News

Led by James Chung, CPA, Partner, and a tax specialist with extensive experience, CHLK is excited to announce the opening of our new office in La Mirada. This expansion allows us to provide even more convenient and efficient services to our clients in the surrounding area.   La Mirada Office Address: 14730 Beach Blvd.,#207, La…

Starting in 2024, newly formed corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers with a state’s Secretary of State office must file a report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The report must provide specified information regarding the entity’s “beneficial owners.” Entities in existence prior…

2024 MWO Poster in English | 2024 MWO Poster in Spanish | 2024 MWO Poster in Korean POST IN A CONSPICUOUS PLACE AT ANY WORKPLACE OR JOB SITE. VIOLATORS SHALL BE SUBJECT TO PENALTIES. (To Print out the poster, click the pdf links above) Los Angeles Minimum Wage Rate Effective July 1, 2024 $17.28 PER HOUR All Employers are…

Dear Client, The IRS and FTB have put out numerous press releases related to the automatic filing extension due to the California storms. Here is the summary. Affected taxpayers Any taxpayer who resides in, or whose principal place of business is located in, any of the affected California counties is granted an automatic extension of…

IRS grants filing extensions to California storm victims The IRS is granting extensions to California storm victims until May 15, 2023, for the following filing and payment deadlines that were normally scheduled for on or after January 8, 2023: Individual income tax returns; Business return filings normally due between March 15 and April 18, 2023;…

Dear Client, Please find our 2023 Firm Letters regarding Payroll and Form 1099 (English and Korean versions are attached). An update regarding new employment laws in California for 2023 has also been attached. Please review and contact our office if you have any questions. We hope you have a Happy New Year! Thank you. Payroll Tax LHD_Eng_2023_R Newly Enacted…

AB 1041 – Expansion of list of people an employee can take time off to care for Currently, under the California Family Rights Acts (CFRA), California employers with 5 or more employees must not refuse to grant from an employee who meets specified requirements to take up to a total of 12 workweeks in any…

1.    CalSavers(AB 102): Employers with five or more employees must participate in CalSavers if they do not already have a workplace retirement plan by 6/30/22.  Employers must complete adding employee information and submit employee contributions by 7/31/22. Failure to do so will result in the first fine of $250 penalty per employee and if employers don’t still…

If your business is located inside the boundaries of City of Los Angeles, then you must follow the minimum wage schedule effective 7/1/2022.   Part I. City of Los Angeles  City of Los Angeles Minimum Wage Ordinance Date 26 or More Employees 25 or Fewer Employees 7/1/2022 $16.04 $16.04   Part II. Unincorporated Area within LA…

Dear client,   On July 16 2021, CA Governor signed Assembly bill 150, and the bill allows some pass-through entities taxed as S corporations and partnerships that do business in California to elect to pay a 9.3% entity-level tax on income that California would normally tax as personal income when passed through to the owners.…