Gandrud Financial Services

March 15th is the 1st deadline for partnerships and S-corps to file tax returns. But there is no extension of time to pay California Franchise Taxes. Current California law does not conform to federal law with respect to PPP loans not creating taxable income.

New requirement for California businesses: Send copy of the new completed 1099-NEC to the Franchise Tax Board!

Hot off the press! It's our annual Tax Time newsletter!

Some people are gifting real estate to their children ahead of the February 16th effective date of Proposition 19. This may make sense for families who plan to keep real estate in their families for a very long time. Property that is gifted prior to death does not receive the stepped-up basis but it might be eligible to keep a lower assessed value for property tax purposes. Consider the basis, the assessed value, the market value, and the long-term plans for the property when considering what is best for your family. We are here to help.

The Internal Revenue Service has expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities. The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers' personally identifiable information. "This is a way to, in essence, lock your tax account, and the IP PIN serves as the key to opening that account," said IR...S Commissioner Chuck Rettig. "Electronic returns that do not contain the correct IP PIN will be rejected, and paper returns will go through additional scrutiny for fraud." The IRS launched the IP PIN program nearly a decade ago to protect confirmed identity theft victims from ongoing tax-related fraud. In recent years, the IRS expanded the program to specific states where taxpayers could voluntarily opt into the IP PIN program. Now, the voluntary program is going nationwide.

We are open every day. Call 805-566-1475 for free pickup or meet with us in person, via zoom, or by phone. Maximize your refund and avoid an audit! Gregory Gandrud graduated with honors from USC business school in 1982 and has been in Carpinteria for over 31 years.

All persons entering our premises are required to wear a mask and maintain social distance. Frequently touched shared surfaces are routinely sanitized throughout the day.

Weekly benefits of $767 for self-employed persons are available starting tomorrow, April 28th, through the California Employment Development Department.