James Cha, CPA, CTRS Articles/News, Tax, taxes
Did you apply for an extension to file your tax return? The deadline is just around the corner and here is what you need to know. If you filed a request for additional time to file your tax returns, that extension expires on October 15. If you are waiting for a K-1 from a partnership, […]
James Cha, CPA, CTRS Articles/News, taxes, _COVID-19
With the major revisions made to Form 941, the IRS is in the process of revising Form 941-X for making corrections to the quarterly federal tax return. While the IRS has issued a draft of Form 941-X on July 27, 2020, until such time as that form is released in final form the IRS has […]
James Cha, CPA, CTRS Articles/News, Tax Relief, taxes, _COVID-19
Unemployment compensation is fully taxable and will be added to your gross income. If you received these benefits from the Federal or State government, then they will be taxed on Form 1040 at the ordinary income tax rate. Then, the amount will be reported to the individuals on Form 1099-G by January 31st. Millions of […]
James Cha, CPA, CTRS Articles/News, taxes
Source: https://www.latimes.com/california/story/2020-07-28/california-legislature-tax-hike-millionaires-schools-other-services Democrats in the California Legislature have unveiled a new effort to significantly raise tax rates on taxable income of $1 million and higher, an effort they say would provide billions of dollars to improve K-12 schools and a variety of government services vital to the state’s recovery from the COVID-19 pandemic. The bill, […]
James Cha, CPA, CTRS Articles/News, Tax Relief, taxes, _COVID-19 covid19, filing taxes, tax relief, tax resolution, taxes
Currently, there are more than 10 million taxpayers who haven’t filed their tax returns (known as non-filers) in the United States. Thanks to a budget increase, the IRS is prepared to ramp up its enforcement of the collection process targeting non-filers. The agency newly hired 10,000 agents last year and is planning to hire another 5,000 this year. With […]
James Cha, CPA, CTRS Articles/News, Tax Relief, taxes filing taxes, tax resolution, taxes
COVID-19 turned the world upside down. With most of the country shut down, businesses closed, and people forced to “stay-at-home” in order to keep everyone safe, it was just a matter of time before the IRS postponed tax day. On March 21, 2020, the IRS announced that they’d be delaying the tax filing deadline that […]
James Cha, CPA, CTRS Articles/News, Tax Relief, taxes filing taxes, tax resolution, taxes
Tax season can be an unpleasant time of year for a lot of taxpayers, especially if you owe money to the IRS or State. The only thing you can do is make the most of it, prepare ahead of time, and pay the lowest amount allowed by law. Whether you are due a refund or […]
