RP Accountancy

April filing date is just around the corner! FYI: the IRS and most of CA counties have extended filing of tax returns and payment of taxes to 10/16/2023 for 2022 returns! Spread the word!

https://www.irs.gov/newsroom/irs-may-15-tax-deadline-extended-to-oct-16-for-disaster-area-taxpayers-in-california-alabama-and-georgia

https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2023-03-ftb-california-winter-storm-tax-relief-extension.html

IRS: May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia | Internal Revenue Service IR-2023-33, Feb. 24, 2023 — Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Previously, the deadline had bee...

Looking for local businesses who wants to grow by getting referrals from other trusted business professionals! Join us next Thursday! DM for more information.

Reminder: Tax Due Date today 4/18/2022

https://content.govdelivery.com/accounts/USIRS/bulletins/313e845?reqfrom=share

IR-2022-88: Extensions of time to file tax returns; some taxpayers instantly qualify IR-2022-88: Extensions of time to file tax returns; some taxpayers instantly qualify Internal Revenue Service (IRS) sent this bulletin at 04/18/2022 10:05 AM EDT IRS Newswire April 18, 2022 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around T...

FYI: I will be presenting today at my BNI meeting at 12pm regarding the new Biden American Rescue Plan Act. Message me to join the Zoom meeting.

FYI: The IRS has announced that tax due date has been extended to May 17, 2021!

https://content.govdelivery.com/accounts/USIRS/bulletins/2c7bb6f?reqfrom=share

IR-2021-59: Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

CA Covid-19 Small Business Grants second round of funding opens today.

https://careliefgrant.com/

California Small Business COVID-19 Relief Grant Program THIS DESCRIPTION HERE - 135-300 Characters

FYI: I will be speaking on Zoom this Thursday 1/21/2021 12pm on PPP, Employee Retention Credits and other updates! Would love to see you there!

https://bnionline.zoom.us/j/7947919107 (Password: midday)

Redirect Notice

Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans | Internal Revenue Service

Happy New Year!! FYI on 2nd Round of Stimulus Checks.

https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payments-to-millions-of-americans

irs.gov IR-2020-280, December 29, 2020 – Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first r...

San Jose Small Business Rent Relief Grant Program | Hispanic Satellite

FYI: The City of San Jose has a program they released over a week ago, that will only be accepting applications until Tuesday September 22nd at noon. This is an up to $15,000 rent relief grant. Please read and see if this can help your business!

https://www.sbdchc.org/san-jose-small-business-rent-relief

sbdchc.org Ver esta página en español | Xem trang này bằng tiếng Việt San José Small Business Rent Relief Grant The City of San José has set aside $3,800,000 of its federal Coronavirus Relief Funds to provide grants of up to $15,000 to small businesses located in San José to cover the business owne...

FYI: Mandatory Paid Family Leave

On March 18, 2020, President Trump signed the Families First Coronavirus Response Act. The act contains provisions for:
• Mandatory paid family leave;
• Mandatory medical and emergency paid sick time;
• Employer tax credits for employers who must pay for mandatory paid family leave and mandatory medical and emergency paid sick time; and
• Credits for self-employed taxpayers to provide them with comparable benefits against their self-employed income.
Generally speaking, these rules apply for all businesses with fewer than 500 employees. There has been some discussion to exempt those with fewer than 50 employees, but that is uncertain at this point.
This letter focuses on the last two items in the list above: the employer and self-employed tax credits. We will be sending you a separate letter to help you understand your obligation to pay family leave and medical and emergency sick time to your employees due to the coronavirus (COVID-19).
You will be eligible to receive two payroll tax credits for wages paid to employees when you are required to pay for family leave or medical and emergency sick time. The payroll taxes that are available for retention by the employer (they don’t have to be paid over to the IRS) include federal income taxes withheld from employee gross pay, as well as the employer and employee’s share of Social Security and Medicare taxes. Any excess credits will be refunded after filing your quarterly payroll tax returns.
It will be imperative for employers to maintain detailed payroll records regarding paid time off due to the coronavirus. You will need them when preparing your payroll tax returns.
Mandatory paid family leave
The employer credit for wages paid for mandatory paid family leave is equal to 100% of the wages paid to each employee, limited to $200 per day per employee with a maximum credit of $10,000 per employee.
Credit for wages paid for medical and emergency paid sick time
The employer credit for wages paid for medical and emergency paid sick time is equal to 100% of wages paid to each employee, limited to $511 per day for employees who are sick and $200 per day if the employee is caring for a sick family member or a child who is at home due to a school closure. The credit for emergency paid sick time per employee is limited to 10 days in total.
If you are self-employed, you are also eligible to reduce your self-employment tax. The provisions for self-employed taxpayers are designed to mimic the provisions applicable to the employer payroll tax credits, and we will be able to compute these credits for you when we file your personal income tax return.
This law has some complexities, and we are happy to work with you to make sure you get every benefit you are entitled to.
Sincerely,
RP Accountancy

COVID-19 Extensions to file and pay | FTB.ca.gov

FYI: New filing deadlines posted on the Franchise Tax Board's website due to COVID-19.

https://www.ftb.ca.gov/about-ftb/newsroom/covid-19/extensions-to-file-pay.html

ftb.ca.gov COVID-19 File and pay extensions

IRS moves tax filing deadline to July 15 as coronavirus spreads, Mnuchin says

FYI: Tax Due Date has now been extended to 7/15
https://www.google.com/amp/s/www.cnbc.com/amp/2020/03/20/ccoronavirus-mnuchin-says-irs-will-move-tax-filing-deadline-to-july-15.html

cnbc.com President Donald Trump ordered the IRS federal income tax filing extension to help deal with the coronavirus pandemic's economic fallout, Treasury Secretary Steven Mnuchin said.

Coronavirus in USA | Small Business Relief Updates

FYI: A good article for business owners who are affected by COVID-19.

https://www.patriotsoftware.com/blog/payroll/small-business-relief-coronavirus-pandemic/

patriotsoftware.com To help combat the negative effects of coronavirus, the government is working on strategies to financially relieve businesses and workers across the U.S.

More Time to File, Pay for California Taxpayers Affected by the COVID-19 Pandemic | FTB.ca.gov

FYI: CA announced on Monday to delay filing due to the Coronavirus.

https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2020-2-more-time-to-file-pay-for-california-taxpayers-affected-by-the-covid-19-pandemic.html

ftb.ca.gov More Time to File, Pay for California Taxpayers Affected by the COVID-19 Pandemic

Treasury and IRS to delay tax season deadline by 90 days

FYI: IRS has extended tax payments due date due to the Coronavirus.

https://www.google.com/amp/s/www.cnbc.com/amp/2020/03/17/treasury-and-irs-to-delay-tax-deadline-by-90-days.html

cnbc.com Taxpayers are about to get a three-month reprieve to pay income taxes owed, Treasury Secretary Steven Mnuchin said at a press conference on Tuesday.

Reminder: S-Corporations and Partnership Tax Returns are due March 16, 2020! Please make sure to send in your extensions by 3/16/2020. If you have not paid the $800 minimum tax to the Franchise Tax Board for 2019, the voucher and payment needs to be postmarked by tomorrow too!

RP Accountancy

IR-2018-251: IRS issues standard mileage rates for 2019

FYI: The IRS has posted new standard mileage rates for 2019.

https://content.govdelivery.com/accounts/USIRS/bulletins/2227fcc?reqfrom=share

content.govdelivery.com WASHINGTON — The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

8 Great Year-end Business Tax Planning Tips

Great year-end tax savings article for small business owners! Not too late to take advantage of these suggestions.

https://www.thebalancesmb.com/business-tax-planning-tips-397731

thebalancesmb.com Tax deductions and tax credits you can use to save on business taxes. How the new tax law affects your tax planning.

Reminder alert: Individuals who have extensions for 2017 has until Monday October 15, 2018 to file. Also Corporations with December years ends who are on extension are due Monday October 15, 2018!

Late Post: I will be speaking at PY Kitchen in Campbell today at 12pm. Come out and hear how you can keep more of your hard own money and assets instead of paying Uncle Sam!

Reminder: S-Corporations and Partnership Tax Returns are due today March 15, 2018! Please make sure to send in your extensions by today. If you have not paid the $800 minimum tax to the Franchise Tax Board for 2017, the voucher and payment needs to be postmarked by today too!

I will be speaking on the 2018 New Tax Law on Thursday February 22, 2018 at PY Kitchen from 12-1:30pm. Come out to hear some of the new changes. Knowledge is power!

Looking forward to speaking about the new tax changes today! Come and join me if you are free at New Seasons Market meeting starts at 8:30am. I will speak at 9am.

The President has signed the biggest tax reform law in over 30 years. When you file your 2018 tax returns — about a year from now — your tax return will look very different. And because most changes don’t happen until then, we have some time to learn about the changes and plan for next year. Here are a few of the biggest changes that may affect you.

Tax rate changes: Both individual and corporate rates have changed. The maximum individual rate is reduced to 37% and the corporate rate is now a flat 21%. The rate change could benefit you — or in some cases cause your tax liability to go up.
Standard deduction increases: However, there are no more personal exemption deductions allowed. So this may help you — or hurt you.

Increased Child Tax Credit and new Dependent Credit: The credit is increased for each child to $2,000 (up to $1,400 of which is refundable for each child) and each non-child dependent can now receive a new credit of $500. But you will have no exemption credit or deduction for yourself, your spouse, or your dependents.

The phaseout thresholds for these credits are drastically increased. Married taxpayers filing a joint return can claim the full credits if their adjusted gross income is $400,000 or less ($200,000 for all others). The credits are fully phased out for married taxpayers filing a joint return when their adjusted gross income reaches $440,000 ($240,000 for all others). This means that many more taxpayers will be able to claim these credits in 2018 and beyond.

Disappearing deductions: Beginning with the 2018 tax year, you will no longer be able to deduct:
• State income tax and property taxes above $10,000 per year in total;
• Moving expenses (with an exception for certain military);
• Employee business expenses such as mileage, travel, entertainment, home office expenses, union dues, tax preparation fees, and investment fees, among others;
• Mortgage interest beyond interest on $750,000 of acquisition debt, if you purchase a new home; and
• Mortgage interest paid on equity debt (this is no longer deductible for any taxpayers).

Some new benefits for individuals: These new benefits include:
• The medical expense AGI threshold will temporarily drop to 7.5% of AGI for 2017 and 2018;
• The AMT threshold is increased, so fewer middle-income taxpayers will be subject to AMT;
• The estate tax exclusion has nearly doubled, to $10 million (adjusted for inflation); and
• The annual gift tax exclusion remains the same ($14,000 for 2017 and $15,000 for 2018), but the maximum rate on gifts is 35%.

Small business benefit: Beginning in 2018, there will be up to a 20% deduction from net business income for a sole proprietorship, LLC (excluding those taxed as a C corporation), partnership, S corporation, and rental activity. The rules are incredibly complex but there is a lot of planning that we can do to maximize this deduction for you.

These are the most common changes, and at your tax interview this year we will discuss any other changes that might affect you. As these changes are not simple, we suggest a separate appointment to go over the changes that apply to your situation and to talk about how to maximize your tax benefit.

Minimum Wage Ordinance | City of Santa Clara

Just a reminder: City of Santa Clara Minimum Wage Ordinance Changed effective 1/1/18. Make sure if you are an employer in Santa Clara County you are paying your employees the proper rate. If you are in a different county, please make sure you look at your county's website and review their changes.

http://santaclaraca.gov/government/departments/city-manager/minimum-wage-ordinance

santaclaraca.gov City Hall administrative offices will be closed December 25, 2017 through January 1, 2018 for the holiday closure. For more info on 24/7 emergency services and OPEN City facilities, please visit this page.

You have undoubtedly heard about the federal “tax reform” bills passed by the House of Representatives and the Senate and now going to Conference to make one bill out of the chaos. There are two deductions items that are up-in-the air at this time, both very important to California taxpayers.
First is the deductibility of real estate taxes on personal residences. One version would eliminate this deduction completely; the other version would limit the deduction to a maximum of $10,000. The date of actual payment governs when an item is deductible. You may want to pay the second installment of your real property taxes (normally due 4/10/18) before 12/31/17 to be deductible in 2017. If this is your desire, make sure you get the payment posted before 12/28/17.
Second is the matter of the deductibility of state income taxes. At this time both bills make state income taxes non-deductible in 2018. You may have a California estimated tax installment due 1/16/18 for 2017 taxes. If this is paid before 12/31/17 it will be deductible in 2017. Again, make sure you get your payment posted before 12/28/17.
Do contact us if you have any questions.

Five Facts about Charitable Contributions | Internal Revenue Service

Great reminders about contributions!

irs.gov IRS Tax Tip 2017-77, November 15, 2017

Join our Cloud HD Video Meeting now

Wanted to share this information for those who are concerned about identity theft and what they can do to be protected. This message is from Steve Remel at IDShield. He is part of my professional network.

The recent Equifax breach has alarmed many people. Some of you have told me that you are concerned for yourselves and those you care about. Some have mentioned clients who feel the same. Therefore, I have designed a live 20 minute webinar that I will hold later this week at different times. I invite you to pick a convenient date and time and join me. Again, please share this with your family, friends and clients.

My objective is to educate and share, not sell. Of course I will explain IDShield. But I want share what ID Theft REALLY is and the different responses other services offer. The truth is that we have all been at risk for a long time well before the Equifax breach. That incident has simply increased our collective awareness. So whether your data was exposed by Equifax or not, the information I will share is still valuable to anyone who is open to hearing it.

You may watch the webinar on a computer by clicking this link: https://zoom.us/j/8249181437

You may listen to the webinar on the phone by dialing: (646) 876-9923 or (408) 638-0968 and enter Meeting ID: 824 918 1437

I will present the exact same information live at these dates and times (all times are Pacific time zone):

Wednesday 9/20 3pm
Wednesday 9/20 5:30pm
Thursday 9/21 3pm
Thursday 9/21 7:30pm
Friday 9/22 12:00 Noon
Friday 9/22 6pm
Saturday 9/23 3pm
Saturday 9/23 5pm

Again, please share this with your family, friends and clients and I look forward to helping them. My website below contains detailed information about IDShield and how to enroll if you already know you want to be protected by it.

zoom.us Zoom makes video and web conferencing frictionless. Founded in 2011, Zoom is the leader in modern enterprise video communications, with a secure, easy platform for video and audio conferencing, messaging, and webinars across mobile, desktop, and room systems. Zoom Rooms is the original software-base...

Women's Weight Loss | Campbell, CA | 5:17 Total Body Transformations | Wellworking

Wanted to share an event for women entrepreneurs. I will be attending this series too. Looking forward to getting in shape while meeting new women! The series starts Tuesday September 5th, 2017. Come and join me!

https://www.517transformed.com/wellworking

517transformed.com 5:17 Total Body Thransformations helps busy women lose weight & thrive in life without giving up their favorite foods or spending a lot of time exercising.

Good information to know from the IRS tax tips:

IRS Issue Number: IRS Summertime Tax Tip 2017-25

Inside This Issue

Learn about Tax Benefits for Education

The beginning of the school year is a good time for a reminder of the tax benefits for education. These benefits can help offset qualifying education costs.

Here is information about two tax credits available to those who pay higher education costs for themselves, a spouse or a dependent.

The American Opportunity Tax Credit (AOTC) is:

Worth a maximum benefit up to $2,500 per eligible student.
Only available for the first four years at an eligible educational or vocational school.
For students pursuing a degree or other recognized education credential.
Partially refundable. Eligible taxpayers can get up to $1,000 of the credit as a refund, even if they do not owe any tax.
The Lifetime Learning Credit (LLC) is:

Worth up to $2,000 per tax return, per year, no matter how many students qualify.
Available for all years of postsecondary education and for courses to acquire or improve job skills.
Available for an unlimited number of tax years
Taxpayers should use Form 8863, Education Credits, to claim these education credits.

Additionally:

A student is required to have Form 1098-T, Tuition Statement, to be eligible for an education benefit. They receive this form from the school attended.
Taxpayers may use only qualified expenses paid to figure a tax credit. These include tuition and fees and other related expenses for an eligible student.
Eligible educational schools are those that offer education beyond high school. This includes most colleges and universities.
Taxpayers may only claim qualified expenses in the year paid.
Taxpayers can’t claim either credit if someone else claims them as a dependent.
Income limits could reduce the amount of credits.
Taxpayers can’t claim either the AOTC or LLC for the same student or for the same expense in the same year.
The Interactive Tax Assistant tool on IRS.gov can help determine eligibility for certain educational credits including the American Opportunity Credit and the Lifetime Learning Credit.
See IRS Publication 970, Tax Benefits for Education, for details, rules, examples and a complete explanation of benefits.

RP Accountancy's cover photo

Don't forget today is Tax Day! You have until midnight to file your taxes or go on extension! A lot of people are not aware that the extension allows you to file the required tax forms. The taxes due needs to be paid by today or at least 90% of your taxes due without being penalized.🤑

Reminder: Partnerships with December 31, 2016 year end have new due dates.

March 15
Electing large partnerships. Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner's Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1. This due date applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.

File a 2016 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 5-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then, file Form 1065 by September 15.

Electing large partnerships. File a 2016 calendar year return (Form 1065-B). If you want an automatic 6-month extension of time to file the return, file Form 7004. Then, file Form 1065-B by September 15. See March 15 for the due date for furnishing Schedules K-1 or substitute Schedules K-1 to the partners.

September 15
File a 2016 calendar year return (Form 1065). This due date applies only if you were given an additional 5-month extension. Otherwise see March 15. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1.

October 16
Electing large partnerships. File a 2016 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. See March 15 for the due date for furnishing Schedules K-1 or substitute Schedules K-1 to the partners.

Reminder: C Corporations have new due date for fiscal year ended December 31, 2016

April 18
Deposit the first installment of estimated income tax for 2017. A worksheet, Form 1120-W, Estimated Tax for Corporations, is available to help you estimate your tax for the year.

File a 2016 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, and deposit what you estimate you owe.

June 15
Deposit the second installment of estimated income tax for 2017. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

September 15
File a 2016 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 15.

Deposit the third installment of estimated income tax for 2017. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

December 15
Deposit the fourth installment of estimated income tax for 2017. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.