Automatic filing extension due to the California storms
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…
CHLK Tax Update – January 19, 2023
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;…
2023 Firm Letters regarding Payroll, Form 1099, and New Employment Law Update for 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…
Newly Enacted Employment Law for 2023
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…
CHLK Tax Letter on July 20, 2022
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…
City of Los Angeles & Unincorporated Area within LA County – New Minimum Wage Ordinance Effective 7/1/2022
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…
Notice regarding Assembly Bill 150
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.…
Temporary allowance of full deduction for business meals on the Consolidated Appropriations Act, 2021 (the Act)
Employers will be able to deduct 100% of their business meal expenses that are incurred in 2021 and 2022, rather than the standard 50%.The provision is limited to “food or beverages provided by a restaurant,” consistent with the policy objective behind this provision of assisting the restaurant industry. The phrasing of “provided by” may also…
Employer tax benefit on the Consolidated Appropriations Act, 2021 (the Act)
1. Extension of paid leave tax credits Under the FFCRA, employers with under 500 employees generally must provide paid leave to certain individuals impacted by COVID-19. This requirement goes through December 31, 2020, and employers are eligible for a credit against payroll taxes to mitigate the cost of this leave. The Act does not require…
[6/6/2020] Coronavirus 2019 (Covid-19) Tax Update 6: PPP Loan Forgiveness
Trump Signs New Law Relaxing PPP Rules: What You Need To Know Reduced payroll cost from 75% to 60% At least 60% of your loan must be used for payroll costs. Payment to independent contractors cannot be included in the payroll costs. 24 WEEKS OF COVERAGE Eligible expenses incurred that are to be forgiven was…
Payroll Updates as of 4/15/2020
1. Form 941 and Form 940 (Deposit Only) As of April 15, 2020, the Internal Revenue Service has NOT announced any extension about Form 941 which will be due by April 30, 2020. The Service neither announced the deferral of payroll taxes due in the month of April. 2. EDD Statewide – March 2020 Employers…
[4/15/2020] Coronavirus 2019 (Covid-19) Tax Update 4
IRS provides additional extensions: Income tax filing and payment, estimated tax payments, IRA and HSA contributions The IRS has now expanded its extension relief to most taxpayers who had income tax filing and/or payment obligations due on or after April 1, 2020, and before July 15, 2020, including second estimated tax payments that fall within…
