Bookkeeping and Tax Services:
We are committed to providing high-quality professional bookkeeping & Tax services. Mission
Our mission is to treat every client equally.
As an Accounting, Bookkeeping, Tax & Payroll company, we are committed to providing all clients with a high-quality professional Accounting, Bookkeeping, Tax & Payroll service. We are committed to protecting the confidence of all the client’s business matters. We promise to be loyal to the client and work in the best interests of the client. Vision
The vision of West Coast Tax and Financial Services is to provide the best Accounting, Bookkeeping, Tax & Payroll service to small business owners. The firm is to support small businesses that are not employing their own bookkeeper. Our aim is to free business from the tedious task of bookkeeping and help them focus on operations, growth and profitability.
Operating as usual
This the information you need to know on how and where to apply for the Grant Program that launches on 12/31/2020:
As you may be aware, there is a new grant program launching in California for small businesses and eligible non-profit organizations ( 501c3 and 501c6 ) impacted by the COVID-19 pandemic. Many of you have been on recent webinars and have contacted us to learn how to apply. Below, you will find information to help prepare you to apply when applications open on Wednesday, 12/30/2020:
Home page contains all information regarding eligibility, required documentation, etc
If you would like to register for the DAILY zoom call at 11:00 am to learn more about $500 million grant program please do so here:
The most up to date information will be located on https://careliefgrant.com
Round 1 application period open 12/30/2020 - 1/8/2021
This is not on a first come first serve basis, so there's no rush to get your application in before the deadline. The State will award grants once all the applications are in by the 8th.
Go to careliefgrant.com:
Click "Apply Through a Partner" By County
Select the county in which your business is located
Select SBDC Click "Application"
Please feel free to reach out with any additional questions.
-Must meet the definition of an “eligible small business” (see Definitions and Other Information)
-Active businesses or nonprofits operating since at least June 1, 2019
-Business must be impacted by COVID-19 and the health and safety restrictions such as business interruptions or business closures incurred as a result of the COVID-19 pandemic
-Applicants will be required to certify eligibilty, including that the grant will be used for the specific applicant and that such applicant is the business with the highest revenue
-Applicants with multiple business entities, franchises, locations, etc. are not eligible for multiple grants and are only allowed to apply once using their eligible small business with the highest revenue.
-Business must be able to provide organizing documents and an acceptable form of government-issued photo ID
-Revenue determined based on IRS tax form definition of “Gross Sales” (less any returns and allowances) as reported on
-Line 1.c. on both the 1120 (corporate return) or 1120S (S-Corp return);
-Line 3 on IRS Schedule C for single member LLCs and sole proprietorships;
-Line 1.c on Form 1065, for partnerships;
-Line 1.c and Line 2 on Schedule F for farming businesses;
-Line 12 on Form 990 for non-profits. Schedule E is not eligible.?
Application Requirements Businesses will need to:
-Complete a grant application (made available through an online portal by Lendistry);
-Upload selected financial and organizational documents; and
-Self-certify the accuracy of information by signing an Application Certification.
The following information is required from all applicants in Stage 1:
-A copy of the signed certification form referenced above.
-Most recent tax return filed (2019 or 2018) – provided in an electronic form for online upload, such as PDF/JPEG or other approved upload format.
An acceptable form of government-issued photo ID, provided in an electronic form for online upload, such as PDF/JPEG or other approved upload format.
-Acceptable evidence of minimum gross annual revenue of no less than $1,000 per year.
Additional Requirements for Businesses Determined to be Eligible:
- Once selected for funding, applicants will be required to provide additional documentation as set forth below and re-certify to the accuracy of information provided.
The following information is required from all applicants in Stage 2:
-Copy of official filing with the California Secretary of State (which must be active), if applicable or local municipality for your business such as one of the following, which must be provided in electronic format for upload, such as PDF/JPEG or other approved upload format:
-Articles of Incorporation
-Certificate of Organization
-Fictitious Name of Registration
-Government-issued Business License (sole proprietors without fictitious name)
-For eligible nonprofit entity applicants, a copy of the entity’s most recent IRS tax exemption letter.
-Verification of bank account via electronic registration or other approved review process.
Other hints for a successful application:
-Use Google Chrome browser
-SCAN YOUR DOCUMENTS PROPERLY All documentation must be provided in an electronic form for online upload, such as PDF/JPEG or other approved upload format. The electronic form must be clear, aligned straight, and contain no disruptive backgrounds. If you do not have a scanner, we recommend using the following free mobile apps: Genius Scan or Adobe Scan Apple
HOW TO DOWNLOAD AND COMPLETE THE APPLICATION CERTIFICATION
1. Download the electronic form to your computer.
2. Enter your initials next to all numbered items.
3. Complete the Application Certification with your signature and business information.
4. Save your completed Application Certification on your device.
5. Upload the completed Application Certification.
There is a new CA Loan Fund open to the market. The CA Rebuilding Fund, pre-applications are open to the public to qualify up to 100K @ 4.25%.
Please see the links below to get this process started for you:
Link & Application to the CA Rebuilding Fund: caloanfund.org
careliefgrant.com THIS DESCRIPTION HERE - 135-300 Characters
#FraudFriday- #IRS “Ghost” Tax Preparer
It’s tax season and the Internal Revenue Service is warning taxpayers to avoid the dangers of “ghost” tax return preparers.
Fraudster “Ghost” preparers advertise online or appear in public as legitimate tax preparers. Once they have the victim’s money, information and tax documents, they “complete” the taxes and purposefully do not sign the return, as preparers are required to do. The returns are sent to the IRS. Or, for e-filed returns, they prepare but refuse to digitally sign as the paid preparer.
Once the paperwork gets to the IRS, the tax return is rejected because there is no tax preparer information listed anywhere. The IRS sends the documents back to the victim, who is now left to do the taxes again! The victim can’t locate the fraudster preparer because they have “ghosted” and are nowhere to be found!
These shady preparers may also:
• Require payment in cash only and not provide a receipt.
• Invent income to qualify their clients for tax credits erroneously or claim false deductions to enable the taxpayer to get a larger refund.
• Direct refunds into their own financial account rather than the taxpayer’s account.
Things the taxpayer should do and look out for when doing taxes:
• Review their tax return carefully before signing
• Ask questions if something is not clear.
• For any direct deposit refund, taxpayers should make sure both the routing and bank account number on the completed tax return are correct.
• Research a tax professional’s tax preparer credentials and qualifications.
Don’t be a victim! Do your research during Tax Season.
Filing Due Date
Monday April 15, 2019
Now accepting Visa, Master and Discover Cards
Ask About our referral program.
Schedule your tax appointment today!!
Open All Year
Tax service, Bookkeeping and business services.
West Coast Tax
1550 Hillhurst Ave # 1
Los Angeles CA 90027
As we enter into the new year I hope your holidays were pleasant and that the new year is happy and prosperous.
I would like to take this moment And thank you for your continued support. As you know 2018 saw some significant changes to the tax laws. I hope this news letter will help explain some of the changes that may affect you.
I would also like to introduce D.L. CORMIER INSURANCE SERVICES. (CDI # 0M51626)
We offer personal lines insurance (home and auto) through WIAA insurance group.
The carriers we service are:
I can also refer your life insurance needs to a business associate.
Donald L. Cormier Jr.
Please note all information contained in this newsletter was compiled from irs and ftb website.
Publications and many forms have been delayed due to government shut down. The shut down will affect filing date ( due date may be extended and refunds are expected to be delayed).
Changes in Tax Rates For 2018, most tax rates have been reduced. This means most people will pay less tax starting this year.
The 2018 tax rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
In addition, for 2018, the tax rates and brackets for the unearned income of a child have changed and are no longer affected by the tax situation of the child’s parents.
The new tax rates applicable to a child’s unearned income of more than $2,550 are 24%, 35%, and 37%. In addition to lowering the tax rates, some of the changes in the law that affect you and your family include increasing the standard deduction, suspending personal exemptions, increasing the child tax credit, and limiting or discontinuing certain deductions.
Federal income tax withholding may need adjustment The Tax Cuts and Jobs Act changed the way taxable income is calculated and reduced the tax rates on that income.
This issue affects every taxpayer who receives a paycheck. The U.S. tax system operates on a pay-as-you-go basis. Taxpayers must generally pay at least 90 percent of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two. THIS MEANS THAT…you need to pay most of your tax during the year, as the income is earned or received. If you don’t, you may owe an estimated tax penalty when you file.
Changes to Standard Deduction
The standard deduction is a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status. The standard deduction reduces the income subject to tax. The Tax Cuts and Jobs Act nearly doubled standard deductions. When you take the standard deduction, you can’t itemize deductions for mortgage interest, state taxes and charitable deductions on Schedule A, Itemized Deductions. Starting in 2018, the standard deduction for each filing status is: Single....................................................................$12,000 .......(up from $6,350 in 2017)
Married filing jointly. Qualifying widow(er) ............$24,000 .......(up from $12,700 in 2017)
Married filing separately .......................................$12,000 .......(up from $6,350 in 2017)
Head of household...............................................$18,000 .......(up from $9,350 in 2017)
The amounts are higher if you or your spouse are blind or over age 65. Most taxpayers have the choice of either taking a standard deduction or itemizing. If you qualify for the standard deduction and your standard deduction is more than your total itemized deductions, you should claim the standard deduction in most cases and don’t need to file a Schedule A, Itemized Deductions, with your tax return.
Changes to Itemized Deductions In addition to nearly doubling standard deductions, the Tax Cuts and Jobs Act changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions.
THIS MEANS THAT…Many individuals who formerly itemized may now find it more beneficial to take the standard deduction. Check your 2017 itemized deductions to make sure you understand what these changes mean to your tax situation for 2018. Almost everyone who previously itemized before is affected by changes from the Tax Cuts and Jobs Act. The changes to both the standard deduction and itemized deductions could affect how much you need to have your employer withhold from your pay. Even if you continue to itemize deductions, you should check your withholding. You may not take the standard deduction if you claim itemized deductions. Alternatively, if you take the standard deduction, you may not claim itemized deductions. For married filing separate taxpayers, if one spouse elects to itemize, the other spouse is also required to itemize. That’s why it is important that you consider what these changes mean for you and your family.
For 2018, the following changes have been made to itemized deductions that can be claimed on Schedule A.
Limit on overall itemized deductions suspended. You may be able to deduct more of your total itemized deductions if your itemized deductions were limited in the past due to the amount of your adjusted gross income. The old rule that limited the total itemized deductions for certain higher-income individuals has been suspended. THIS MEANS THAT…if you do itemize… your itemized deductions are no longer limited if your adjusted gross income is over a certain amount.
Deduction for medical and dental expenses modified. You can deduct certain unreimbursed medical expenses that exceed 7.5% of your 2018 adjusted gross income. Before this law change, unreimbursed medical expenses had to exceed 10% of adjusted gross income for most taxpayers in order to be deductible.
Also please be aware of the continuing IRS scams.
First the IRS will NOT call you regarding a balance due. They will correspond through mail.
Second the IRS will not send issue an arrest warrant and send police to your home. You would be taken to court for a large outstanding balance, and only if you have not responded to their notifications.
Third the IRS will NEVER accept payment of tax due by way of gift cards.
These are only a few examples of fraudulent collection activities that are being tried. If you have any questions regarding a phone call stating they are the IRS, please call me or the IRS.
If you do receive a phone call, DO NOT give any information over the phone (name, social security number, bank account information etc…). Instead, try and get as much information as possible (the name of the person you are talking to, the phone number, time and date.) then report this information to the IRS. You can do this through their website or give me the information and I can report it for you.
Home Mortgage Interest Federal law limited the mortgage interest deduction acquisition debt maximum from $1,000,000 ($500,000 for married filing separately) to $750,000 ($375,000 for married filing separately). California does not conform. If your deduction was limited under federal law, enter an adjustment on line 8, column C for the amount over the federal limit. Federal law suspended the deduction up to $100,000 ($50,000 for married filing separately) for interest on home equity indebtedness, unless the loan is used to buy, build, or substantially improve the taxpayer’s home that secures the loan.
Mortgage Interest Credit – If you reduced your federal mortgage interest deduction by the amount of your mortgage interest credit (from federal Form 8396, Mortgage Interest Credit), increase your California itemized deductions by the same amount. Enter the amount of your federal mortgage interest
Qualified Charitable Contributions – Your California deduction may be different from your federal deduction. California limits the amount of your deduction to 50% of your federal adjusted gross income. Figure the difference between the amount allowed using federal law and the amount allowed using California law.
Casualty or Theft Loss(es) Under federal law, the personal casualty and theft loss deduction is suspended, with exception for personal casualty gains. Federal allows a deduction for personal casualty and theft loss incurred in a federally declared disaster. California does not conform. California allows personal casualty and theft loss and disaster loss deductions. If you have personal casualty and theft loss and/or disaster loss, complete another federal Form 4684, Casualties and Thefts, using California amounts. Enter the difference between the federal and California amount in column B or column C.
These are just a few of changes for both federal and state.
If you have any questions please feel free to call me.
Tax Interview Check List
We receive many calls from clients asking what to bring to the tax interview. To assist you, we have compiled a list of the most common items people need.
W-2’s: Bring all copies from every employer you had in 2018. Also any W-2’s you received from gambling winnings.
1098’s: This form reports interest you paid on your mortgage(s). (Personal residence and/or rentals.)
1099’s: For interest and dividend income. For pensions or IRA distributions. For sale of home or rental.
For sale of stock. From self-employment. For state unemployment benefits received. For state tax refunds.
Sale of Rental(s): Not only do we need the 1099, we also need the closing statement from the escrow company, the original cost of the property and the cost of the capital improvements made on the property since you have owned it.
Sale of Stock: We need the purchase date, the cost basis, the sale date and the price of each transaction. (Bring in buy and sale documents.)
Social Security Received: Bring your 1099SSA that you receive at year-end from Social Security.
Estimated Tax Payments: If you made estimated tax payments, please bring copies of your canceled checks.
Child Care Expenses: We will need the name, complete address, amount paid and the Identification number or Social Security number of the facility or person(s) caring for your child/children.
Auto Registration: Bring in the portion of your auto registration slip that reflects the amount that is a tax deduction.
Rental Income: The gross amount of rents received and the total expenses from the rental property. (We have worksheets available – just call & we will mail or fax.)
Self-Employed: Gross income for the year, your cost of goods sold and the total operating expense. (We have worksheets available – just call & we will mail or fax.)
Other Information: SS #’s and date of birth for everyone on your tax return. Note: The government will no longer accept ages instead of their date of birth.
Property Tax: Statements you paid (Personal/Rental).
Purchase or Refinance: (Home or Rental) We need the Settlement of Escrow Statement.
Medical: Any and all out of pocket expenses that relate to medical costs.
Charitable Contributions: Cash and non-cash – Receipts required for anything over $500.
Miscellaneous: Business Expenses – any out of pocket business expense.
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