(310) 540-4118 Secure File Upload
4734D, Tax Refund, FTB, Franchise Tax Board,

If you’re expecting a refund from the California Franchise Tax Board (FTB), this can be a lovely time of year. If your accountant has calculated a refund, there is a fair amount of certainty you will receive one. However, occasionally this doesn’t go as planned.

If, instead of a refund, you received Form 4734D – here’s what that means.

C Corp, Corporate Entity, Tax Liability

Are you planning on forming a new business entity? If so, will you be getting the best tax deal? With possible, yet uncertain tax reform on the horizon, the C-corporation could be a better choice.

It’s good to know exactly how you might benefit with your entity choice, particularly should the tax laws or economic conditions of your business shift. As it stands, several factors are making the C-corporation a more attractive option.

Here’s how it breaks down.

Partnership Audit

Due to recent changes to the Tax Equity and Fiscal Responsibility Act of 1982, federal audits of business partnerships are expected to rise significantly. Because of sophisticated tiered structures of many partnerships, it had become difficult if not impossible for the IRS to conduct an effective audit. The new rules are expected to change all of that, but with the new audits, you do have options. Here’s what you need to know.

Early filing, taxes

It’s still early in the tax season, and you may have some questions about refunds, filing, or things you may have heard in social media about taxes. The IRS has recently published a release addressing common myths about filing your taxes early, and we here at PDM wanted to share with you what the IRS has to say.

Health Insurance, Reimburse, penalty

If you are a small business that reimburses employees for health insurance premiums, you know that the IRS enacted stiff tax penalties last year. Though not a part of the ACA (Affordable Care Act), employers who disregarded the rule faced fines of $100 per day per employee, up $36,500 a year. As of December 7, 2016, Congress passed legislation eliminating this tax penalty.

Tax savings, deduction

As the year closes, it is a perfect time to look at your books and take an assessment of any last minute savings you can preserve for your business before filing for 2016 taxes. As it turns out, there are several key steps your business can take this year to take advantage of existing rules.