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One of the most daunting tasks you can face when setting up a new business involves the process of establishing an accounting system.  As complex as it may seem, when it comes down to it, an accounting system is just a way to track money coming into and out of your business.  Choosing your accounting [...]

Much like the California Enterprise Zone program, Federal Empowerment Zones are specific areas of the U.S. that are considered economically disadvantaged. The Internal Revenue Service and the U.S. Department of Housing and Urban Development have worked together to create a system of tax incentives to encourage businesses to help stimulate the economy in these areas [...]

The California Enterprise Zone program is intended to stimulate development in specific economically distressed areas of California.  The result is that new and existing businesses located in these areas can take advantage tax incentives while at the same time invigorating local economy and creating new jobs. There are 42 Enterprise Zones located throughout California: Anaheim*, [...]

Are you starting to feel bogged down by the busywork of tracking bills and payments?  Have you found yourself feeling unfocused or even worse, being a less-than-ideal provider for your clients?  Then there’s a good chance it’s time to hire someone else to take on the task of your business accounting!   As a small business [...]

Form to file. The form is called Form TD F 90-22.1 Foreign Bank Account Report -or- FBAR. When to file. The FBAR for the 2011 tax year is due June 30, 2012. Who must file. U.S. citizens and residents including individuals, corporations, partnerships, trusts and estates who have a financial interest in or signature or [...]

With the passing of the Hiring Incentives to Restore Employment (HIRE) Act, comes new filing requirements for 2011.  Called the Foreign Account Tax Compliance Act (FATCA), these new stipulations apply in addition to Foreign Bank Account Reporting and pertain to A) Foreign Financial Asset Account Holders and B) US Shareholders of Passive Foreign Investment Companies [...]

An S corporation is a unique corporate entity created by the rules of the Internal Revenue Code. Operating as an S corporation gives owners of the company both legal and taxation benefits. To qualify as an S corporation, the company may have no more than 100 shareholders, all of whom must be citizens or resident [...]

Following a turbulent month of trading in September and whispers of a double-dip recession, it’s understandable if the economy has been keeping you up at night. But, talk of a recession should be a signal for small business owners to act, not retract.  This is the perfect time for a small business to ramp up [...]

That October 17th tax deadline is looming (for those who have filed for an extension), and the tax year-end is coming into sight.  Whether you will file personal income tax returns for the first time or the 40th time, there are always questions to be answered.  Understanding the individual income tax filing basics, will help [...]

Temperatures in Los Angeles are finally beginning to cool, ushering in the beautiful weather of fall.  While these changes may signal the coming of the holiday season, it should also be a reminder that the tax year is almost at an end.  If you needed more time to prepare your federal tax return this year, [...]