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Failure to Plan is Planning to Fail. It was the best of times; it was the worst of times.

Failure to Plan is Planning to Fail. It was the best of times; it was the worst of times.

March 01, 2021

Picture this- Your company had a large jump in revenue in 2020. You are thrilled that your company made money during a tough economy. You start thinking your company hit great revenue numbers in 2020, so 2021 should be great, right? Then reality in the form of the Tax Man comes knockin' on your door to collect his portion of your profits. 

The Jock Tax in 2020 is Not Just for Quarterbacks.

The Jock Tax in 2020 is Not Just for Quarterbacks.

February 04, 2021

The Super Bowl is this weekend, and all eyes are on the two quarterbacks. It is always exciting to see how they lead their team under immense pressure on the path to being a champion. As a business owner or an individual taxpayer, you may still be feeling the sting of COVID-19 in your business daily, but did you know that you may also be facing the same "Jock Tax" that professional athletes face? You may be thinking, "Why would I have to think about the Jock Tax when I am not making the same money as Tom Brady?" This is an excellent question for your CPA!

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.