Tax

At a Glance Main Takeaway Remote work has grown increasingly popular in the past three years, with many businesses opting for flexible, work-from-home options for their employees

Governor Newsom's office has announced that it will conform to the IRS’s postponement of filing and payment deadlines to October 16, 2023, for taxpayers located in all California counties except the following: Imperial; Kern; Lassen; Modoc; Plumas; Shasta; and Sierra

At a Glance Main Takeaway If you own real estate investment properties, you likely use a tax strategy involving depreciation deductions to maximize savings when you file

The IRS has extended the filing deadline to from May 15, 2023 to October 16, 2023 for victims of severe winter storms, flooding, and mudslides in California. This extension currently applies only to applicable federal returns and payments, California has not conformed as of the date of this announcement

At a Glance Main Takeaway California Governor Gavin Newsom is targeting certain state residents who have set up an Incomplete Non-Grantor Gift Trust (ING Trust) in a state without an income tax to avoid paying taxes in California

On February 10, 2023, the IRS announced that regarding special state tax payments, “in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns.” This includes the California Middle Class Tax Refund

At a Glance Main Takeaway With rising inflation worldwide, businesses must stay informed on how to combat inflation to prevent declining profit margins as the cost of goods and services increases