Tonia Wasley

About Tonia Wasley

Tonia is a manager at Bregante + Company LLP, providing tax and audit expertise to a diverse client base composed primarily of closely held companies, high net worth individuals, and nonprofit organizations.

California College Access Tax Credit

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Under bills SB 174 and SB 798 signed by Gov. Jerry Brown in September 2014, California introduced a creative way to increase funding for the Cal Grant B program, which provides money for books and living expenses to low-income college students. Contributions to the CATC (College Access Tax Credit) Fund are eligible for a federal charitable contribution deduction as well as California tax credit.  The amount of the California tax credit for years 2014-2016 is as follows:

60% for contributions during 2014

55% for contributions during 2015

50% for contributions during 2016

Since taxpayers are not allowed a deduction and a credit for the same contribution, any charitable deduction made to the CATC Fund claimed on a taxpayer’s federal income tax return must be added back as a state […]

New Escrow Closing Disclosure (CD) Replaces Settlement Statement (HUD-1)

New escrow disclosure forms have been introduced in the hope that they will help simplify the complex process of taking out a loan.  The Consumer Financial Protection Bureau (CFPB) refers to the new disclosure forms as the “Know Before You Owe” forms.  The new disclosure rules grew out of the Dodd-Frank Act requirements that addressed two sets of disclosures that consumers usually receive under the Truth in Lending Act (TILA) and Real Estate Settlement Practices Act (RESPA) in connection with application for and closing of mortgage loans.

The new “Closing Disclosure” replaces the Housing and Urban Development settlement statement (HUD-1) and final Truth in Lending (TIL) statement that must be provided to the consumer at least three business days prior to loan closing.

The new escrow disclosure […]

IRS to Implement Special Transit Benefit Procedure

On January 8, 20iStock_000014266939XSmall15 the IRS issued Notice 2015-2 “Application of Retroactive increase in Excludable Transit Benefits” which allows employers to implement a retroactive increase in excludable qualified transit benefits.   The adjustment can be made on the 4th quarter Form 941 (Employer’s Quarterly Federal Tax Return) to reduce wages subject to withholding for all 4 quarters of 2014.

Form 941 filing is due January 31, 2015.

The monthly exclusion for qualified commuter benefits increased from $130 to $250 per month per employee until January 15, 2015 at which time commuter benefits will effectively drop back to $130.

By |February 4th, 2015|Categories: Business Operations, Business Tax|Tags: , , , , , , |Comments Off on IRS to Implement Special Transit Benefit Procedure

IRS Launches “Direct Pay” On-line for Individuals

The IRS has launched “IRS Direct Pay”, a web-based payment system for individuals. Taxpayers will be able to make estimated payments and pay tax bills. No advance registration is required for the service.  Individuals will need to provide their social security number, date of birth and bank account information for direct debit. Payments can be scheduled up to 30 days in advance. This payment system is in addition to the EFTPS payment system that requires advance registration. The EFTPS system allows the scheduling of payments 365 days in advance (for individuals) and 120 days in advance (for businesses). You can check the status and history of any payments made via EFTPS for the last sixteen months.  IRS Direct […]

By |August 11th, 2014|Categories: Accounting & Bookkeeping, Business Operations, Business Tax, Individual Tax, Nonprofit Organizations|Tags: , , , , , , |Comments Off on IRS Launches “Direct Pay” On-line for Individuals
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