Jennifer S. Croshal, CPA

Check out our newsletter this month for a quick look at the tax law changes that occurred on 3/11/2021 in the American Rescue Plan Act (ARPA) and a reminder that SOME of the tax deadlines have changed. The 2020 tax return for the IRS, CA, and many other state returns has been extended to Monday, May 17, 2021. Some payments have been extended, some still due 4/15/21. Check with your tax professional to verify if you have payments due! https://www.stanpollockcpa.com/monthly-news

It's official...

Reminder to make sure that you are reporting your Crypto activity and discussing this with your tax preparer so that it is reported properly.

https://www.irs.gov//frequently-asked-questions-on-virtual

5 Days left until Partnership and S-Corporation business tax returns are due! Reminder to get those done or file for your extension :)

Happy March everyone! Check out our monthly newsletter with important topics this month on the Home office Deduction and how the Consolidated Appropriations Act affects Education Funding! https://www.stanpollockcpa.com/monthly-news

When is the last time you checked your taxes withheld from your paychecks or whether your quarterly payments that you have made are sufficient to prevent from underpayment penalties? Make sure you contact your tax preparer to plan ahead for your 2020 filing!

Veterans, thank you for your service

It looks like CA will not treat out an out of state corporation whose only connection to CA is the presence of an employee who is teleworking as being actively engaged in business in CA (therefore taxed in CA). We shall see!

Do you know how taxpayer dollars factor in to campaigns? Check out the Federal Election Commission website outline here for some details. (funding for primaries/campaigns/tax return donations/campaign auditing) https://www.fec.gov//public-funding-presidential-elections/

Happy Election Day Everyone! However you vote, PLEASE DO IT and BRING A FRIEND. If you haven't registered, you can register at the polls in some states (like California)! Please remember that the presidential race is obviously an important one, but there are also lot of other votes that are critical and very important this year!

If you have relocated out of the state or country during the Covid-19 Pandemic for a period of time, do you know how you plan to file your 2020 tax return in terms of your tax residency? Be sure to ask your tax preparer now so that you can plan accordingly!

Wishing everyone a safe and Happy Halloween! As with other events, Halloween looks a little different this year, but you can still have a little candy and some laughs!

Quick shout out to homeowners that your property taxes are assessed based on January 1 of the current year. This means that it was based on a value up until that date. This is important during covid because it will not be reassessed until January 1 2021. Don't be fooled if you are offered help with lowering property taxes for a fee. Good job with the heads up Gus Kramer!

Did you have any virtual currency transactions in 2020? Did you check the box on your 2019 return answering this question? Here is some clarity for filers so that you understand when you need to report and when you do not. Check it out for a quick read.

"No matter the form it takes, if you have cancellation of debt for less than the amount you owe, the amount of the canceled debt is considered income and may be taxable. I say may because there are exceptions and exclusions to this rule."

If you have taxes due from this year or a prior year you can expect that the IRS will be working through sending out these notices of balances due with interest/penalties.