Yearly Archives: 2020

Corona Virus Tax Deadline: July 15

The federal tax deadlines as well as the tax deadlines for the state of California have been extended to July 15. The deadlines have been extended for filing tax returns as well as payment of income tax.If you think that you will be receiving a refund we recommend that you file as soon as possible…
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Reporting Tip Income: The Basics

The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about tips:Taxable income. Tips are subject to federal…
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New Tax Law Effects Tax-Exempt Organizations

The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations' current and previous tax years. As such, tax-exempt organizations should understand how these recent tax law changes might affect them. With this in mind, let's take a look at three key pieces of…
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Form 8962: Reconciling the Premium Tax Credit

Form 8962, Premium Tax Credit, reconciles 2019 advance payments of the premium tax credit and may also effect a taxpayer's ability to get advance payments of the premium tax credit or cost-sharing reductions. Taxpayers who don't file and reconcile their 2019 advance credit payments may not be eligible for advance payments of the premium tax…
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