News and Media

News and Media2018-10-15T13:09:26+00:00

Tax Season TV Ads

Based upon all the TV ads for H&R Block and Turbo Tax, I guess it must mean we are in tax season again. That would explain the piles of files on my desk and the weekends my team is putting in here at the office! So far, a couple trends are starting to appear. First, […]

Los Angeles Business Journal The List 2019 Accounting Firms

O&S named as #66 in the Los Angeles Business Journal "The List" 2019 Accounting Firms. "The List" ranks accounting firms by the number of accounting professionals in L.A. County. For more information on our services please visit us at Read More

Happy Valentine’s Day!

On this national day of love, hearts, flowers, and candy that we use to acknowledge those who are close to us, I want to encourage everyone to think about the one thing that ties it all together and makes this day meaningful for many – Cybersecurity! (What else??) The reason I used this tortured segue […]

1099 Reporting Hacks

Background: Each year businesses are required to issue information returns (i.e. 1099 forms) reporting various types of payments, or in some cases receipts. Unless you happen to be a University or a Bank, most of the forms you will be sending out will probably be the 1099-Misc to report payments for services by non-employees. The […]

Insurance Tax Planning

Do you, or someone you know, have a life insurance policy that you are paying premiums on but the insured could really use some cash now? One little noticed nuance about the Tax Cuts and Jobs Act of 2017 (TCJA) was a provision that changes the treatment of sales of life insurance contracts. Previously, if […]

Tax Implications of the Federal Shutdown

For you over-achievers out there who are chomping at the bit to file 2018 tax returns, you may have to cool your jets for a while. While the Federal shutdown has not changed anticipated filing dates, there may still be some impact on you. IRS has furloughed 87% of their employees and many areas are […]

Let’s Talk About “IRAs”

There are a smorgasbord of investments to choose from when planning for retirement. The Traditional IRA and Roth IRA are amongst the easiest ones to set up and manage. An “IRA” is a fancy acronym for an Individual Retirement Account. Depending on your personal situation, you may want to choose contributing to a Roth over […]

S Corporation Health Insurance Premiums

As we approach the end of the year and many businesses are preparing to run their final payroll runs for 2018, we thought we would take a moment to remind business owners of a common mistake we see regarding how health insurance premiums are treated. For rank and file employees, employer paid health insurance premiums […]

Check and Checkmate. Twice.

In case you missed it, last week the California Public Utilities Commission, a group of unelected State Regulators, proposed a plan to tax text messages. Apparently in the never ending pursuit of helping the disadvantaged afford cellular coverage our state ruling class saw a bountiful source of revenue. Just think of all the teenage girl’s […]

2018 Tax Reform – How do the changes affect you?

In December 2017, the President signed into law the Tax Cuts and Jobs Act (“Tax Act” or “Act”), which introduces the most significant changes to the U.S. tax system since 1986. With a few exceptions, the provisions are generally effective starting in 2018. However, many of the changes are temporary and scheduled to sunset after […]