Recently, California switched from the Borello test to a more simplified ABC test to determine whether a worker is truly an independent contractor. The ABC test (or 3-factor test) is currently in use in over 20 states. California’s...
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POST WRITTEN BY Gigio Ninan What is an LLC? An LLC is a business structure legally separating itself from its owner(s) (referred to as “members”). What is an S-corp? An S-corp indicates how a business is taxed — it is...
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“The Proposed Sec. 199A Regs are Here!”[*] Part One By Lou Vlahos on September 4, 2018 POSTED IN FEDERAL TAX ISSUES What follows is the first in a series of posts that will review the long-awaited proposed regulations under Sec. 199A of the Code...
More InfoCalifornia Supreme Court Rules in Favor of Gig Workers In a unanimous decision yesterday, the California Supreme Court adopted a new legal standard that will make it much more difficult for businesses to classify workers as independent...
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S Corporation Fringe Benefits after the Recent Tax Reform Tax Planning Fringe benefits are usually a good thing—but there’s a catch when you own more than 2 percent of an S corporation. The good news? Federal tax law allows the cost of these...
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This Last-Minute Tax Move Could Save You Thousands. Here’s How to Do It Tax Day is only a week away, but you still have a chance to make one big tax-saving move—a tactic that could save many couples up to $2,750 on their 2017 taxes. You...
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The IRS isn’t calling you — it’s a scam, and here’s what to do if it happens to you IRS scam calls are a normal occurrence during tax season, unfortunately. Every year, the IRS warns taxpayers to beware of a long list of tax...
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With all of the buzz about Tax Reform many taxpayers are questioning how this will affect their 2017 tax return. Most of the provisions would kick in on January 1, 2018 which means that they wouldn’t affect 2017 tax filings. But there are a few...
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It seems like every year the tax laws change because they often do! Depending on the actions–or inaction–of Congress, tax breaks change, tax cuts expire, tax rules are rewritten, and dollar amounts are adjusted every year. Please...
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