Tax

At a Glance Main Takeaway Accounting Standards Codification 740, also known as ASC 740, is a set of guidelines regulating how companies recognize the impact of income taxes under Generally Accepted Accounting Principles (GAAP)

https://windes.wistia.com/medias/ym7b0vetle?embedType=async&seo=true&videoFoam=true&videoWidth=640   At a Glance Main Takeaway The State and Local Tax (SALT) deduction impacts the financial strategies of businesses and high-net-worth individuals every year

At a Glance Main Takeaway Deferred tax assets are non-current assets on a company’s balance sheet that reduce taxable income in the future

At a Glance Main Takeaway Remote work has grown increasingly popular in the past three years, with many businesses opting for flexible, work-from-home options for their employees

Governor Newsom's office has announced that it will conform to the IRS’s postponement of filing and payment deadlines to October 16, 2023, for taxpayers located in all California counties except the following: Imperial; Kern; Lassen; Modoc; Plumas; Shasta; and Sierra

At a Glance Main Takeaway If you own real estate investment properties, you likely use a tax strategy involving depreciation deductions to maximize savings when you file

The IRS has extended the filing deadline to from May 15, 2023 to October 16, 2023 for victims of severe winter storms, flooding, and mudslides in California. This extension currently applies only to applicable federal returns and payments, California has not conformed as of the date of this announcement