The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 […]
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Entries by Betty Kim
Happy 2023! We hope that you and your family are doing well. We will be ready to send our 2022 Tax Organizer sometime next week and we want to send this email with a few important information to note for you to stay up to date and ready for this filing season upon us. It’s […]
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines. January […]
As we are fully immersed in the holiday spirit, we want to make sure that you stay on top of your tax deadlines affecting your businesses as well as your personal taxes. Here are the key deadlines we would like to remind you of: December 15, 2022 If a calendar-year C corporation, pay the fourth […]
Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is taxed. And if they reach final maturity, what action do you need to take to ensure there’s no loss of […]
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent years due […]
Now that the tax filing season is all behind us and your taxes are filed, it’s a good time to start taking steps that may lower your tax bill for this year and next. Team Encore is very grateful for your support during yet another brutally demanding tax busy season. One of the first planning […]
Now is a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will likely produce the best results for most businesses, as will bunching deductible expenses into this year or next […]
Happy Friday! Middle Class Tax Refund (MCTR) payments have begun going out to Californian since last Friday. These one-time payments up to $1,050 per household (based on 2020 California “adjusted gross income” on your tax return) aim at providing relief from rising inflation to eligible California residents. An estimated 8 million direct deposits will start […]
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. However, in some cases, a married couple files a joint tax return and one spouse is unaware of all the income or delinquent tax liabilities of the other […]