Category Archives: Taxes

Taxpayers Will Use New 1095-A Information Statement to claim Premium Tax Credit

The Affordable Care Act is bringing several changes to the tax filing season this year, including a new form some taxpayers will receive. If you or anyone in your household enrolled in a health plan through the Health Insurance Marketplace … Continue reading

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2014 FUTA Credit Reduction, 1.2% in California

California FUTA credit reduction For the year 2014 California has a FUTA surcharge of 1.2% in addition to the regular FUTA tax. This surcharge applies to the first $7000 in wages you paid to each employee in 2014. Therefore the FUTA surcharge results … Continue reading

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State Tax Relief for Napa County Earthquake Victims

The Franchise Tax Board (FTB) announced on September 16, 2014 a  special tax relief for California taxpayers affected by the August 2014 South Napa earthquake. The President declared Napa and Solano counties a major disaster on September 11, 2014. The disaster … Continue reading

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Penalties for Late Filing and Late Deposits of Payroll Taxes will Increase

The EDD just announced the Governor’s budget includes changes to penalties for late filing and late deposits. Starting with the third quarter of 2014, the penalty for late payroll tax payments will increase from 10% to 15%. The penalty for late filing … Continue reading

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IRS Webinars: Payments to Independent Contractors and Filing Requirements for Form 1099

The Internal Revenue Service is marking Small Business Week, by holding two free webinars for small businesses and encouraging them to check out several key tax benefits and a special relief program for employers who reclassify their workers as employees. … Continue reading

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Manufacturing Sales Use Tax Exemption

A new law beginning on July 1, 2014 allows manufacturers and certain research and developers to obtain a partial exemption of sales and use tax on certain manufacturing and research and development equipment purchases. To be eligible under this law, … Continue reading

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FUTA Credit Reduction, 0.9% in California

What is a credit reduction state? A state is a credit reduction state if it has taken loans from the federal government to meet its state unemployment benefits liabilities and has not repaid the loans within the allowable time frame. … Continue reading

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