Embed Size (px)
Citation preview
WWW.CHLKCPAS.COM
2019 / 2020
TAXUPDATE
PENALTY ISSUE FOR NOT HAVING HEALTH INSURANCE IN 2019
IRC §199A : SMALL BUSINESS DEDUCTION
1
RENTAL REAL ESTATE SAFE HARBOR
VIRTUAL CURRENCY TRANSACTIONS(IRS LETTERS 6174, 6173 FOR CRYPTO TAXES)
2019 TAX RATE
2
IRA CONTRIBUTION AMOUNTS
CHILD TAX CREDIT & OTHER DEPENDENT CARE TAX CREDIT
MEDICAL EXPENSE DEDUCTIONS
RIDE SHARING, PART-TIME DELIVERY SERVICES, OR E-COMMERCE
3
QUALIFIED PLUG-IN ELECTRIC DRIVE VEHICLES CREDIT
RESIDENTIAL ENERGY EFFICIENT PROPERTY CREDIT
4
TAX PLANNING AND TAX AUDITTAX PLANNING AND TAX AUDIT
Individual Taxpayers
CONTRIBUTION TORETIREMENTSAVINGS
RETIREMENT PLANS:TRADITIONAL IRAAND ROTH IRA
DISTRIBUTION OFRETIREMENTACCOUNT
GIFT TAX /ESTATE TAXEXCLUSION
5
FOREIGN-EARNEDINCOME EXCLUSION
PRINCIPALRESIDENCE
REQUIREDMINIMUMDISTRIBUTIONS(RMD)
Individual Taxpayers
6
REPORT OFFOREIGN BANKAND FINANCIALACCOUNTS (FBAR)
Individual Taxpayers
7
REINVESTEDDIVIDENDS
CAPITAL GAIN(LONG-TERM)
INVESTMENTINTEREST
INSTALLMENTSALE
Investors
8
NET OPERATINGLOSS (NOL)
CALIFORNIAABC TEST(AB 5 Ch. 19-296)
AUTOMOBILEEXPENSE
BAD DEBT,CASUALTY ANDTHEFT LOSS
Business Owners
9
SECTION 179AND SPECIALDEPRECIATION
MEAL & ENTERTAINMENT
PENSION PLAN
RESEARCHACTIVITIESCREDIT
Business Owners
10
SEXUALHARRASSMENTTRAINING
CANNABIS(FULL EXPENSE DEDUCTIONS ALLOWED IN CALIFORNIA STARTING IN 2020)
Business Owners
11
INCOME TAX AUDIT SOURCE OF LIVING EXPENSE
SOURCE OF FUND
BANK DEPOSIT
SEPARATE BANK ACCOUNT
CHARITABLE CONTRIBUTION
CASH TRANSACTION
12
INCOME TAX AUDIT
FOREIGN GIFT
RECORD KEEPING
AUDIT NOTICE
FORM 1099FILING REQUIREMENT
13
Partners
Managers
Staffs
Partner
Staffs
Advisors
Los Angeles Office #1 (Suite 480)3435 WILSHIRE BLVD., SUITE 480, LOS ANGELES, CA 90010 T: (213) 365-1700 F: (213) 365-1726
Los Angeles Office #2 (Suite 1080)3435 WILSHIRE BLVD., SUITE 1080, LOS ANGELES, CA 90010 T: (213) 382-8001 F: (213) 382-9115
Torrance Office3820 DEL AMO BLVDS., SUITE 220, TORRANCE, CA 90503 T: (310) 542-6373 F: (310) 370-5565
Advisor
Partner
Staffs
