Tax News

In addition to previously extending the tax return deadline, California has announced several other key tax matters that will have extended time due to the coronavirus.   Claim for Refund Generally, a taxpayer must file a claim for refund within the later of four years from the date the return was filed or one year […]

The largest economic bailout in U.S. history contains several tax provisions.  The recovery rebates are well known, but here are some of the other important tax items: Recovery Rebates – Click here for chart of Recovery Rebates The 10% early withdrawal penalty for retirement distributions is waived for people diagnosed with coronavirus, who have a […]

The California tax deadline has been extended from April 15 to July 15 for all individuals and businesses regarding: 2019 tax returns and payments 2020 1st and 2nd quarter estimated tax payments 2020 LLC taxes and fees However, the Franchise Tax Board is still processing returns if you would like to file to get a […]

The IRS has issued an FAQ to clarify rules regarding the extension of the tax deadline from April 15 to July 15.  The entire release can be seen by clicking here, but below is a summary of some key answers: Everyone is eligible. You don’t have to show you were affected by the virus and […]

Amid the Coronavirus crisis, the IRS has issued a set of initiatives to help taxpayers.  They range from very helpful to nominal, but the IRS has stated there is more guidance and measures coming soon. Here are the highlights: Installment Agreements Payments between April 1 to July 15 are suspended, and no agreements will be […]

Due to the Coronavirus, this year we have a longer tax season and more people are home to answer their phones.  This means there could be an uptick in potential tax phone scams.  It is important to know the signs of a scam. The IRS will never: Call to demand immediate payment Ask payment to […]

  Click here for update Today the IRS went further on its previous extension of time to pay, and completely moved the tax deadline from April 15 to July 15.  This now applies to tax returns and payments; however, it is unclear if it applies to the 965 transition tax installments.  Since this is a […]

We are excited to announce that as of the beginning of 2020 we have now opened an office in Irvine.  This will allow Hone Maxwell LLP to service clients in Orange County and the Los Angeles area.  During the past few years our presence in the region has grown, especially within the international and Chinese […]

The importance of proper tax compliance when investing in the U.S. is very well known.  However, as with much of U.S. international tax, the informational reporting is often overlooked but is as important, if not more, than the actual reporting and paying of the income tax.  Recently, we have seen increase scrutiny on one of […]

With tax season approaching, many taxpayers are looking to use the services of a tax preparer.  The most common professional to provide this service is a CPA, but there are other professionals such as EAs and CTECs who are licensed and qualified to file tax returns.  Even with all these options, sometimes taxpayers may look […]