Magaña & Associates, Inc.

Letters have been sent out this week to all our LLCs/ S Corps and C Corp clients regarding the CTA. Please be on the look out via the USPS.

The Corporate Transparency Act (CTA) is a federal law that went into effect on January 1, 2024, to help prevent and combat financial crimes like money laundering, corruption, and terrorist financing.

The CTA requires many business entities to disclose information about their owners and those who control the company to the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Treasury. This information is called a Beneficial Ownership Information report.

The CTA applies to corporations, limited liability companies, and other similar entities that are formed or registered in the United States.

Should you have any questions, please call our office at 951.278.1972 or email [email protected].

Happy 4th of July!

Our 2nd Qtr Newsletter is out and arriving shortly in your email inbox.

It is our passion and the love for our clients that we keep them up to date with current tax tips and potential tax changes.

If you have any questions, please feel free to contact our office and or email: [email protected]

Telephone 951.278-1972
Fax 951.848-9872

Thank you.

We are back in the office after a much needed break!

We will respond to emails and phone messages in the order received. Thank you for being patient and understanding.

Our office hours are as follows:

Monday - Thursday 9am to 5pm.
Every other Friday beginning on May 10th - 9am to 12pm

Our office will be closed from April 16th, and we will return at our normal business hours on May 1st, 2024.

Tax Season is in full swing here at Magaña & Associates! While we are busy, we are blessed, our calendar is fully booked, and cannot schedule appointments for the remainder of this tax season. No need to worry! We are still accepting your important documents.

Contact our office and let us know you would like your return prepared as a send-in, and we will provide a secure portal. Vina typically works on these returns as they are received, on her "no client" days and will contact you with any questions.

If you would like an in-person appointment, for taxes or structuring, we can file an extension and schedule an appointment after the April 15th deadline.

Call our office at 951.278.1972 or you can reach us by email: [email protected]

A reminder, if you have not scheduled your 2023 income tax appointment, please call. We are now at the very end of March and early April in our calendar.

You may reach our office at 951.278.1972
Email: [email protected]

The IRS has announced that tax season will open on Monday, Jan. 29, 2024. The IRS will begin accepting paper and electronic returns that day.

May your 2024 be filled with Peace, Love and Prosperity!

Here's your reminder to get in your last-minute donations for 2023!

My current view 😍

2023 has been a wonderful and blessed year, but equally busy with this years tax season lasting until November 16th. We had the opportunity to provide our services to many returning and new clients, and we are ever so thankful! With that being said, we are taking time off beginning December 20th, 2023 and returning on January 3rd, 2024.

Should you have any further questions, please feel free to contact our office and/or email us: [email protected]

Office 951.2781972

That's a wrap folks for our 2022 Income Tax Season.
It was the longest tax season of any year but equally a blessing too.

With that being said, our office will be closed for the Thanksgiving holiday.

Our office will be closed from Nov 17th, 2023, and returning Nov 27th, 2023 at our normal operating hours.

Happy Thanksgiving everyone!!!!

We will be closed on Friday, November 10th in observance of Veterans Day.

Our office will be closed from Tuesday, October 17th 2023 and returning on Monday, October 23rd 2023 at our normal operating hours.

You are more than welcome to contact our office at 951.278.1972 or email: [email protected] with any questions or to schedule your 2023 income tax appointment.

CA & Fed Tax Deadline is Monday, Oct 16th, 2023.

Have questions, please call our office at 951.278.1972 or
email: [email protected].

The magic number is 16.

If you filed for an automatic tax extension this year, you should file your Form 1040 for the 2022 tax year on or before Monday, Oct. 16, 2023—that’s this month.
The “normal” date for an extended return is Oct. 15, but that falls on a Sunday in 2023. So, you get an extra day.

Due to an earlier grace period, taxpayers in most of California and in parts of Alabama and Georgia also have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments.

Some taxpayers get a little longer, including:

• Taxpayers in Illinois and Alaska impacted by flooding have until Oct. 31, 2023, to file.
• Taxpayers in Vermont affected by flooding have until Nov. 15, 2023, to file.
• Taxpayers in Maine and Massachusetts affected by Hurricane Lee have until Feb. 15, 2024, to file.
• Taxpayers impacted by the Maui fires and Hurricane Idalia in parts of (Florida, South Carolina and Georgia) have until Feb. 24, 2024, to file various individual and business tax returns. Check the disaster relief page on IRS.gov for the latest information.
• Members of the military and others serving in a combat zone typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
Photo by Jan Kopřiva: https://www.pexels.com/.../photo-of-number-16-on-green.../

California mailing of balance due notices — The IRS reassures California taxpayers that they continue to have an automatic extension until later this year to file and pay their taxes for those covered by disaster declarations in the state. The current mailings being received by some taxpayers, the IRS Notice CP14, are for taxpayers who have a balance due, and they are sent out as a legal requirement. While the notice received by taxpayers says they need to pay in 21 days, most California taxpayers have until later this year to pay under the disaster declaration.

Our office is currently closed in observance of the 4th of July holiday.

July 3rd & 4th.
We will return on July 5th at our normal operating hours.

Our office will be closed from May 15th to May 19th.
Myself and my staff need just a bit of a break, as we continue with tax season!

We will return on Monday, May 22nd at our normal operating hours.

You may reach us by email: [email protected]
951.278.1972

This is a public announcement for California residents and the filing of your 540 CA income tax return.

Certain CA forms are still in development and are not ready to be calculated and transmitted with returns. California Schedule CA is still under development. It is because they are adding a line to reduce the income being reported for Federal Taxable, regarding the Middle Class Tax Refund (Fuel), since it isn't taxable to California.

Should you have further questions, please feel free to contact our office at 951-278-1972 or email: [email protected]

Our office hours for tax season are:

Monday - Friday 9am to 5pm.
Saturday 9am to 3pm.

Happy Tax Season!

Office 951.278.1972
Email: [email protected]

When IRS will start accepting returns 2023?

January 23

January 23: IRS begins 2023 tax season and starts accepting and processing individual 2022 tax returns. January 27: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.

Now is the time to schedule your tax appointment.

Call our office at 951.278.1972
Email: [email protected]

Time to schedule your tax appointment.

We encourage you to call our office and schedule your tax appointment regardless of not quiet having all your tax documents.

You may reach us at 951.278.1972 or email: [email protected]

We are back in the office!

Happy New Year!!

We hope you all enjoyed your holiday season with friends and family. We are currently working through our emails and phone messages, however, we will reach out to those who have left messages and emails. Thank you for your patience.

Have a great day!

From our family to yours...

BREAKING: IRS will delay the new 1099-K reporting requirements.
More to come
shortly.

Merry Christmas Eve.