Many taxpayers make quarterly estimated tax payments during the year to stay current on their taxes, but many who should overlook this step. The Internal Revenue Service today urged those who paid too little tax in 2022 to make a fourth quarter payment on or before January 17 to avoid an unexpected potential tax bill or penalty...Read More

Payroll administration is typically one of the most challenging, tiresome, and time-consuming business tasks for small business owners—but it’s also one of the most important ones! What does the term “payroll” mean? Although there are several interpretations for the word “payroll,” it usually refers to the complete process of paying employees. There are many moving...Read More

The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for...Read More

The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties. Required minimum distributions, or RMDs, are minimum amounts that many retirement plan and IRA account owners must generally withdraw annually...Read More

We are hiring, join our team! The open position we have at the moment: Administrative Assistant Location: Our office inLos Angeles, California. Send us an email!Read More

The Internal Revenue Service today reminded IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity before the end of the year. Moreover, for those...Read More

Imagine that your startup is transitioning from an idea to a legitimate company. There are a ton of things to think about and take into account. A professional bookkeeper could help you save money by ensuring that the invoices are paid on time and there are fewer human errors. We constantly hear from people that...Read More

The Internal Revenue Service today released a new set of tax gap estimates on tax years 2014 through 2016 showing the estimated gross tax gap increased to $496 billion, a rise of over $58 billion from the prior estimate. The gross tax gap is the difference between estimated ‘true’ tax liability for a given period...Read More

Because of a change in tax law, some online sellers may soon receive a tax form that few have seen before, a 1099-K. A law requires online marketplaces to send out a Form 1099-K for sales of $600 or more. Most casual sellers will not owe taxes on the sales, but that’s not always clear....Read More

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023 in Notice...Read More