Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
COVID-19: Tax Benefits for S Corporation Owners
COVID-19: Tax Benefits for S Corporation Owners To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic. Many of our clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction. Perhaps you, too, would like us to help clarify [...]
Self-Employed with no Employees? Get Your COVID-19 Cash Now
Self-Employed with no Employees? Get Your COVID-19 Cash Now Get ready for this: “I’m from the government, and I’m here to help.” Here’s the deal: “I’m going to give you $20,833 today. I want you to give me $5,448 no later than two years from now. You can keep the $15,385 difference, tax-free—no strings.” It’s true. The lucky recipient could [...]
COVID -19: Important Tax Breaks from the CARES Act
COVID -19: Important Tax Breaks from the CARES Act Congress just passed the CARES Act in response to the COVID-19 pandemic. In it, there are a lot of juicy tax benefits for you and your business. We’ll tell you about a collection of important ones you need to know. The Check Will Be in the Mail As you read this, [...]
COVID 19- CARES Act Allows $100,000 Tax-Free IRA Grab and Repay
COVID 19- CARES Act Allows $100,000 Tax-Free IRA Grab and Repay In this acticle, we explain how you may be able to take money from your IRA and other retirement accounts, avoid early withdrawal penalties, and have generous options on repayment (or not). We also explain when you don’t have to take the required minimum distribution from your IRA. COVID-19-Related [...]
COVID-19: Tax Season is Delayed Until July 15th – Wait or file Now?
COVID-19: Tax Season is Delayed until July 15th - Wait or file Now? As you know, the COVID-19 pandemic has shut down much activity in the United States. The IRS decided to use its authority in a national emergency to postpone certain tax return filings and payments. This change affects every one of you, and the rules are tricky—after all, [...]
COVID-19: IRS Provides Relief from Enforcement Actions
COVID-19: IRS Provides Relief from Enforcement Actions During the COVID-19 pandemic, the last thing you need is the IRS doing bad things, like auditing you or levying your bank account or wages. But don’t worry—the IRS is pausing most of its collection and audit enforcement actions. Installment Agreements If you have an installment agreement with the IRS, then the IRS [...]