Gifts from Foreigners: Are they Taxable?

One of the most misunderstood tax issues is whether you will be taxed for inheritance or gifts received from non-resident alien relatives. The simple answer is gifts and bequests are not taxable, since the gift giver is not subject to US taxation. However, there are...

Tax Rates for 2017

As we approach the conclusion of 2017, holiday season and taxes are probably the three most prevalent subjects on the minds of most people. Therefore, we believe providing you information concerning 2017 taxes may provide you a better picture concerning what to expect...

How to Conduct Yourself During an IRS Audit

You are about to experience a full-blown audit on a recent tax return. How will you conduct yourself? Here are some essential guidelines. Procure professional help: Get yourself represented by an enrolled agent, CPA or a tax attorney. Your tax professional knows your...

Self-Employed and Tax Audits

Starting a Business Often our tax clients ask us if they should start a side business to reduce tax liability. Our answer is if the sole reason is to reduce taxes, it is a bad idea. For example, if you are employed full time and have a part-time business that reports...

Are You at Risk of a Tax Audit?

 Now that you have filed your taxes for 2016, you may wonder what your risk is of an audit by the IRS. There are several factors the IRS considers red flags that increase the potential of an audit. The good news is, however, chances are slim you will be chosen. In...

Should You Outsource Your Payroll?

 Many business consultants urge their clients to outsource non-core functions— those not required to fulfill the value proposition of a company to its customers. On top of their list is usually payroll. The main reasons why we cover here. 1. IRS Penalties: According...

Have You Filed Your Tax Return?

 It is April again and your taxes are due. The deadline this year has been extended to the 18th because the 15th falls on a Saturday, and Emancipation Day is being celebrated on the 17th. What If You Are Not Ready to File by the 18th? If you are not ready, you need to...

Review of Tax Rates for 2016

 As we approach the conclusion of 2016, the results of the recent election, holiday season and taxes are probably the three most prevalent subjects on the minds of most people. Therefore, we thought providing you information concerning 2016 taxes might help provide...

The Sand Fire and Tax Credit Relief

 We wish to express our warmest wishes to those who suffered loss due to the Sand Fire, and thank the thousands of firefighters who risked their lives to protect the citizens of the SCV and adjacent areas. For those who suffered personal or business property damage,...

More Tips on Choosing a Payroll Service

It is crucial for small businesses to have a payroll system that is efficient, accurate, timely and thorough. If you have decided it would be more effective to outsource your business’s payroll, perform a diligent search for a service that will set up your payroll...

Outsourcing Payroll and Choosing a Service

 Not every company needs a payroll service. Certainly, if you have a small salaried staff, rarely experience personnel changes and are not looking to expand, you might prefer continuing to process your payroll internally.  Most other business owners, however, usually...

How to Reduce Your Tax Liability

 It is already March. If you have not yet filed, chances are you are not expecting much of a refund or believe you will owe more tax. The root of your frustration is probably inadequate tax planning. When you meet with your tax preparer, he or she should be able to...

Review of Tax Rates for 2015

 As we approach the conclusion of 2015, the holiday season and taxes are probably the two most prevalent subjects on the minds of most people. Therefore, we thought providing you information concerning tax changes might help provide you a better picture concerning...