Dark Horse CPA Blog

Are you a California resident who is tired of paying high-income taxes? You’re not alone! California has one of the highest state income tax rates of up to 13.30% in the country. Have you considered m...

Whether you are working for a start-up company or a large Fortune 500 corporation, if you receive stock options as a part of your compensation, it can be confusing.  Incentive stock options or non-qua...

In July 2021, Governor Gavin Newson signed AB 150, which includes a State and Local Tax (SALT) cap workaround.  The effect of this legislation is that qualified entities can elect to pay tax to Califo...

Well, it certainly is that time of year again. Where there WAS sleep, there IS coffee, and without the latter, the former is inevitable. Suffice to say that we are looking forward to reuniting with ou...

Let’s face it, most CPAs miss the mark when it comes to tax planning for their clients. There are several reasons, ranging from introverted CPAs who are averse to picking up the phone to those who hav...

Many startup founders and small business owners hire a bookkeeper based on price and then have a CPA do their taxes to keep their costs down. Sometimes, they’re forced into having it done this way bec...

It wasn’t long ago that there was no formalized concept of a Fractional CFO. Sure, some folks operated in this capacity via relationship referrals or as an interim-CFO… but it wasn’t really a thing by...

Most business owners understand that they have to have an accurate set of books, primarily involving the main two financial statements, a Balance Sheet and a Profit & Loss/Income Statement. At the mos...

The Advance Child Tax Credit is a new program designed to help American families in financial risk by providing cash into the hands of those who can best use it. The alternative before this most recen...

If you think back all the way to 2020 (yes, that was just last year), you may remember that your first and second stimulus payments were included on your tax return. These 2 payments were not taxable...

A new stimulus deal agreement has been reached in the Senate, and is expected to be passed by both the Senate and the House on Monday, December 21st. Many of the provisions mentioned on last Thursday'...

When it comes to business tax planning in 2020, it's impossible to ignore the future tax increases under the Biden Tax Plan. The timing of the rollout, however, is anyone's guess. Nonetheless, you can...

Let’s face it, there is a lot of uncertainty as to what our tax code will look like in 2021. With control of the Senate to be decided within weeks, we could be looking at a full-scale rollout of Biden...

If you own a California small business, you are painfully aware of the lockdown orders affecting most of the state. We hope you are also aware of all of the California relief programs available to you...

California passed Senate Bill 1447 on September 9, 2020 which created the California Main Street Small Business Tax Credit. The credit can be used towards California state income taxes or sales and us...

Current tax law limits State and Local Tax Deductions to $10,000. This law applies to individuals whom itemize deductions on Schedule A. This has been a thorn in the side of those who live in high-tax...

California Assembly Bill AB 85 will limit the amount of tax credits a business can claim AND suspend any Net Operating Loss deductions for tax years 2020 - 2022. AB 85 became law via the passage of th...

Proposition 15 will result in increases in property taxes for businesses in California. The proposition is aimed at businesses owning commercial and/or industrial property with a fair market value of ...

If you make more than a million dollars in a given year, your California income taxes are going up. California’s personal income tax is already the highest in the country. If you thought they couldn’t...

If your business received a PPP loan for $50,000 or less, the Small Business Administration has some good news for you. On October 7th, the SBA released an Interim Final Rule that creates a simplified...

The Small Business Administration issued a procedural notice for business ownership changes for entities that have an outstanding Paycheck Protection Program loan. So, if your business is merging, buy...

The November election is right around the corner and Joe Biden is looking increasingly more likely to win the election. Thus, it’s time to educate yourself on the Biden Tax Policy. If he were to win, ...

Senate Democrats have introduced a bill to provide tax relief to those affected by the wildfires in the West and the hurricanes in the South. For those who missed it, we covered this on our latest epi...

If you’re wondering what’s going on with the $300/wk unemployment bonus ordered by President Trump, you’re not alone. You may be surprised to learn, however, that most states have been approved by FEM...

The IRS issued guidance on the payroll tax deferral from President Trump’s Executive Order. The text of the IRS notice can be found here. The important points of this guidance are as follows: The pay...

If you’ve turned on the news lately, you’ve undoubtedly noticed that myriad natural disasters unfolding across the nation. Tropical storms, hurricanes, and wildfires, you name it. Given the situation,...

Negotiations on a new coronavirus stimulus package are deadlocked. Congress is on recess and there is trillions of dollars separating the bills proposed by both parties. In an attempt to get something...

President Trump recently issued an executive order to defer payroll taxes from September 1 through December 31, 2020. We discussed this on our weekly video, This Week This Morning. While it’s easy to ...

We finally have a draft bill from Senate Republicans, entitled the HEALS Act (Health, Economic Assistance Liability Protection & Schools Act…apparently the “P” is silent). Keep in mind that there is s...

Could you get your Affordable Care Act taxes refunded? On March 2, 2020 the U.S. Supreme Court agreed to hear another challenge (the third major challenge to date) to the Affordable Care Act. Unfortun...

The Main Street Lending Program has been largely dismissed by many businesses as the terms of the program were not attractive enough to get them off the sidelines. The FED, however, announced some not...

The House originated it, the Senate approved it and the President signed it: Favorable Changes to PPP Loans. The Paycheck Protection Program has been modified to the point that any smart and viable bu...

Here's what you need to know about the Interim "Final" Guidance on PPP Loan Forgiveness released by the SBA late last week: Loan Forgiveness The bank that issued your Paycheck Protection Program loa...

Don't fall victim to the traps that could lower the amount of PPP loan forgiveness you receive! The SBA recently released a copy of the Paycheck Protection Program (PPP) Loan Forgiveness Application ...

The SBA recently released the PPP Loan Forgiveness Application which needs to be completed by every business who intends to seek forgiveness for their PPP Loan. This is likely not the final copy of th...

House Democrats unveiled a $3 Trillion Bill to respond to health and economic problems brought about by the coronavirus pandemic. Dubbed the HEROES Act, which is a rather lofty mnemonic standing for t...

It's just about that time where the big guy in the red suit breaks into your house and deposits all of the presents that you didn't have to stress out about thinking about, locating and buying. If San...

It's that time of year again where folks start scrambling to figure out how to lower their tax bill for the year by making last minute maneuvers. If you're reading this now, I am going to venture to g...

As mentioned in our previous blog entry (HERE), we are launching our very own Donor Advised Fund which we've christened the Dark Horse Charitable Fund. The fund has been created to help support the va...

Why do we Americans continue to enthusiastically celebrate Thanksgiving year-after-year, risking our lives deep-frying turkey, enduring awkward conversations with Cousin Eddie, watching the NFL's wors...

Given all of the tax change proposals from Democratic presidential candidates on top of the total overhaul that came via the Tax Cuts & Jobs Act, it goes without saying that the tax law landscape is i...

So, you happen to be lucky enough, unlike us lowly accountants, to own a business that is a qualified business under Section 199A (stated differently, you are not a Specified Service Trade or Business...

Dark Horse is seeking out Solo Practitioner CPAs to join our industry-disrupting accounting firm. Dark Horse Proprietors run their own book of business the way that they see fit, tap into a robust tec...

If you have a business (other than a C Corporation) and you haven’t heard of the 20% Pass-Through Deduction under Section 199A, we’d like to introduce ourselves to you as your new CPA. The quick and ...

If you own an S Corporation and have not heard of the term, “Reasonable Compensation,” then I would suggest that you keep reading. You probably chose to make the S-Election with your LLC or Corporatio...

Unless you’ve been living in a cave for the past couple decades, you’re probably aware that the cost of your child’s education has and continues to skyrocket. You’ve probably asked yourself how you’re...

Maybe the treasury is reading our blog, or maybe they heard the many exasperated taxpayers and tax professionals. Either way, the new Form W-4 has been simplified in its latest revision, which is expe...

If you were one of the taxpayers who received a smaller than expected refund or went from a refund position to a balance due when you filed your 2018 tax return, you’re not alone. This is because the ...

Earlier this month, the IRS issued final regulations pertaining to Section 170. At stake was whether a taxpayer could subvert the $10K SALT deduction cap (not popular in California) by making a charit...

If you're one of the many American taxpayers who had to forgo a deduction you're used to claiming or are still waiting to file so that you don't have to later amend your tax return, you are probably p...

Have you recently received a phone call from someone claiming to represent the IRS demanding payment for back taxes, tax fraud or any other tax related issue? Are they threatening legal action if you ...

The Treasury recently released proposed guidance in regard to the 20% reduction of pass-through income, which tax nerds casually refer to as the Section 199A deduction. Many business owners have heard...

The Trump Administration is aiming to reduce capital gains tax, not by reducing the tax rate, but rather by indexing cost basis for inflation. Like many things in the tax code, such a change seems rel...

The State Department has begun enforcing a pre-existing law that allowed for the denial of passport applications and in certain cases, revoking current passports for taxpayers that owe the IRS $51,000...

As the IRS prepares to release the 2018 edition of the 1040 Tax Return on what it calls a, "Postcard," it should be noted that this is simply a clumsily condensed version of the old 1040, and represen...

What a debacle. In true IRS fashion, their antiquated systems finally gave in and greeted taxpayers by telling them to come back in the year 9999 and that, despite the system's inability to process pa...

Chances are that if you’re reading this blog post, you have a vested interest in the subject. And by “chance,” I mean a 100% chance. If you are reading this for entertainment, then I would suggest tha...

We are releasing a 2-part episode on Taxes and Beer about some of the weird tax changes that were included in the Tax Cuts & Jobs Act. We say "weird" because these changes don't fit a larger narrative...

In our most recent Podcast episode of Taxes and Beer, Dark Horse's Max Fritz and I discussed all of the pertinent tax changes that homeowners and aspiring homeowners need to be aware of. These change...

You may have heard that there are some changes coming in 2018 and beyond for taxpayers with pass-through income. Unclear on what exactly this is? Put simply, it is net income after all expenses that i...

It’s just about official, folks. Major changes to the tax code are upon us. At this point, you’re probably wondering what moves you need to make before year-end. Summarized below is a list of items th...

The most common question we have been helping clients address over the past couple of months is, “what is Trump’s Tax Plan and how does it affect me?” The details have been murky at best as there have...