Office Updates While BPW is categorized as an essential business due to the importance of tax filing and compliance services, our physical office is closed, but we are all successfully working hard remotely to protect you and our staff.  We are in full swing into the tax season and encourage businesses and individuals to stay… Read more

The CARES Act provides some big wins for individual taxpayers who are in need of an economic lifeline amid the COVID-19 pandemic. Recovery Rebate for Individual Taxpayers The CARES Act includes a provision offering a one-time “2020 recovery rebate” of $1,200 ($2,400 for married couples), plus an additional $500 per child for eligible taxpayers. U.S…. Read more

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on Friday, March 27, making it the largest emergency stimulus package in the history of the United States. The CARES Act comes in response to the coronavirus outbreak as it takes hold around the globe. Its mammoth $2 trillion economic stimulus brings… Read more

On March 20, 2020, the IRS extended the federal tax filing deadline to July 15, 2020, three months after the normal April 15, 2020 deadline, to give all individuals and businesses an extra 90-day extension to file their returns. Published guidance is not available at this time. In addition to the federal deadlines, California updated… Read more

Amid school and business closures, some gamers may be increasing their screen time and raking in the virtual dough. What does virtual currency mean for tax purposes? The IRS released a statement last month informing gamers who exchange virtual currencies in video games that they do not have to report these transactions on their tax… Read more