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Penalty for No Health Insurance 2020 in California

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 sure you have health coverage The mandate, which takes effect on January 1, 2020, requires Californians to have qualifying health…

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ASU 2019-10 : Amendments to Subtopic 842-10

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 the accounting update regarding leases for nonpublic entity. Amendments to Subtopic 842-10 Amend paragraphs 842-10-65-1 and 842-10-65-4 and their related…

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Minimum Wage Ordinance

Dear client; CHLK is taking this time to thoroughly explain which minimum wage ordinance your business should follow.   If your business is located inside the boundaries of City of Los Angeles, then you must follow below minimum wage schedule City of Los Angeles Minimum Wage Ordinance Effective Date 26 or More Employees 25 or…

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[Tax Update] Trump’s Tax Reform

Both the House of Representative and Senate passed the final version of the Tax Cuts and Jobs Act, which will be in effect beginning 2018. Brief summaries of new tax laws are as follows: The new seven federal income tax brackets are 10,12,22,24,32,35,37% compared to the current tax rate of 10,15,25,28,33,35,39.6%. The final bill doubles…

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Employee VS Independent Contractor

In order to account for payments made to service providers, you must decide whether those service providers are your employees or independent contractors by take “Degree of Control” and “Independence” into consideration. Click on this link to be directed to complete information on degree of control & independence. http://www.irs.gov/businesses/small/article/0,,id=99921,00.html If they are your employees, then…

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California –Corporate, Personal Income Taxes: Budget Bill Signed; Teacher’s Credit Repealed; Collection Fees Set

Ending a six-week stalemate, California Governor Arnold Schwarzenegger has signed the state’s budget bill (S.B. 77) with no tax increases; however, S.B. 87, a budget trailer bill accompanying the budget bill, repealed the teachers’ credit against personal income tax. In addition, the budget bill set the personal income tax and corporation franchise and income tax…

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SSA is reminding employers on several issues: SSA PIN reminders

2007 Changes to the EFW2 & EFW2C Social Security has changed the name of publications Magnetic Media Reporting and Electronic Filing of W-2 Information (MMREF-1), and Magnetic Media Reporting and Electronic Filing of W-2c Information (Correction of W-2 Information) (MMREF-2) to Specifications for Filing Forms W-2 Electronically (EFW2), and Specifications for Filing Forms W-2c Electronically…

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Mid-size Corporations are Required to File Their Returns Electronically

E-filing: Corporate returns: Form 1120: Form 1120S. The September 17 deadline is approaching for corporations that have requested extensions to file. Last year, only large corporations were required to file electronically. This is the first year mid-size corporations, those with assets between $10 million and $50 million, are required to file their returns electronically. Back…

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Social Security Benefit

Your Social Security taxes pay for three kinds of benefits; retirements, disability, and survivors. To be eligible for Social Security benefits you need a certain number of credits. How do you earn this credit? You earn this credit toward Social Security benefits when you work. To become eligible to earn credit for Social Security Benefit,…

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Stop doing Business in CA Process

You are required to file Final Payroll Tax Return to IRS and EDD You must file Final Sales Tax Return to State Board of Equalization. You also have to return your Seller’s Permit to State Board of Equalization. If your business was located in City of Los Angeles, you must notify to City of Los…

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