Tax season is here, and it’s important to know when everything is due. For both federal taxes (IRS) and California state taxes (Franchise Tax Board), the deadline is Tuesday, April 15, 2025. This day is known as Tax Day. This […]
For many years, California has debated whether to provide tax exemptions for military retirement income, similar to other states. After numerous attempts in the Legislature, there’s renewed effort to implement such tax breaks. Proponents argue that these exemptions are essential […]
In the United States, corporations must file specific tax forms that detail their financial activity throughout the fiscal year. The Internal Revenue Service (IRS) uses these forms to assess and collect the appropriate taxes. Two of the primary forms used […]
Form 990 is an essential tax document that the Internal Revenue Service (IRS) requires nonprofit organizations to file annually. This form serves as a public disclosure, detailing the financial activities of nonprofit organizations, thus ensuring transparency and accountability. It allows […]
IRS Form 941, also known as the “Employer’s Quarterly Federal Tax Return,” is a form that most employers must file quarterly with the Internal Revenue Service (IRS). This form reports income taxes, Social Security tax, or Medicare tax withheld from […]
The Internal Revenue Service (IRS) is currently experiencing a challenging period filled with publicly discussed issues such as significant job reductions during this tax season. Despite these hurdles, those who filed their taxes early are still receiving their refunds. Bank […]
Recent headlines have sparked alarm with news that as many as 15,000 Internal Revenue Service (IRS) employees could face layoffs. This significant reduction in the workforce could potentially create an environment ripe for tax evasion, turning it into what some […]
A 401(k) plan is a special kind of savings account that’s primarily used to save for retirement. It’s called a 401(k) because that’s the section of the U.S. tax code that talks about it. Employers often offer this plan, and […]
Form 4506-T, officially titled “Request for Transcript of Tax Return,” is a critical document for taxpayers in the United States. Managed by the Internal Revenue Service (IRS), this form allows individuals and businesses to request a transcript of their tax […]
The IRS officially started accepting income tax returns on January 27, 2025, signaling the beginning of the tax filing season. Many people dread the process of completing their taxes, but a significant number of Americans look forward to receiving their […]