Does Prize Money get Taxed?

Categories: Federal Tax

Golfer in California.

Does Prize Money get Taxed? *The following article was updated in February 2022* A common question people have about taxes is whether prize money is considered taxable income. And further, whether athletes pay tax on prize money. Here’s a look at how the IRS and the state of California classify prize money when it comes...

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Help, I’m Being Audited During a Pandemic!

Categories: IRS

Receiving an audit notice from the IRS is scary. But receiving one in the midst of a global pandemic, and at a time when your business may already be feeling the effects of that, can be even more overwhelming. Here are five things to do if you find you’re being audited during the COVID-19 pandemic....

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Is Your Construction Company Facing an EDD Audit?

Categories: California Tax Law

Construction companies are just one of the many businesses facing the prospect of an EDD audits. If you’re a construction company and you’ve ever hired an independent contractor, you may want to familiarize your practice with the EDD audit. These California Employment Development Department (EDD) state payroll audits occur when a business has classified a worker...

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Does California Tax Social Security?

Categories: California Tax Law

I often receive questions about social security benefits and whether it is considered taxable income, especially by the state of California. The answer is: it depends. Social security benefits are not taxable by the state of California. However, social security benefits may be taxable by the federal government. Let’s look at why this may or...

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What are the Penalties for Late Payment of Payroll Taxes?

Categories: IRS

Calculating payroll taxes.

I’m often asked by business owners what will happen if they are late paying payroll taxes to the Internal Revenue Service (IRS). Employers should be collecting payroll taxes for every employee (with the exception of independent contractors). They are typically calculated as a percentage of the salaries that employers pay their staff, and they generally...

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Mayor Appoints Allison Soares to Balboa Park Committee

Categories: General Information

Balboa Park

San Diego Mayor Todd Gloria appointed Allison Soares to the City of San Diego’s Balboa Park Committee. The Committee serves in an advisory capacity to the Mayor, the City Council and City Manager on policy issues relating to the acquisition, development, maintenance and operation of Balboa Park. She was officially confirmed by the San Diego City...

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Is the IRS Keeping my Refund?

Categories: IRS

Refund of IRS.

One of the best feelings is filing your taxes and realizing you’re entitled to a refund. The thought of money coming into your pockets is an exciting thing. However, there are a few circumstances in which the IRS may keep your refund, especially if you owe them money in back taxes. Let’s look at the...

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Do You Have to Pay Taxes on Profit from Selling a House?

Categories: IRS

Selling a house taxes payment.

I’m often asked by homeowners about potential taxes they may owe when they sell their house. Many individuals wonder if they make a profit, do they owe part of that profit to the Internal Revenue Service in the form of capital gains taxes. The answer, as always when it comes to taxes and law, is...

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