Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
Tax Tips for Casual Gamblers
You might not consider yourself a gambler, but if you play the lottery or make the occasional bet at the horse track, the IRS says you are. Gambling winnings are taxable and must be reported on your tax return. That includes lotteries, raffles, races, and casino games. It includes cash as well as the fair market value of any prizes [...]
Have an IRS Audit? We Can Help
If you are like most people, the scariest words in the English language are “IRS audit.” Not “grim reaper,” not “root canal,” but “IRS audit.” You can just imagine this menacing IRS agent knocking on your door and handing you a tax bill for thousands of dollars. You feel so helpless. You tell yourself, “Who am I to take on [...]
Deduct All Your Meals and Entertainment Expenses
Thanks to a recent decision by the Tax Court, we may be able to find new opportunities for you to make certain business meals 100 percent deductible, versus their current 50 percent deductible status. Under the court’s criteria, you can qualify for the 100 percent deduction if you own or lease an eating facility for your employees (this could be [...]
Three Tips to Avoid Employee Legal Issues
Employee legal issues can arise at any time. They can be expensive and even ruinous to your business. Here is a trio of common issues you should understand in order to prevent them. Compliance with Wage Requirements Are you classifying your employees correctly in accordance with the Fair Labor Standards Act (FLSA)? Previous year alone, there was an 8% increase [...]
Win Against the IRS
On the surface, your tax return looks neat and tidy. We put your numbers in the right slots, and our typefaces fit nicely into the IRS tax forms. But when you and the IRS disagree about an item on your tax return, you need more than numbers in pretty fonts in the right slots. You need authority on your side [...]
Target These Areas for Better Employee Retention
Employee retention starts with providing fair compensation and benefits, but it doesn’t end there by any means. You can improve employee loyalty by concentrating on these four areas: 1. Performance objectives. Employees want to do a good job, and they want to know how they need to improve. Don’t keep them in the dark. Let them know how they’re doing, [...]