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International Income Taxation Code and Regulations

When you have to claim foreign earned income, it’s essential to understand the code and regulations involved. Your Los Angeles tax consultant through Wallace & Associates will be happy to help you gain a deeper knowledge of international income taxation code and regulations to avoid costly mistakes and issues with the Internal Revenue Service. Taxpayers [...]

International Income Tax Rates

Tax rates of all kinds differ depending on the country you’re living in, and income taxes are no exception. If planning on moving to another country and becoming a citizen within the next few years, whether for business or pleasure, it’s a good idea to research income tax rates first. Your Encino tax consultants are [...]

Affordable Care Act – What To Expect This Tax Season

Tips for Navigating Affordable Care Act compliance this tax season. The Affordable Care Act, known popularly as Obamacare, will be the focus of a lot of concerns for 2015 individual and business income tax return filing. We’d like to offer you the following information about the Affordable Care Act (ACA) and what that means when [...]

Los Angeles County Business Property Tax Statement – Form 571-L

If you’ve received a 571-L form in the mail and had over $100,000 in assets last year, that’s an indication that you are required to file a Business Property Statement (Form 571-L) for the county where your business is physically located. Filing Form 571-L constitutes an official declaration of all assessable business property situated in [...]

Filing Year-End Information Forms (1099s)

The reporting requirements for the various governmental agencies can be overwhelming, and, at the end of the calendar year, it seems much worse.  One of the year-end documents required to be prepared is Form 1099. Individuals, partnerships (including LLP and LLC’s), corporations, or other organizations engaged in a trade or business (including rental property) are [...]

Los Angeles Declares Tax Amnesty

On August 30th, the City of Los Angeles issued an announcement of a tax amnesty program for businesses which may be in arrears of their city taxes. The L.A. Office of Finance declared that the program, which it calls “business-friendly,” is designed to allow businesses to pay any back taxes that they may owe without [...]

2014 income Tax Brackets Preview

In these sensitive days, when every single person in the United States seems to know and have an opinion on the current level of taxes in our country, it’s good news to find that there might actually be some savings ahead for many of us. Every year, after the Consumer Price Data is released for [...]

How the Federal Government Shutdown Affects California

While the Republicans and the Democrats battle it out in Washington, DC, we are now starting week 3 of the federal government in shutdown, and its effects are rippling throughout the country. Here’s some ways the shutdown is affecting California in particular: Farmers and Growers Government agencies have suspended timber harvesting in 150 National Forests, [...]

Tax Q & A for Struggling Homeowners

Many people have found themselves in financial distress because of the recent recession, and if you’re a homeowner, you have a special set of problems. If you  have questions about your house and the tax implications, we can help. What is “Debt Forgiveness”? In the past, if you had a debt that you were unable [...]

Tax Implications of the Affordable Care Act

The Affordable Care Act, also known as ObamaCare, is a confusing and frightening topic for many people who have only heard political scare-tactic sound-bites. The fact that the government is still fighting over it, and it is supposed to begin in just a few short months, has many people concerned and frustrated. Fortunately, there is [...]

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