Esther Phahla, President/CEO of Esther N. Phahla, CPA, A Professional Corporation in Temecula was selected as one of the 2020 Top 50 Women in Accounting by PRACTICE Ignition – celebrating all the amazing women who are driving advocacy, change and creating opportunities in the Accounting and Bookkeeping industry! “2020 was a year like no other. […]
On March 11, 2021, President Biden signed the American Rescue Plan Act into law. The bill includes many provisions that have major tax impacts for 2020 and 2021 tax returns. As a taxpayer be aware and understand which ones affect your 2020 tax returns and plan for 2021. Here are some major provisions: Unemployment As […]
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others to die on December 31, 2020. Below are insights into some of the changes. Borrow $100,000 from Your IRA and Pay It Back within […]
Embedded in the COVID-19 relief law is $900 billion for financial assistance. As you would expect in these unusual times, some of the relief is in the form of direct government financial assistance and some is from tax benefits that can impact both tax year 2020 and tax year 2021. Most of the provisions […]
An S corporation is a corporation that elects to pass its corporate income, losses, deductions and credits through to its shareholder(s). A shareholder of an S corporation reports the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. When a corporate officer performs services […]
Do you have a mileage log that will survive an IRS audit? If so, good for you! If not, get ready to give up all (not some, but all) of your vehicle tax deductions for not just one year but three years, as you will see in this true story. The story is about […]
The IRS announced that tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the recent tax law changes. […]
