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LEGAL

 

 

If you’re in legal services, you know how much time you spend ensuring your clients are getting the best results. Adding on accounting, taxes, and business planning on top of taking care of your clients is often overwhelming. We can help you build your firm by creating a business plan that will promote growth and profits, while also taking accounting and tax worries off your plate.

Advance Child Tax Credit

Advance Child Tax Credit information: What you need to know  Advance Child Tax Credit: The IRS created a Child Tax Credit Update Portal, it is a password-protected tool available to everyone with internet access from any device. You may check on your eligibility, payment status, or unenroll from this benefit. If you have an existing

Proposed Tax Relief Bills for California

Proposed Tax Relief Bills for California   Proposed Tax Relief Bills: California’s Governor is expected to sign several tax-related and stimulus bills that the California General Assembly sent to him.  SB 139 will authorize a second Golden State Stimulus payment up to $1,100 per California taxpayer with an AGI of $75,000 or less. How much

Outsourcing Your CFO 

Why Do So Many Businesses Use Outsourced CFO?       There are many benefits to outsourcing the Chief Financial Officer (CFO) role, especially if you own a small business. An outsourced CFO ensures you are getting the same expertise from a CFO even if you may not have the financial resources to retain or support

Preparing Your Business for Recessions 

Preparing Your Business for Recessions      Preparing Your Business for Recessions: We all know that recessions will come in a matter of time, and no business has immunity from an economic downturn as we have seen with the recent COVID-19 pandemic. As our economy begins to improve, here are six strategies you can implement into

California's Partial PPP Conformity Bill

California’s Partial PPP Conformity Bill  Partial PPP Conformity Bill: On April 29, 2021, Governor Newsom signed into law Assembly Bill No. 80 (“AB 80”). Providing partial conformity to the Federal tax treatment for deducting expenses. These are paid with Paycheck Protection Program (“PPP”) loans, EIDL advance, and targeted grants. Below are some of the key

Deducting Meals and Entertainment Expenses

Deducting Meals and Entertainment Expenses    Deducting Meals and Entertainment Expenses: While the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated many deductions for business meals and entertainment. There are still some deductions available. Most of the deductions are in the form of business meals. There are select exceptions of when a business can

How to Handle a Self-Directed IRA

How to Handle a Self-Directed IRA  Traditional and Roth IRAs are great tools to use for financial, estate, and retirement planning. One way individuals “turbocharge” their IRA’s performance is to use a self-directed IRA. This is able to hold alternative investments that offer potentially higher returns. Although this is a useful feature, there could be

California PPP Tax Conformity- Update

California PPP Tax Conformity- Update California PPP Tax Conformity: Although it is no secret that California has yet to release information on whether or not it will partially conform state tax code to the current federal tax rules regarding forgiven Paycheck Protection Program (PPP) loans, CalCPA has shared why the delay is taking place.