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New Form 1099 - NEC

New Form 1099 - NEC

December 22, 2020

What’s old is once again new, at least in the tax-filing world! If you’re accustomed to filing Form 1099-MISC to report nonemployee compensation, you’ll need to reorder your IRS alphabet for your 2020 returns. The government is now bringing back Form 1099-NEC, a form that was last used in 1982 during the Reagan Administration. The 1099-NEC is being reintroduced to address confusion created by the PATH (Protecting Americans from Tax Hikes) Act of 2015.

FASB Releases New Proposal for ASC 842

FASB Releases New Proposal for ASC 842

December 22, 2020

As a result of post-implementation feedback received by the Financial Accounting Standards Board (FASB), a new proposal was released that would provide three, targeted improvements to the new Leasing Standard. These improvements now impact all lessees, whether you may have already adopted ASC 842, or if you may still be going through the process. The new proposal provides lessees with the option to remeasure variable lease payments, based on the Consumer Price Index, when there is a change in the index or rate, and that will affect future lease payments.

Leading Orange County Accounting Firm Acquires San Diego-Based Accounting Firm

Leading Orange County Accounting Firm Acquires San Diego-Based Accounting Firm

December 03, 2020

LT Cambaliza LLP of Newport Beach, CA announces acquisition of San Diego-based accounting firm, Gurrera & Associates, and firm renamed Cambaliza McGee LLP.

5 Year-End Tax Planning Strategies for Small Businesses in 2020

5 Year-End Tax Planning Strategies for Small Businesses in 2020

November 12, 2020

In this informative blog article, we discuss five recommendations for small business owners to help lower their taxes on their 2020 federal tax bill and for future tax-planning purposes. Reach out to us for help any time by calling 949-484-8288 or emailing contact@cpa-ltc.com. We’re happy to help you with any of your tax planning needs.

Time to Check Tax Withholding and Estimated Tax Payments to Avoid a Surprise Tax Bill in 2021

Time to Check Tax Withholding and Estimated Tax Payments to Avoid a Surprise Tax Bill in 2021

October 19, 2020

The IRS has reminded taxpayers that now is the perfect time to review their tax withholding and payments to avoid surprises while filing next year.  In this article we discuss many ways to make adjustments to affect taxes owed for 2020 including coronavirus tax relief, unemployment compensation, job loss, and life changes such as marriage and childbirth.

MAKE 2021 A “STRESS LESS” KIND OF YEAR!

MAKE 2021 A “STRESS LESS” KIND OF YEAR!

September 24, 2020

Between deepening Washington gridlock and election-year politics, just a few months ago we were expecting 2020 to be a quiet year in terms of tax law changes. But, boy, were a lot of us ever wrong! The government’s funding bills signed by President Trump in December 2019 included an abundance of new tax provisions.