Irvine Tax Solutions

How to be Proactive vs. Reactionary as a Tax Pro Clients look to their tax pros for expert advice. To showcase your proactive mindset, start sharing your expertise about broader topics and investments in their business you believe are the best for your clients in the long run.

Will Congress Eliminate Wash Sale Rule for Crypto Currency? The tax rules governing crypto currency are continuing to evolve. However, at least this much is certain: the IRS generally considers investments in Bitcoin and comparable digital currencies to be treated as assets subject to the standard capital gain ...

COMPANY DESCRIPTION:

Irvine Tax Services is a specialized business tax services firm in Irvine, CA. Our vision is to help local business owners deal with aggressive collection policies of the State/IRS tax agencies. What makes us different is we discuss and revise tax strategy for each client to reach client satisfaction. We provide tax representation services and accounting services to anyone who is in need. We are seeking a knowledgeable tax preparer who can handle well with individual and business income tax preparation. We are looking forward to having you join our warm family.
Please see following website to get more detail info about our company: https://www.irvinetaxservices.com/

JOB RESPONSIBILITIES:

Prepare Individual Returns (1040, 1040- NR, Form 114)
Prepare Business Tax Returns and associated schedules
Review financial records such as income statements and documentation of expenditures to determine forms needed to prepare tax returns.
Ability to communicate with clients directly and answer any questions that they might have.
Interview clients to collect information and any necessary documentation on taxable income and deductible expenses and allowances
Prepare work paper via using CCH Engagement
Furnish taxpayers with sufficient information and advice to ensure correct tax form completion
Has past experience with Insolvency Worksheets

REQUIREMENTS:

Individual/Business Tax Preparation 2+ years experiences
Active CTEC License & PTIN
Strong multi-tasker
Proficiency in Tax Software (Preferred: CCH Access Tax and ProSystem)
Knowledge in Accounting Software (Preferred: QuickBooks)
Self-oriented and able to work individually
Degree in Accounting or related is a plus

IRS Gives Tax Relief to Individuals and Businesses Affected by Hurricane Ida The Jan. 3, 2022 deadline also applies to quarterly estimated income tax payments due on Sept. 15, 2021, and the quarterly payroll and excise tax returns normally due on Nov. 1, 2021. It also applies to tax-exempt organizations, operating on a ...

Top Questions About the 2021 Child Tax Credit Taxpayers should also understand that these changes are temporary and only apply to the 2021 tax year, and the decision to have the child tax credit payments received in advance will affect a taxpayer’s refund or amount due when that return is filed.

Post-Election Tax Planning Considerations for Trusts & Estates In the wake of the 2020 election, many expect that the Biden administration will seek to engage Congress to enact new tax legislation in order to raise revenue to pay the costs associated with the pandemic and other government programs.

𝐁𝐞𝐟𝐨𝐫𝐞 𝐚𝐧𝐧𝐨𝐮𝐧𝐜𝐢𝐧𝐠 𝐭𝐡𝐞 𝐬𝐡𝐮𝐭𝐝𝐨𝐰𝐧, 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐨𝐰𝐧𝐞𝐫𝐬 𝐬𝐡𝐨𝐮𝐥𝐝 𝐤𝐧𝐨𝐰 𝐭𝐡𝐢𝐬:
Here are the steps that the IRS has required all business owners to complete before announcing the shutdown.

1. File a final tax return and related forms. For businesses, this depends on the type of business and size, the filing form as well as the related form are also different.

2. Take care of the employees.

3. Business owners need to pay the final federal tax deposits and report employment taxes if there is any compensation...

Find more 4 steps in Irvine Tax Services blog:

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𝐈𝐫𝐯𝐢𝐧𝐞 𝐓𝐚𝐱 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧
Office: 2372 Morse Ave, Irvine, CA 92614
Contact us via (𝟗𝟒𝟗) 𝟑𝟓𝟔-𝟎𝟖𝟒𝟎 or 𝐢𝐫𝐯𝐢𝐧𝐞𝐭𝐚𝐱𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬@𝐠𝐦𝐚𝐢𝐥.𝐜𝐨𝐦

How to Close Business with The IRS The closing of a business includes many related things, not just closing the door. It’s has a lot of the process to withdraw from the business, including the forms to be filled out, and how to handle any additional payments received or spent.

𝐖𝐡𝐨 𝐢𝐬 𝐚𝐧 𝐄𝐧𝐫𝐨𝐥𝐥𝐞𝐝 𝐀𝐠𝐞𝐧𝐭
Enrolled Agent or EA for short, they are certified tax professionals. They have experience in all tax matters, for both individuals and businesses from small to large. As an EA, they will have full authority to represent clients before the IRS, covering all tax topics and working with any administrative level, in all matters except for Tax Court, where an attorney must represent their clients.

To become an Enrolled Agent, their starting point could be a tax accountant, they need to participate in three parts of the Special Enrollment Examination to test their full knowledge of the law and the covers individuals tax-related processes, businesses tax procedures, representation, and tax practice. After completing the exam, they also need a background check administered by the IRS. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.

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𝐈𝐫𝐯𝐢𝐧𝐞 𝐓𝐚𝐱 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧
Office: 2372 Morse Ave, Irvine, CA 92614
Contact us via (𝟗𝟒𝟗) 𝟑𝟓𝟔-𝟎𝟖𝟒𝟎 or 𝐢𝐫𝐯𝐢𝐧𝐞𝐭𝐚𝐱𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬@𝐠𝐦𝐚𝐢𝐥.𝐜𝐨𝐦

𝟏𝟏 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐓𝐢𝐩𝐬 𝐨𝐧𝐥𝐲 𝐟𝐨𝐫 𝐒𝐦𝐚𝐥𝐥 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬
Tax season is always the headache period for business and whether you’re filing as an LLC or S Corp, you want to get the most savings possible. Here are some basics of tax tips on deductions for small businesses:

1. Get the most out of your auto/gas deduction: The government lets you deduct business-related car expenses, which you can calculate using two different methods: Standard Method (in 2015 it is 57.5 cents per business mile plus tolls and parking) & Actual Method: add up all actual automobile expenses – including gas, repairs, oil change, car insurance, car washes, etc. – and then multiply it by your business percentage.

2. Get the most out of your home office deduction: Many small business owners are afraid to claim “home office” deductions for fear it will bring the auditor a-calling’. Just make sure you keep well-organized records, and that you can prove your deductions are indeed for business expenses and you’ll be fine.

3. You can deduct educational expenses that maintain or improve skills required in your present employment, including seminars, classes, and convention fees.

Click the link below for knowing more tips:
https://www.irvinetaxservices.com/post/small-business-tax-tips

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Irvine Tax Solution
2372 Morse Ave, Irvine, CA 92614
(949) 356-0840
[email protected]

Small Business: 11 Tax Tips on Deduction Get the most out of your home office deduction: Many small business owners are afraid to claim “home office” deductions for fear it will bring the auditor a-calling’.

The EU will reduce tariffs on 8-12% tax on frozen lobster products imported from the US, while Washington will reduce taxes by 50% on some EU imports including certain prepared meals, certain crystal glassware, surface products, propellant powders, cigarette lighters, and lighter parts

A joint statement between the US and the European Union (EU) on August 21 announced that the two sides had reached an agreement on tax reduction policies for some of each other's export products.

Under the agreement, the EU will reduce taxes by 8-12% on lobsters imported from the US, while Washington will reduce taxes by 50% on some EU imports such as glassware, pottery, etc. disposable fire, and ready-made food. This is a positive signal to cool down tensions between the US and EU in the field of trade.
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Irvine Tax Solution
2372 Morse Ave, Irvine, CA 92614
(949) 356-0840
[email protected]

IRS to Send Letter to 9 Million Non-Filers Who Didn't Get Coronavirus Stimulus The letters will urge recipients to register at IRS.gov by Oct. 15 in order to receive their payment by the end of the year. Individuals can receive up to $1,200, and married couples can receive up to $2,400. People with qualifying children under .

𝐓𝐚𝐱 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐑𝐚𝐭𝐞𝐬 𝐫𝐞𝐦𝐚𝐢𝐧 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐟𝐨𝐮𝐫𝐭𝐡 𝐪𝐮𝐚𝐫𝐭𝐞𝐫 𝐨𝐟 𝟐𝟎𝟐𝟎

On September 3, 2020, WASHINGTON - The Internal Revenue Service announced the issue of maintaining the same interest rate from October 1, 2020.

The rate will be no different from Q3 2020:

3% for overpayments (2% in the case of a corporation)
0.5% for the portion of a corporate overpayment exceeding $ 10,000
3% percent for underpayments
5% percent for large corporate underpayments

Resource: The Internal Revenue Service (IRS)
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Irvine Tax Solution
2372 Morse Ave, Irvine, CA 92614
(949) 356-0840
[email protected]