Exploring Federal and California State Tax Credits to Boost Your Small Business California and Federal governments offer several tax incentives and relief programs to support restaurants and other small businesses. Here are some key programs that may be available to
Exploring the Roles, Responsibilities, and Importance of Fiduciaries in Various Contexts What is a Fiduciary? A fiduciary is an individual or organization that acts on behalf of another person or group of people, putting their clients’ interests ahead of their
Navigating the Complexities of Sales Tax Obligations Across States What is State Sales Tax Nexus? State sales tax nexus refers to the connection between a business and a state that obligates the business to collect and remit sales tax on
Navigating the Complexities of State Nexus Rules to Ensure Tax Compliance What is State Nexus? State nexus refers to the connection or link a business has with a state that subjects it to that state’s tax laws. Nexus determines whether
Unlocking Hidden Savings to Reduce Your Business’s Taxable Income Maximizing tax deductions is essential for businesses to reduce taxable income and improve cash flow. However, many business owners overlook several deductions that could save them significant amounts of money. Here’s
Maximizing Retirement Benefits with Strategic Roth IRA Planning A Roth Individual Retirement Account (IRA) offers unique benefits that can make it an attractive option for many savers. Unlike traditional IRAs, which provide tax-deductible contributions, Roth IRAs are funded with after-tax
Maximizing HSA Benefits Through Understanding Federal and State Rules Health Savings Accounts (HSAs) have become a popular financial tool for managing healthcare costs in the United States. These tax-advantaged accounts allow individuals to save for medical expenses, benefiting from tax
Statutory employees, as defined by the IRS, are typically certain types of independent contractors who are treated as employees for tax withholding purposes. They can deduct business expenses related to their work on Schedule C of Form 1040, just like
The term PTEP refers to earnings and profits (E&P) of a foreign corporation attributable to amounts which are, or have been, included in the gross income of a U.S. shareholder under Sec. 951(a) or under Sec. 1248(a). Sec. 959(a)(1): Distributions
The Tax Cuts and Jobs Act which was enacted on December 22, 2017, created a new provisioncalled Qualified Business Income (QBI) under Sec. 199A.Sec. 199A(a): Effective for tax years beginning after Dec. 31, 2017, and before Jan. 1, 2026, ataxpayer