, borrowers had to certify under penalty of imprisonment and monetary penalties to the following:
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Renting Your Home or Vacation Home for Short Periods
Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while others can be very detrimental. If you rent your home to others, then you should be aware of some special tax rules that probably apply to you.
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Is That Inheritance Taxable?
Are inheritances taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, and whatever is left after paying the estate tax passes to the decedent’s beneficiaries.
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Don't Miss the Opportunity for a Spousal IRA
One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment). Spousal IRAs are the exception to that rule and allow a non-working or low-earning spouse to contribute to his or her own IRA, otherwise known as a spousal IRA, as long as the spouse has adequate compensation.
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5 Resolutions QuickBooks Online Users Should Make for 2021
New year, new challenges, and the potential for new successes. Here are five ways you can improve your financial management in 2021.
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The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.
Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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