CalSavers Retirement Savings Program Final Registration Deadline is June 30, 2022

 

The CalSavers Retirement Savings Program is a by-product of state-mandated retirement legislation that was launched in July 2019 as part of a phased rollout over three years with the goal of improving the financial security of Californians working in the private sector. It is sponsored by the State of California, facilitated by businesses, and funded by employee savings.

This rollout phase applies to employers with 5 or more employees who do not offer a retirement savings plan, self-employed individuals, and others who want to save extra. Savers participate by contributing to a Roth Individual Retirement Account (IRA) that belongs to them via payroll deductions on a post-tax basis. An option is also available for CalSavers participants who want to recharacterize their account to a traditional IRA where contributions are made on […]

By |June 16th, 2022|Categories: Announcements, Retirement Planning|Comments Off on CalSavers Retirement Savings Program Final Registration Deadline is June 30, 2022

IRS Increases Mileage Rate for Remainder of 2022

The high cost of gasoline has prompted the IRS to make a mid-year adjustment to the standard mileage rate for business travel effective July 1, 2022.  The norm has always been to make this adjustment annually.  The last time the agency made a mid-year adjustment to the rate was in 2011. The new rate will be 62.5 cents per mile, an increase of 4 cents from the prior amount.  For more information please click here.

By |June 15th, 2022|Categories: Announcements, IRS|Comments Off on IRS Increases Mileage Rate for Remainder of 2022

September is National Preparedness Month!

September is National Preparedness Month.  Unfortunately with hurricane season here and the ongoing threat of wildfires in some parts of the country, it is important for us to remind our clients to prepare for natural disasters and have an emergency plan in place.

All taxpayers, from individuals to organizations and businesses, should take time now to create or update their emergency plans.  This plan should include securing and duplicating essential tax and financial documents, creating lists of property, and knowing where to find information once a disaster has occurred.

Be Secure

It is best if you keep critical original documents inside waterproof containers and in a secure place.  Documents such as tax returns, birth certificates, deeds, titles, and insurance policies should also be duplicated and kept with a trusted person outside the area […]

By |September 3rd, 2021|Categories: Announcements, BCo Community News|Comments Off on September is National Preparedness Month!

Made in America Tax Plan

President Biden’s team has released additional information on the Made in America Tax Plan outlining proposed tax changes including raising corporate and individual tax rates.  Other proposals include taxing capital gains for high income taxpayers at ordinary income rates, changes to basis step up on inherited property and 1031 exchanges.

Additional details can be found here.  With the 2018 Tax Cut and Jobs act there were many revisions from the initial proposals in 2016, but this gives us an idea of what the White House is looking to accomplish.

By |May 28th, 2021|Categories: Announcements, BCo Community News|Comments Off on Made in America Tax Plan

PPP Deductions may be coming for California

Today the U.S. Department of the Treasury has officially announced that States are allowed to conform to Federal law on PPP loan deductibility.  A few weeks ago California AB 80 was stalled as the state asked for clarification on limitations in the American Rescue Plan over concern that passing AB 80 would limit Federal funds available to the state.

While this doesn’t mean PPP loan expenses will be allowed quite yet, the state legislature has been given the green light to act.

For the official press release click here:

By |April 8th, 2021|Categories: Announcements, BCo Community News, IRS|Comments Off on PPP Deductions may be coming for California
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