Insights

Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to make sure your nonprofit is financially honest and legitimate. The form is required for tax-exempt organizations to file each year to remain compliant with the regulations and requirements set by the IRS. Form 990 requires expenses to be separated…

The Consolidated Appropriations Act, 2021 contained a provision designed to give a boost to the restaurant industry: upgrading what had been a 50% meal deduction to 100% for “food or beverages provided by a restaurant, and paid or incurred before January 1, 2023.” There are no provisions right now to extend this raise beyond two…

Office Updates While BPW is categorized as an essential business due to the importance of tax filing and compliance services, our physical office is closed, but we are all successfully working hard remotely to protect you and our staff.  We are in full swing into the 2021 tax season and encourage businesses and individuals to…

The IRS and California Franchise Tax Board recently announced that the income tax filing deadline for individual 2020 tax returns and payments has been extended from April 15, 2021 to May 17, 2021. While this extension provides an additional month to pay any remaining tax liabilities for 2020, BPW will continue to uphold the original April…

The third stimulus package valued at $1.9 trillion made its debut last week after President Biden signed the relief into law on Thursday, March 11, 2021. The American Rescue Plan brings a new wave of stimulus payments, tax credits, and legislative extensions with hopes of reviving the economy after a long-winded recovery. It also delivers…

Many clients have received CP59 Notices notifying them about missing Forms 1040 for the tax year 2019. In all cases we reviewed, the 2019 Forms 1040 were timely e-filed with proof of successful electronic transmission. The IRS has issued statements acknowledging these notices erroneously went out to some taxpayers. If the taxpayer has filed their 2019 tax…

Another pandemic-powered delay is pushing the effective date back for new standards related to audits of financial statements for employee benefit plans (EBP). In July 2019, the American Institute of CPAs (AICPA) Auditing Standards Board (ASB) issued a final new standard, Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of…

The option of portability when planning your estate could make a substantial difference come tax time, especially with today’s generous estate and gift tax exemption amounts. Should you consider this option when planning your estate? Prior to 2010, the concept of portability as a tax strategy simply did not exist. Any amount of a lifetime…

Any successful business will tell you that having excellent accounting is the secret ingredient to growing their business. Why? Because having access to the right financial information will drive better business decisions. Business owners need a clear picture of the economic health of their business and how they can leverage opportunities to overcome obstacles. We see…

New Tax Relief & Grants will Support Businesses Impacted by COVID-19 As businesses and taxpayers continue to feel the effects of the pandemic into the new year, additional relief programs and assistance are being offered at both the state and federal level. Below is a brief update on some of the programs to be aware of, highlighting…