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Tax & Business

To provide tax related information to the public

Beneficial Ownership Information (BOI) Reporting: Who Must File Now

Tax & Business /

Beneficial ownership information (BOI) reporting has changed a lot since it began in 2024. Today, most U.S. businesses no longer need to file. Instead, the rules mainly apply to foreign companies registered to do business in the United States. Here is what beneficial ownership information reporting requires now. What is beneficial ownership information reporting? The

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individuals-tax-relief

Understanding Refunds for Excess Withholding Tax and 8288-B Withholding Certificates

Tax & Business /

When a foreign person sells U.S. real estate, the buyer generally must withhold 15% of the sale price under FIRPTA. This excess withholding often far exceeds the seller’s actual tax. For example, a foreign seller might make a $200,000 profit on a $1.2 million sale. That seller might owe about $30,000 in tax, yet $180,000

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California Equity-Based Compensation

California Equity-Based Compensation Guidelines – Move from CA to Other States

ESPP, Individual Tax, Investment, Tax & Business /

Last reviewed September 30, 2026. The rules below still reflect current California law. Moving out of California can change how your stock awards are taxed. This guide explains California equity compensation rules for restricted stock units (RSUs), incentive stock options (ISOs), nonqualified stock options (NSOs) and employee stock purchase plans (ESPPs). In short, California taxes

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Analyze Personal Finances

How to Analyze Your Current Finances

Accounting Services, Business Tax Consulting, Others, Personal Financial Management, Tax & Business, Tax Advisory Services, Tax Credits & Incentives /

An earlier version of this article was written with wikiHow and featured on its website. We updated and shortened it for 2026. Before you can improve your financial health, you need to analyze your current finances. Start by tracking your spending for a month. Then look at where most of your money goes. After that,

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Reduce your tax on salary income

How to Reduce Your Taxes on Salary Income

Accounting Services, Business Tax Consulting, Family Wealth Services, Individual Tax, Investment, Payroll Taxes, Tax & Business, Tax Advisory Services, Tax Return Compliance /

An earlier version of this article was written with wikiHow and featured on its website. We updated it for 2026. If you earn a salary, you still have ways to lower your tax bill. First, you can shrink your taxable salary income with pre-tax contributions to retirement and health accounts. Then you can claim every

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Nonprofit tax return

How to Prepare a Tax Return for a Nonprofit

Accounting Services, Business Tax Consulting, Non Profit Organization, Tax & Business, Tax Advisory Services, Tax Return Compliance /

Tax-exempt status doesn’t mean a nonprofit skips the IRS. Even an organization exempt under Section 501(c)(3) usually must file a nonprofit tax return every year. Also, a nonprofit may still owe tax on income unrelated to its exempt purpose, and it must handle payroll taxes for paid staff. Here is how to prepare a nonprofit

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Home Office

How Many Whole or Partial Rooms Can You Use for Your Home Office?

Business Tax Consulting, Individual Tax, Self-Employed, Tax & Business, Tax Advisory Services /

If you run a business from home, you may use more than one room for work. So how many rooms can you count for the home office deduction? The short answer: there is no set number. The rule for the home office deduction Under Section 280A(c), you can claim a home office based on the

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S-corporation

Avoid Trouble: Don’t Let the IRS Set Your S Corporation Salary

Business Tax Consulting, Compensation & Benefits Consulting, Individual Tax, Payroll Taxes, S-Corporation, Self-Employed, Tax & Business, Tax Advisory Services /

You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent, too low, too high or just right? Why your S corporation salary matters Getting the salary right is important, for three reasons. Taxes and penalties. If the IRS finds your salary too low, you will owe

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All About Limited Liability Companies

All About Limited Liability Companies (LLCs)

Accounting Services, Business Tax Consulting, Compensation & Benefits Consulting, Tax & Business /

Limited liability companies (LLCs) are a popular choice for small businesses and investment activities. This guide covers the most important things to know about limited liability companies, from legal protection to federal income tax treatment. Who owns limited liability companies? LLC owners are called members. An LLC can have one member or many. Single-member LLCs

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difference between nonprofit organization and foundation

What Is the Difference Between a Nonprofit and a Foundation?

Business Tax Consulting, Investment, Non Profit Organization, Others, Tax & Business, Tax Advisory Services /

People often use “nonprofit,” “charity” and “foundation” as if they mean the same thing. However, for tax purposes, the key difference is between a public charity and a private foundation. Both are usually nonprofits exempt under Section 501(c)(3). Still, they differ in funding, rules and tax treatment. Here is a simple guide to nonprofit vs

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NONRESIDENT ALIENS AND THE § 121 PRINCIPAL RESIDENCE EXCLUSION

Nonresident Aliens and The Section 121 Principal Resident Exclusion

Family Wealth Services, Individual Tax, Investment, Personal Financial Management, Tax & Business, Tax Advisory Services, Tax Return Compliance, Tax Transaction Services /

Selling a home in the U.S. as a nonresident alien raises two big questions. First, can you use the Section 121 home sale exclusion? Second, how does FIRPTA withholding apply? This guide answers both. What is the Section 121 exclusion? Internal Revenue Code Section 121 lets you exclude gain from selling your main home. A

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Partnership Special Allocation

Take Advantage of Partnership Special Allocation

Business Tax Consulting, Start-Up, Tax & Business, Tax Advisory Services, Tax Transaction Services /

One advantage of running a business as a partnership is the right to make special allocations of tax items among the partners. You get the same option if you run your business as an LLC taxed as a partnership. This guide explains how special allocations work and why they matter. What are special allocations? A

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Understanding RSUs: What You Need to Know About Restricted Stock Units

RSU, Start-Up, Tax & Business /

Restricted Stock Units (RSUs) are a common form of equity compensation, especially in the tech and startup sectors. If you’re based in California—particularly in the Bay Area—RSUs may play a significant role in your overall compensation package. At Flex Tax and Consulting Group, we regularly advise clients in San Francisco, Castro Valley, and throughout the

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Calculate Mileage

How to Calculate Mileage for Taxes: Standard Rate vs. Actual Expenses

Business Tax Consulting, Individual Tax, Tax & Business /

Last updated: October 18, 2026 · By the Flex Tax and Consulting Group team If you drive for your business, the IRS gives you two ways to calculate mileage for taxes: the standard mileage rate or the actual expense method. For 2026, the business standard mileage rate is 72.5 cents per mile for miles driven

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tenant allowances

Tax treatment of tenant allowances

Business Tax Consulting, Tax & Business /

Tenant allowances are payments a lessor makes to a lessee to provide the tenant with funds to prepare the rented space for its intended business use. Generally, the tenant treats a tenant allowance received from the landlord as an ordinary income. Normally, the tenant would recognize income when the allowance received and depreciate the assets

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tax treatment of cryptocurrency

How Cryptocurrency Is Taxed in 2026 (Including Form 1099-DA)

Business Tax Consulting, Tax & Business /

The IRS treats cryptocurrency and other digital assets as property, not currency. So many everyday crypto transactions have tax consequences. In addition, brokers now report crypto sales to the IRS on a new form. This guide explains how cryptocurrency is taxed in 2026 and what to do if the IRS contacts you. How cryptocurrency is

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small businesses

How small businesses can apply the research credit to payroll taxes

Business Tax Consulting, Payroll Taxes, Tax & Business /

The IRS issued interim guidance on how eligible small businesses can take advantage of a new provision that allows them to apply part or all of their Sec. 41 research tax credit against their payroll tax liability instead of their income tax liability. Before 2016, taxpayers could only take the research credit against their income

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expatriate tax

IRS offers expatriate tax relief

Business Tax Consulting, Individual Tax, Tax & Business /

Some people who give up U.S. citizenship can get expatriate tax relief from the IRS. Under special procedures announced in 2019 (News Release IR-2019-151), certain former citizens may avoid the exit tax under Section 877A. In addition, they may avoid other unpaid taxes and penalties. Who can use expatriate tax relief? The relief applies to

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taxpayers

Taxpayers may deduct casualty losses in prior years

Business Tax Consulting, Individual Tax, Tax & Business /

If a federally declared disaster damages your property, you may be able to deduct the casualty losses a year early. Under Section 165(i), you can elect to claim the loss on your return for the year before the disaster. As a result, you may get a refund sooner, when you need cash most. Which casualty

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employment tax penalties

Helping clients avoid employment tax criminal penalties

Business Tax Consulting, Payroll Taxes, Tax & Business /

Among your responsibilities as an employer is the requirement to collect, report, and pay payroll tax as required by federal and state laws. Helping clients avoid employment tax criminal penalties. If you are a corporate officer or other “responsible party,” as defined by the IRS, you may be personally liable for payroll taxes not reported

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R&D credit against payroll tax

Claiming the R&D credit against payroll tax or AMT

Business Tax Consulting, Payroll Taxes, R&D Tax Credit, Tax & Business /

Smaller businesses have more ways to use the R&D credit than many owners realize. In particular, qualifying companies can claim the R&D credit against payroll taxes or the alternative minimum tax (AMT). How the PATH Act expanded the R&D credit The Protecting Americans From Tax Hikes Act of 2015 (PATH Act) helped businesses that spend

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LLCs

Accounting for LLC Conversions

Business Tax Consulting, Limited Liability Company, Tax & Business /

Limited liability companies are everywhere today. Because their management structure is flexible, LLCs have become a common way to own and run a business. Doctors, lawyers, accountants, engineers and software companies all use them. Many other small businesses do too. LLCs give their owners, called members, the liability protection of a corporation. At the same

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angel investors

The Angel Investor Tax Break That Could Save You Millions (Section 1202)

Business Tax Consulting, Investment, S-Corporation, Start-Up, Tax & Business /

Angel investors and founders often overlook one of the biggest tax breaks for startups. Section 1202 lets you exclude some or all of your gain when you sell qualified small business stock (QSBS). Although people sometimes call it a credit, it is actually an exclusion from income. And for a successful exit, it can save

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