O&S BLOG

O&S BLOG2018-02-21T09:26:07+00:00

Long Beach renters win victory: Leaders agree to require assistance for some evictions, rent hikes

Long Beach Post, April 3, 2019 by Jason Ruiz in News Long Beach renters scored a small victory early Wednesday as the City Council voted to create an ordinance that will require landlords to provide financial assistance to those displaced by rent increases and some evictions. The victory comes after years of failed attempts by tenant advocate groups to push the City Council to adopt stronger protections for renters like just-cause eviction, rent escrow and rent control measures. But advocates said this is a starting point to help stop mass displacement that has ravaged some parts of the city. Under…

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 general rule is that if a business pays an independent contractor $600 or more in a calendar year for services, you must give them a 1099 showing the total amount paid. These forms must be sent to the recipients by January 31 of the following…

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 a Traditional, or vice versa. Below are some of the general characteristics describing both types of IRAs. Traditional IRA Contributions to your IRA are deductible on your personal income tax return in the year that you make them At 70 ½ years old, you are…

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 are generally not taxable to the employee, nor are they deductible by the employee as an expense. However, for shareholders in an S corporation that own more than a 2% stake and who have their health insurance premiums paid for by the corporation, those premiums…

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 2025. Although the Tax Act may provide simplification in a few aspects by eliminating tax provisions, there are also added complexities. Due to the number of changes, as well as some new concepts introduced in the law, there is a need for guidance from the…

A Deduction a Day Keeps the Taxes Away

With the new standard deduction amounts being introduced in 2018, it might not be reasonable for taxpayers to itemize their deductions moving forward. However, if you still plan to itemize, here are some notable changes that you should take into account for 2018. Capping of the State and Local Taxes Deductions (SALT) The number to remember is $10,000. For the year 2018, all state and local income, sales, and property taxes combined are capped at $10,000. This only applies to amounts listed on schedule A and do not affect sales and property taxes that are on Schedule C, Schedule E,…

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