April 15, tax filing day, has come and gone for the 2018 tax year—and many taxpayers are confused or angered by a smaller-than-expected refund (or, even worse, a surprise balance due!). These taxpayers are rightfully confused—many rightfully ask: If the new Tax Cuts & Jobs Act was a tax cut, then why am I […]
California to Begin to Collect Tax from Certain Out-of-State Retailers Beginning April 1, 2019
In a move that has been expected since June 2018, the California Department for Tax and Fee Administration (CDTFA) has announced that it will begin to collect use tax from out-of-state retailers who make sales to California customers above certain thresholds. The plan is set to go into effect on April 1, 2019. In our […]
Reducing Audit Risk—Selecting Competent and Experienced Tax Professional(s)
When the IRS, or any other taxing agency, decides to conduct an audit of a taxpayer, that agency is always gambling that it will recover more money in owed taxes than it expends to conduct the audit. This is true, whether you are an individual with personal income taxes, or a business with income tax, […]
Out-of-State Sales Tax Audits: (Don’t Fear) the Wayfair
Prior to June 21, 2018, a State could not successfully collect sales tax from out-of-state retailers that did not have any “physical presence” in that State. But on this date, the United States Supreme Court over-turned the 1992 Quill decision[1], in South Dakota v. Wayfair et. al[2]. The so-called “physical presence test” meant that online […]
What Does Trump’s Tax Plan Mean For Small Business Owners?
As you have undoubtedly heard by now, National Economic Director Gary Cohn and Secretary of the Treasury Steve Mnuchin unveiled President Donald Trump’s tax plan yesterday in the White House Press Room. The plan itself was a single page, consisting of eighteen single sentence bullet points, and was very vague. More details were gleaned from […]