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Unreported Income, FATCA Violations & 1099-HSA Errors

The Risks of Unreported Income, FATCA Non-Compliance & 1099-HSA Failing to report income, foreign assets, or Health Savings Account (HSA)...

Beneficial Ownership Information (Corporate Transparency Act (CTA)- 2025 Updates

A federal court reinstated the Corporate Transparency Act (CTA), requiring most small businesses to file a Beneficial Ownership...

What You Need to Know About Gifting Money to Your Kids and Potential Gift Tax Implications

Understanding Gift Tax Returns: A Guide for Kids and Parents Giving and receiving gifts is a joyful part of life. Whether it’s a birthday...

2025 : Tax Filing deadlines

Form/Account Deadline Details Form 1099 Jan 31, 2025 (Recipients), Provide to recipients by Jan 31. Feb 28, 2025 (Paper IRS Filing),...

BOI Filing for 2024: Key Deadlines

Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) Filing for 2024: Key Deadlines and...

2025 Tax Policies and Future Proposed Reforms

Individual Tax Policies · Extension of Tax Cuts and Jobs Act (TCJA): A critical component of the proposed reforms is the...

Strategize for 2024: Maximize Your Financial Future

2024 Standard Deduction Changes Filing Status 2023 Standard Deduction 2024 Standard Deduction Increase Single $13,850 $14,600 $750...

Joshua Pollock: A Journey of Wisdom and Inspiration

Amidst the challenges of launching my business during the uncertain and transformative times of the COVID-19 pandemic, meditation became...

IRS Tax Extensions: How to File, Pay, and Meet Deadlines

Tax season can be stressful, but the IRS offers extensions for those needing more time to file or pay their taxes. Here’s a brief guide...

Blazing Fires to Coaching Champions: A Heroic Journey

A Governor's Certificate of Valor recognizes aiding those trapped in earthquake's aftermath Chris & Adam with our hero Ken Costa March...

Business Structures

It is important to carefully consider and choose the appropriate entity type for your business. The entity type you select will have...

1099 K: the new Payment Card and Third Party Network Transactions are now reported

If you as a taxpayer or business owner have received Form 1099-K, it is because: You received payments related to your activities in the...

A Step-by-Step Guide to Tracking Refund

Typically see refund info within 24 /48 hours after IRS acknowledges e-filed return for latest tax year. Wait six weeks after paper...

Tax Story : Cloud kitchen Story

In the bustling city of San Jose, where dreams are nurtured and ambitions are pursued, resides an extraordinary individual named...

R&D Credit

Recent updates to R&D credit: On Aug. 16, 2022, the Inflation Reduction Act, had tax credits intended to encourage investment in domestic...

EV: Check tax credit eligibility

The new credit, worth up to $7,500, is made up of two requirements, each adding up to half of the credit. Technical Requirement: Battery...

IRS Listens: Make sure you know your rights.

If you receive a notice, please be sure of your rights. Taxpayers have the right to: Raise objections. Provide additional documentation...

Decoding Estimated Taxes

A Recent Chat with a Client "What do you mean, you will have a penalty if you don't make estimated payments? Is this a scam?" Let's dig...

Your Guide to Small Business Tax Success

We've Got a Vault of Resources to Help Small Business Owners Master Their Tax Game. Whether you're a self-employed superhero, a gig...

Intuit Cloud: Elevating Tax Data Security

At 2 Cherry Tax, we value your data security. Protecting your tax returns and signatures is essential to us. That's why we're thrilled to...

Blazing Fires to Coaching Champions: A Heroic Journey

Chris & Adam (sons) with our hero Ken Costa Governor's Certificate of Valor: Recognizing Earthquake Rescue Efforts March & its usual...

IRS Online Account and Easy Electronic Payment Options

IRS Online Account: Access essential information for tax preparation, balance payment, and notice follow-up through the IRS Online...

Dual-Status Taxpayer: Navigating the Tax Maze

Hey there, tax-explorers! Today, we're diving into the world of dual-status taxpayers – a term that might sound a bit fancy, but we're...

Bosses and Taxes: Like Peanut Butter and Pickles, Some Things Are Better Kept Separate!

So, you've taken the plunge into the business realm, ready to rake in those profits, huh? Well, let me tell you, managing your books of...

HSA or FSA

Health savings accounts (HSA) and flexible spending accounts (FSA) both help people save for future medical expenses. These accounts also...

Solar credit

You can qualify for the Federal Solar credit as long as your solar system is new or being used for the first time between January 1, 2006...

Tax Planning 2022/ 2023 : Deductions

Thresholds & Planning 401 K Contribution 2022: $20,500 catch up age 50>$ 6,500 2023: $22,500 catch up age 50>$7,500 ROTH Contribution...

IRS Audits & you.

"Uncle Sam will not audit me, I am a small fish" - We hear it more often than not. Don't be surprised that in the years to come IRS...

The Era of Entrepreneurs

Setting up of Businesses Every entrepreneur needs to understand the importance tax as they plan to set up their entity. The process is...

Advantages of Tax Planning

Almost everyone thinks there is tax season, that's the only time to plan and work on your taxes. The sheer anxiety that it brings people...

California: Good news is on its way.

The Middle-Class Tax Refund is a one-time payment to provide assistance to 23 million Californians for high cost of living crisis as a...

IRS Interest & Penalty

Tax season is here. What if we don't file this year or under report income? How much do you we owe? Interest & Penalty are a taxpayer's...

Startup games: #Taxtip

A casual conversation at a park while my kids play: Mr. Startup: “I have business idea, but know nothing on how to set it up" Pooja:...

Tax mistakes, cause pencils have erasers: Tax Tip

In 2021, taxpayers self-prepared returns were about 67 million. Please keep the following points in mind before you file your tax...

Home Office: Tips

If you are a small business owner: Deduction can be taken by homeowners & Renters. You may deduct mortgage interest, insurance,...

Your refunds are here!

Often times after filing the tax returns, we are anxious about our refunds. Easy tracking can be done online by using these links below....

Taxpayers have rights.

As a lawful taxpayer you have fundamental rights, if you have a penalty, a letter, any communication from IRS that you think is incorrect...

1099 NEC due January 31st 2022.

Business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS. Payers must file Form 1099-NEC...

2022 Mileage

Standard mileage rates : 58.5 cents per mile driven for business use 18 cents per mile driven for medical 14 cents per mile driven in...

2021 Tax: Tax Tip

Please connect with contact@2cherrytax.com or Book a consultation at Book Online | 2 Cherry Tax

IRS Child tax credit

Please check details about your child tax credit information on the IRS portal below. Child Tax Credit Update Portal | Internal Revenue...

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Individual Tax Compliance

Understanding Form 1040 and its variations based on income sources is crucial for accurate reporting.
Income Reporting and Deductions/Credits.
Accurately reporting various income sources while leveraging deductions and tax credits can significantly impact tax liabilities.
Compliance offers financial security, potential refund maximization, and helps avoid penalties associated with non-compliance.

Tax Planning Consultation

Ensure liquidity for small businesses and individuals in future scenarios.
Inheritance, retirement, education planning.
Considerations: Capital investment, RSUs, windfall gains, liquidation of stock/assets.
ISO planning, QSBS stock optimization.
Understanding IRC Section 1031 for tax deferral strategies.
Timing strategies such as income deferral and deduction acceleration.

International Tax Compliance

Foreign Bank/Brokerage Accounts Disclosure: Assistance in complying with Report of Foreign Bank and Financial Accounts (FBAR) requirements.
Passive Foreign Investment Company (PFIC) Reporting:
Maximizing benefits from foreign tax credits to avoid double taxation.
Information Returns for Foreign-Owned U.S. Corporations: Expertise in filing Information Return for Foreign-Owned U.S. Corporations or Foreign Corporations.
Corporate Transparency Act (CTA) Compliance: Assistance in navigating the newly enacted CTA, ensuring compliance with reporting obligations related to beneficial ownership information.

Business Incorporation & Compliance

Name Check Service: Ensure your preferred business name is available.
Registered Agent Filing: Professional representation for official documentation.
Articles of Organization: Essential to register your LLC officially.
Operating Agreement Drafting: Establish entity guidelines and resolve disputes seamlessly.
EIN Acquisition Assistance: Obtain your crucial Employer Identification Number.
Personalized Tax
Expertise: Experienced tax professional consultation on formation.