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California continues to refine its approach to pass-through entity taxation. With the enactment of SB 132 (Ch. 25-17), the state has extended the availability of the Passthrough Entity Tax (PTET) for an additional five years, covering tax years 2026 through 2030. The legislation also...
As part of your year-end planning, it’s important to stay current on tax-related updates that impact your operations. On that note, the IRS recently released Notice 2025-5, announcing adjustments to the standard mileage rates that are relevant for businesses and individuals alike. 2025 IRS...
If you’re buying a business in California, there’s one step you cannot afford to skip: requesting a Tax Clearance Certificate from the California Department of Tax and Fee Administration (CDTFA). A recent case shows how a business buyer became responsible for the seller’s unpaid...
If you own an S corporation, partnership, or LLC taxed as a passthrough entity and want to take advantage of California’s Passthrough Entity Elective Tax (PTET) for the 2025 tax year, you need to make a key decision soon: whether to make a prepayment...
Financial stability is a cornerstone of a successful law firm. However, managing reserves and distributions effectively can be a challenging balance. Without a well-thought-out approach, law firms may face cash flow issues, be unable to reinvest in growth, or even risk financial instability during...
Giving to charities has been a pillar of American philanthropy, supporting communities and causes all around the world. But the IRS now warns of a concerning trend: an increase in scams that use fake charitable contribution schemes to target taxpayers. These frauds harm taxpayers’...