chlk_logotype

Latest News

COVID-19 Extensions to File and Pay Sales Tax & Small Business Relief Payment Plans

By Webmaster | April 9, 2020

A. COVID-19 Extensions to File and Pay In accordance with the Executive Order issued by Governor Gavin Newsom on March 30, 2020, CDTFA is providing an automatic three-month extension for a tax return or tax…

Penalty for Property tax late payment can be waived

By Webmaster | April 9, 2020

Under existing law, county tax collectors do not have the authority to extend the property tax deadline. Penalties can be waived under following two circumstances: Offices of any county tax collector are closed and, as…

City of Los Angeles – Emergency COVID-19 Ordinances

By Webmaster | April 9, 2020

On March 27, 2020, the Los Angeles City Council approved the following emergency COVID-19 ordinances. 1) COVID-19 Supplemental Paid Sick Leave (“SPSL”)(Article 5-72HH)http://clkrep.lacity.org/onlinedocs/2020/20-0147-s39_ord_draft_03-27-20.pdf ApplicableEmployers are obligated to provide 80 hours of SPSL to applicable employees.The…

Coronavirus 2019 (Covid-19) Tax Update 2

By Webmaster | March 31, 2020

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a stimulus bill that includes a loan program to keep small businesses afloat during mandated COVID-19-related closures.…

Coronavirus 2019 (COVID-19) / Tax Update: as of March 17, 2020

By Webmaster | March 18, 2020

1. IRS IRS will waive interest and penalty charges for 90 days for Americans who owe up to $1 million in taxes. Tax filing due date is not extended so filing is encouraged by April…

CALIFORNIA SOLE SHAREHOLDER/CORPORATE OFFICER EXCLUSION FROM STATE DISABILITY INSURANCE FOR 2 YEARS

By Webmaster | February 13, 2020

In a private corporation, any person who is a corporate officer and sole shareholder, or the only shareholder other than his or her spouse, may file a statement electing to be excluded only from State…

Secure Act

By Webmaster | January 20, 2020

THE SETTING EVERY COMMUNITY UP FOR RETIREMENT ENHANCEMENT ACT OF 2019 (THE SECURE ACT) TITLE I: Expanding and Preserving Retirement Savings Section 101. Expand Retirement Savings by Increasing the Auto Enrollment Safe Harbor Cap The…

How Much Can Businesses Deduct for Vehicles Placed in Service in 2019?

By Webmaster | December 20, 2019

Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details. First-Year Depreciation Breaks The Tax Cuts and Jobs…

Penalty for No Health Insurance 2020 in California

By Webmaster | December 10, 2019

The State of California is working to reduce the number of uninsured families with the adoption of a new state individual health care mandate. Here are three things California residents need to know: 1. Make…

ASU 2019-10 : Amendments to Subtopic 842-10

By Webmaster | November 23, 2019

The FASB has issued ASU 2019-10, which amends the effective dates for three major accounting standards.  The ASU defers the effective dates for the credit losses, derivatives and leases standards for certain companies. Please find…