Taxes - CAPATA CPA

Tax Relief Update for Individuals, C-Corporations, trusts, & Single Member Limited Liability: Extended Deadlines for Los Angeles County

April 11, 2025April 2, 2025

Tax Relief Update for C-Corporations & Single Member Limited Liability: Extended Deadlines for Los Angeles County In response to the recent wildfires, both the Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) have extended tax filing and payment deadlines for businesses, residents, and tax preparers located in Los Angeles County. Affected taxpayers now have until October 15, 2025, to file their returns and make any required payments. … Read more

Tax Relief for Los Angeles County Wildfire Victims: Extended Deadlines & Property Tax Relief

February 18, 2025

Tax Relief for Los Angeles County Wildfire Victims: Extended Deadlines & Property Tax Relief In response to the devastating wildfires in Los Angeles County, federal and state authorities have announced significant tax relief measures for affected taxpayers. At CAPATA, we are closely monitoring these developments to ensure our clients receive the support they need. Federal and State Income Tax Extensions The California Franchise Tax Board (FTB) has aligned with these … Read more

IRS Announces Tax Relief for Los Angeles County Wildfire Victims-Tax Updates with CAPATA

January 29, 2025January 13, 2025

IRS Announces Tax Relief for Los Angeles County Wildfire Victims–Tax Updates with CAPATA In response to the devastating wildfires and straight-line winds that began on January 7, 2025, in Southern California, the Internal Revenue Service (IRS) has announced significant tax relief measures for individuals and businesses in affected areas. These measures aim to provide financial and logistical relief to taxpayers navigating the aftermath of these disasters. Who Qualifies for Tax … Read more

Tax Deadline Extension Updates for Disaster Area Taxpayers

March 11, 2023February 28, 2023

Disaster-area taxpayers in most of California now have until Oct. 16, 2023, to file various federal individual and business tax returns

The Inflation Reduction Act of 2022

March 7, 2023August 17, 2022

The Inflation Reduction Act of 2022 The President recently signed into law the Inflation Reduction Act of 2022. This legislation will not only deal with Medicare’s drug price negotiations but will also deal with the ever-important climate change issue. Let’s look at what this legislation has to offer: Additional Funding for IRS Enforcement Over a ten-year period, funds are given to improve taxpayer services, enforce laws, support operations, and modernize … Read more

Changing Employees to Independent Contractors?

March 7, 2023August 9, 2022

Changing Employees to Independent Contractors? What are the Ramifications? An employer made the decision to change the status of their workers from employees to independent contractors and it ended up backfiring. An at-home nursing service provider owed almost $1.3 million in back employment taxes and penalties for a misclassification of 99 nurses. The taxpayer, for reasons that were unclear, made the decision in 2016 to switch their employees to independent … Read more

New Tax Refund Bills!

March 7, 2023July 15, 2022

NEW TAX RELIEF BILLS HAVE BEEN SIGNED INTO ACTION BY THE GOVERNOR! In addition to granting tax refunds of $700 to qualifying taxpayers with California AGI up to $250,000 ($500,000 HOH), this bill also authorizes up to $1,050 for MFJ taxpayers who have California AMI over $500,000. The only downside is the payments will not arrive until the end of October (at the earliest). www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-refund/middle-class-tax-refund.html#receive There are many things this … Read more

Tax Management in the Virtual World

March 7, 2023June 21, 2022

TAX MANAGEMENT IN THE VIRTUAL WORLD Recently we have seen how cryptocurrency investments can be very unpredictable. In November 2021, the cryptocurrency market peaked at about $3 trillion. Two months later, the cryptocurrency market plummeted over 40%, wiping out more than $1.2 trillion in a matter of months. This can be daunting to navigate, but just like any bear or bull cycle in the stock market, it can present opportunities to use … Read more

Holding Property in a Corporation Cons

March 7, 2023June 8, 2022

HOLDING PROPERTY IN A CORPORATION POTENTIAL ISSUES Holding property in an entity provides asset protection from creditors, but the type of entity holding the property will have a big tax impact; for example, partnerships have an edge over C or S corporations when it comes to getting the property back out of the entity. Weighing the pros and cons of different entities, whether real estate will be held in the … Read more

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Tax Relief Update for Individuals, C-Corporations, trusts, & Single Member Limited Liability: Extended Deadlines for Los Angeles County

Tax Relief for Los Angeles County Wildfire Victims: Extended Deadlines & Property Tax Relief

IRS Announces Tax Relief for Los Angeles County Wildfire Victims-Tax Updates with CAPATA

Tax Deadline Extension Updates for Disaster Area Taxpayers

The Inflation Reduction Act of 2022

Changing Employees to Independent Contractors?

New Tax Refund Bills!

Tax Management in the Virtual World

Holding Property in a Corporation Cons

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