Irving Michael Gustilo, CPA

"Victims of the California wildfires that began on September 4 now have until January 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today."

"Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus and its consequences for older people."

"Here’s what you need to know about home office write-offs as things stand right now." Keep in mind that employees may still be able to deduct home office expenses on their state income tax return subject to the 2% of adjusted gross income threshold.

"Taxpayers interacting with the IRS have the right to finality. This is especially for taxpayers who are being audited."

"If you’re still waiting on $500 stimulus payments for your children, time is running out to meet a deadline to make sure the government gets that money to you."

"Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success."

"Older Americans already struggling financially amid the COVID-19 pandemic probably won’t find much solace in their Social Security checks next year."

"The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the October 15 deadline."

Due to the adverse smoke condition in Monrovia from the Bobcat Fire, our office will be closing at 1pm today. Keep safe everyoneDue to the adverse smoke condition in Monrovia from the Bobcat Fire, our office will be closing at 1pm today. Keep safe everyone

"The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14."

"When President Trump issued an executive memorandum on Aug. 8, 2020 offering payroll tax deferral until the end of the year, a big question was whether the deferral of the employee portion of Social Security tax was optional or voluntary to the employer." As a side note, due to several reasons, we have recommended to our clients to not participate in the payroll tax deferral issued by the President through an executive memorandum on August 8, 2020.

"Brace yourself: Coronavirus-related tax issues could trip you up in the coming year, resulting in a bill that you can’t pay."

"If you’re facing a cash shortfall, you may think about taking an early withdrawal from your IRA or qualified retirement plan account. By early withdrawal, I mean one that occurs before age 59."