California’s Franchise Tax Board (FTB, the state income tax agency) just announced that taxpayers may have received an incorrect 2024 Form 1099-G. This form shows the refund amount for a prior year’s state income tax return. The following is the… Read More »California’s FTB issued erroneous 2024 1099-G forms
The Financial Crimes Enforcement Network (FinCEN) has reinstated the requirement for beneficial ownership information (BOI) reporting, with a new filing deadline of March 21, 2025. This decision follows the U.S. District Court for the Eastern District of Texas’s ruling on… Read More »Beneficial Ownership Information Reporting Mandate Reinstated
Governor Newsom’s January 16, 2025, executive order provides two key property tax relief measures for those affected by recent firestorms: 1. Automatic Property Tax Payment Extension Property owners in designated areas receive an automatic extension for their April 10, 2025,… Read More »Property Tax Relief for Firestorm Victims: What You Need to Know
I mentioned in an earlier Blog that many taxpayers will be receiving a new form in the mail for the first time this year. Form 1099-K is a report of payments you received for goods or services during the year… Read More »Understanding your Form 1099-K
You’re probably aware that when you sell your home, you may exclude up to $250,000 of your gain from tax if you’re unmarried (or married, filing separately) and $500,000 if you are married and file jointly. To claim the whole… Read More »Sale or Casualty Loss of Personal Residence
IRS Announces Tax Relief for Individuals and Businesses in California Affected by Wildfires and Straight-Line Winds The Internal Revenue Service (IRS) announced in January that individuals and businesses in parts of California affected by wildfires and straight-line winds beginning on… Read More »Tax Relief for Fire Victims
OK – this has been a cray week! To recap the events, on December 23, 2024, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit reversed a Texas district court order that had initially granted a… Read More »BOI Filing Requirement is Back on Hold!!!
We live in crazy times. The Fifth Circuit Court of Appeals reinstated FinCEN BOI reporting immediately (today, December 23, 2024). Initially, that meant you had until midnight, December 31st, to have your report on file with FinCEN. However, FinCEN stepped… Read More »BOI Filing Requirement is Back On!!!!
Prepare for tax changes. The Tax Cuts and Jobs Act (TCJA) has been part of our tax landscape for nearly seven years, shaping how businesses and individuals plan their finances. With an eye toward the end of 2025, when many… Read More »2024 Tax-Saving Tips
The IRS has expanded its reporting requirements for payments made through third-party settlement organizations (TPSOs). The common ones are Venmo, PayPal, eBay, Etsy, StubHub, Airbnb, and similar platforms. The American Rescue Plan Act of 2021 lowered the reporting threshold from… Read More »Form 1099-K Update
