Check out some of the topics we’ve written about! Hope they help, or perhaps even spark a conversation. If you want to regularly receive these kind of updates, please sign up for our newsletter.
With recent updates from the IRS, downloading your tax forms just got easier. You can now securely access many of the key tax documents issued to you, all in one place. If your employer, bank, school, or another organization submitted your tax forms to the IRS and they were processed under your information, you can […]
During the government shutdown, taxpayers must meet filing and payment deadlines. Refunds will only be issued to individual taxpayers if the return is filed electronically, error-free, and refunded via direct deposit, according to an IRS statement on October 21, 2025. All tax deadlines remain in effect, and the IRS will process electronic returns. Paper returns won’t be […]
By December 31, 2025, California employers with one or more employees age 18 or older (except for the business owner or their spouse) must either offer a qualified retirement plan or register with CalSavers, the state’s official retirement savings program. If your business already offers a retirement plan, remember to formally opt out of CalSavers. […]
It’s rare that we promote other professionals’ events, but when we do, you know it’ll be good! Erin and Mike Maloney of The Maloney Group are not only good friends but also valued clients of ours, and they are wonderful real estate professionals. They are hosting an Estate Planning Seminar, led by attorneys from Trust MB Law, including […]
Self-Employment: The Flexible Path Self-employment, also known as sole proprietorship, allows individuals to work independently, taking charge of their income and taxes. It’s a popular choice for freelancers and small business owners because it’s easy to set up, allows for a quick launch, and keeps day-to-day administrative and accounting tasks affordable and straightforward. Embracing the […]
On July 4, 2025, a new law, known as the One Big, Beautiful Bill Act, was signed, introducing significant tax changes for individuals, families, and businesses. Most updates take effect this year. Here’s a quick look: Individual Tax Cuts Made Permanent Tax cuts from 2017 that were set to expire have now become permanent, ensuring […]
If you are seeking a way to grow your money while saving for education, a 529 plan could be a good choice!. It’s a tax-advantaged account that allows you not only to grow your money tax-free, but also to use it tax-free when withdrawn and used for qualifying educational expenses. Types of 529 Plans: There […]
To assist residents impacted by recent disasters, California launched the CalAssist Mortgage Fund program on June 12, 2025. This program aims to provide financial relief to homeowners whose properties were damaged or destroyed by fires, floods, and other disasters between January 1, 2023, and January 8, 2025. What You Need to Know: To be eligible, […]
Wow, it’s hard to believe we’re nearly halfway through the year. Soon, it will be time for the California Pass-Through Entity tax election. If you’re looking to benefit from this tax-saving opportunity, here’s what to know to stay on track. When to make the payment The initial payment for CA PTE is due on June […]
When hiring household employees, being aware of your responsibilities as an employer is important. Here are some essential factors to consider: Who is considered a household employee? A household employee is someone you hire to work in or around your home and have control over their tasks and how they are carried out. This includes full-time […]
In 2024, California implemented a mandatory new personal property tax statement, Form BOE 571-STR, aimed explicitly at short-term rental property owners. This new requirement is part of the state’s efforts to enhance regulatory compliance and ensure accurate tax assessments for rental property owners. Key points to consider include: The form must be submitted by April […]
Thinking of selling your rental property or converting it into your home to save on taxes? With the right approach, you can reduce or defer capital gains taxes and make the most of your investment. Here’s how strategic tax planning can help: 1. Reduce Taxes by Converting Your Rental Property to Your Primary Residence […]
Pass-through entities offer a distinct tax advantage over traditional C-corporations. They are not required to pay federal taxes at the entity level. Instead, each owner must report their share of the business profits, losses, and other tax items on their individual tax returns. This prevents double taxation, a common concern for business owners, where income […]
The IRS and the State of California have extended the deadline for Los Angeles County taxpayers. County residents have until October 15, 2025, to fulfill their tax filing and payment obligations, providing significant relief during these challenging times. Who Qualifies for Relief? Taxpayers with a recorded address in Los Angeles County automatically qualify for this […]
As we welcome the new year, we want to take a moment to reflect on our journey and the opportunities that lie ahead. At Brunner Accounting, we manage all your accounting needs and compliance, enabling you to focus on your business. We aim to connect you with an extensive network of professionals, as we believe […]
What is CalSavers? CalSavers is a retirement savings program for private sector employees in California who don’t have a qualified retirement plan offered by their employer. What do I need to do? If you are an employer with 1-4 employees, you will need to register with CalSavers by December 31, 2025, UNLESS you participate in another retirement […]
Prepare to wrap up 2024 on a high note and kick off 2025 with a solid plan! Here are some strategies to discuss with your CPAs at your upcoming year-end meeting. 1. Optimize Your Entity Structure Do you have the right entity for your needs? Should you make the S-election? Should you have a C-Corp […]
Significant developments in tax regulations related to digital assets will impact reporting processes for both brokers and taxpayers. The IRS has implemented new regulations that require brokers to report sales prices, tax bases, and other details for digital asset trades. After 2024, brokers will use Form 1099-DA to report proceeds from digital asset sales. The […]
What does conducting business in California actually mean? There has been a lot of confusion around this topic, and it’s only increased in complexity since people working remotely and moving to other states either temporarily or permanently became more common during and after the pandemic. When is someone considered to be conducting business in California? […]
We recently participated in a panel discussion titled “Exit Chronicles—The Journey to a Successful Business Exit.” The panel featured practical advice from CPAs (including us), wealth advisors, estate planning attorneys, business attorneys, bankers, business brokers, and M&A advisors. Here is the link for the whitepaper. Below, we’ve outlined 3 key takeaways from a CPA’s perspective. Accuracy of […]
We recently participated in a panel discussion titled “Exit Chronicles—The Journey to a Successful Business Exit.” The panel featured practical advice from CPAs (including us), wealth advisors, estate planning attorneys, business attorneys, bankers, business brokers, and M&A advisors. Here is the link for the whitepaper. Below, we’ve outlined 3 key takeaways from a CPA’s perspective. Accuracy of […]
Many of us travel for business, but end up adding a few days to also enjoy ourselves. Here are some things to think through as you figure out what is and isn’t tax deductible. Are my meals while travelling entirely tax deductible? No! Meals bought while out on business are 50% deductible. Tip: if you […]
Ramping up to the election, we get lots of questions about potential tax changes. Below are some proposals that are on the table – summarized in plain English! Increase to Top Marginal Tax Rate The proposal is to let the 2017 tax cut expire, raising the top federal rate from 37% to 39.6%. Increase to […]
You might have heard of the Corporate Transparency Act and the new filing requirement called the Beneficial Ownership Information report. Well, its real, and of course the penalties are high for non-compliance – up to $10,000! Below is a quick summary so you know what it is. Reach out if you need more detail, and […]
Roth accounts are great; however, by the time you realize that, your income may be too high to contribute. Depending on your situation, you might have a backdoor. Standard Backdoor – Uses IRA Contribute (preferably) up to the contribution limit in after-tax money into your IRA, and then transfer that into your Roth account. This […]
There is a proposed California long-term care (LTC) tax which would be levied on workers wages. Beware of agents and insurers encouraging you to quickly purchase LTC insurance before the end of 2023. There is currently no public LTC insurance program in place. This is what we know: There is no specific date that the […]
California has recently introduced a new personal property tax statement, Form BOE 571-STR, which is mandatory for owners of short-term rental properties starting in 2024. Here are some things you should know: The deadline for filing is May 7th, 2024. You must file if the total value of personal property within the rental exceeds $100,000. […]
Can you believe we’re already in the 3rd quarter and year-end is quickly approaching? This is a good time to review financial statements and the story they tell. Let’s discuss why these reports matter and why accurate bookkeeping is critical: Balance Sheet The balance sheet is an indication of the overall health of a company. […]
Individuals and businesses purchasing a qualified energy-efficient vehicle in 2023 may receive tax credits. Qualified Plug-In Electric Drive Motor Vehicle Credit For individuals, a credit of up to $7,500 is available for qualifying vehicles purchased in 2023. Commercial Clean Vehicle Credit For businesses, a credit of up to $40,000 is available when a clean commercial […]
It can be uncomfortable to think about planning for life after you pass, but estate planning early on will save money and protect your loved ones. Here are 5 points everyone needs to understand about estate planning: 1. When people fail to plan properly, their estate goes to probate. This is a legal process where […]
Given the unique tax season for California taxpayers (i.e., most of us have until October 16, 2023, to file and pay 2022 taxes and 2023 Q1, Q2, and Q3 estimates), cash flow and budgeting are more crucial than ever. Here are three things to keep in mind: 1. Include Quarterly Tax Payments in Your Financial […]