The Internal Revenue Service (IRS) has announced significant changes in its audit strategy in the upcoming 2025 and 2026 year, aiming to increase the audit rates of wealthy individuals and large corporations. This shift, funded by the Inflation Reduction Act of 2022, represents a substantial effort to enhance tax compliance and equity in the tax system. Here’s what you need to know about the upcoming changes and how they might impact you as a high-income taxpayer or business operating in USA. Increased Audit Rates for High-Income Taxpayers The IRS plans to increase audit rates for individuals ..read more

Welcome to our expert analysis of the 2024 Tax Code changes by Bornazyan & Bornazyan LLP, a tax accounting company in Los Angeles, California. This article is designed to be a quick guide, offering detailed insights into the IRS updates for the 2024 year. It’s essential for individual taxpayers, business owners, and financial professionals seeking to navigate the evolving tax landscape. 2024 Tax Code Changes Revised Tax Brackets with Inflation Adjustment Taking into account inflation, the tax brackets for 2024 have been increased by 5.4%. This change may result in tax relief for individual ..read more

There are many tasks and responsibilities that come with starting a business. An important step for business growth and financial management is opening a business checking account. In addition to streamlining your finances, this provides a clear picture of your business’s financial health. If you are wondering, “What do I need to open a business checking account?”, you have come to the right place. Our easy-to-follow guide will make sure everything is ready for you. 1. Business Documentation Before making your appointment with the bank, make sure you have all the right documentation ready so y ..read more

Tax preparation can seem overwhelming at times. Tax preparation services at Bornazyan & Bornazyan LLP are smooth and comprehensive, alleviating many tax season burdens. A team of experienced tax experts ensures the most efficient tax preparation experience in Los Angeles, designed to be effortless and worry-free for you. Whether it’s for individuals or businesses, they got you covered. Our Expertise in Personalized Tax Solutions Bornazyan & Bornazyan LLP provides specialized tax preparation services to individuals and businesses. they are dedicated to assisting you in claiming the high ..read more

How do businesses track their earnings and expenses? Well, they use something called an income statement, also known as a Profit and Loss Statement. It’s like a report card showing whether a business is making or losing money. In this blog, we’ll explain how to make one in words everyone can understand. What’s an Income Statement? Think of the income statement like a journey, where we start at the beginning (money coming in), go through some adventures (money spent), and end up at our final destination (money saved or lost). Let’s Create an Income Statement Step 1: Report Money In (Revenue) Ou ..read more

How would you react if you won the lottery? Or have you already? Managing such a substantial gain requires a well-planned strategy, but it may not be as thrilling as it seems. At Bornazyan & Borazyan LLP, we’re experienced in guiding you through this process. In this article, we will discuss the top 10 steps you should consider after winning the lottery from an Accountant’s perspective. 1. Take a Deep Breath To cope with your good fortune, you must pause before leaping into the maze of financial decisions. A lottery win can stir a storm of emotions: excitement, disbelief, anxiety, and more ..read more

There are a lot of hurdles to overcome when it comes to starting and maintaining a small business in California, among them is mastering the hurdle of accounting tasks. Despite being difficult, understanding and overcoming these challenges are crucial to your business’s survival and growth. California offers a dynamic and diverse business environment. However, many taxation laws, strict compliance requirements, and competitive labor markets can complicate your business’s accounting operations. Let’s jump into these challenges and how to navigate them effectively. 1. Comprehending California’s ..read more

When managing your taxes, having an experienced accountant is invaluable. Whether you’re a small business owner or an individual, an accountant can guide you through complex tax laws, help you make informed financial decisions, and guarantee that all legal requirements are fulfilled. Here are some reasons why having an experienced accountant is beneficial to you or your business: Tax Preparation and Planning: Navigating the tax code can be complicated. A qualified accountant will guide you through it, making sure to take advantage of all available deductions and credits. Furthermore, they’re a ..read more

When it comes to following up on your taxes every year, it can be challenging to keep up with the most up-to-date tax dates for individual and business tax filers. By keeping up with the below dates, you will avoid costly penalties that may come from the IRS. Remember that you may acquire an extension for your filing dates, so consult with a Certified Public Accountant near you.  In 2023, it’s important to remember these significant tax dates: January 15 – Individuals and businesses should note that the fourth quarter estimated tax payment is due on January 15, 2023. If your income is no ..read more

Choosing a good accounting firm in Los Angeles for a business can be a hard task because of the large number of accounting firms in the market and knowing who you can trust with your personal finances. This can also differ if you’re a small business or an individual who needs a CPA for everyday needs or just a yearly tax professional. Below you will find various methods on how to choose the best accounting firm to help you in Los Angeles.  Before we start, let’s first discuss some of the problems that businesses or individuals face in choosing a good accounting firm in Los Angeles. Proble ..read more