News & Info

California now joins several states that have created a pass-through entity tax (PTE tax) providing qualified owners a workaround of the federal $10,000 limit on the state and local tax deduction. California recently passed Assembly Bill 150 (AB 150), which allows...

As a trustee, you'll have to get to work within a month of when the grantor dies. There will be phone calls to make, information to gather and letters to write at first. Later, you'll be responsible for making good investment decisions, filing tax returns,...

If you're running a business, you're on the hook for a variety of taxes. Let's take a look at the main categories: Income tax — All businesses except partnerships must file an annual income tax return. (Partnerships file an information return.) However, which...

In divorces, an ex-spouse may be legally obligated to make payments to his or her former significant other. Payments often are substantial and have been locked into tax deductions for the payer — but that was before the Tax Cuts and Jobs Act came to pass. It used to...

The IRS has compiled a list of "Dirty Dozen" tax scams, and one swindle that the agency is warning taxpayers to avoid is inflating deductions and expenses on tax returns. Common areas targeted by unscrupulous tax preparers involve overstating deductions. Scammers hope...

Sometimes it feels good to get rid of clutter. Cleaning out papers we have kept for years is a good project. But there are some guidelines to be aware of before you put a pile of papers on the scrap heap. Individual circumstances guide the exact documents that should...

The prolonged and closely watched debate on deductibility of qualifying expenses paid with PPP funds provided under the CARES Act or Consolidated Appropriations Act (CAA) has finally come to an end for California businesses as Governor Newsom officially signed...