News Archives - ATS Consulting

IRS Provides Tax Relief to California Storm Victims

The IRS is providing tax relief to storm victims who live or have a business in the disaster area now have until May 15, 2023, to file various federal individual and business tax returns and to make tax payments.

The disaster área designated by the federal government includes the following counties: Colusa, El Dorado, Glenn, Humboldt,Los Angeles, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Orange, Placer, Riverside,Sacramento, San Bernardino, San Diego, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara,Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Ventura, Yolo, and Yuba. Read more

January 26, 2023/0 Comments/by ATS Consulting

Entrepreneurs, Industry, News

Construction Industry: How to Decide on Your Entity Type?

The Construction Industry is poised to continue in growth opportunity as it recovers from the dip in demand during the height of the pandemic. This could be a great time for a business formation, but first one must consider what is the right entity type for your needs. Read more

October 31, 2022/0 Comments/by ATS Consulting

Finances, News, Taxes, Worksheets

Understanding AB 5

Since its introduction to law in late 2019 and its application in 2020, California Assembly Bill 5 (AB 5) has remained a contentious issue as some industries have struggled to adjust to the sharp change in employee categorization.

AB 5 relies on a 3-pronged test to determine employment that came about through 2018’s court case Dynamex Operations West, Inc. v. Superior Court of Los Angeles. Commonly referred to as the “ABC Test,” it presents that a worker is presumed to be an employee unless the hiring entity demonstrates all three of the following conditions: Read more

October 27, 2022/0 Comments/by ATS Consulting

Accounting, Finances, News, Refunds

Student Loan Relief for Borrowers Earning $125,000 or Less

On August 24^th, 2022, President Joe Biden announced a sweeping plan to cancel up to $20,000 in federal student loan debt and an extension of the repayment freeze until the end of the year. Debt forgiveness applies only to those earning less than $125,000 a year ($250,000 for married couples). The $20,000 available only to those that received a Pell grant in college. Non-Pell borrowers who meet the income requirements qualify for $10,000 of forgiveness from federal loans.

President signs Inflation Reduction Act

The Inflation Reduction Act of 2022, H.R. 5376, was signed into law by President Joe Biden on August 16^th. Targeting health care, taxes and climate change, the $739 billion legislation includes a package for energy and conservation focused tax credits, tax provisions, and increased funding for the IRS.

In terms of energy incentives for individuals and businesses, the bill provides credits generally applicable for post 2022 returns including: Read more

October 25, 2022/0 Comments/by ATS Consulting

News, Taxes, Worksheets

California’s Governor Signs 3 Tax-Related Bills

Tax relief comes to California in the form of 2022-2023 budget bills. On July 5^th, 2022, Governor Gavin Newsom signed into law California Assembly Bills “AB” 192, 194, and 195.