MBS Accountancy Corporation

Happy Thanksgiving! Our office will be closed until December 2, 2024, as our team enjoys the holidays. We hope you have a great Thanksgiving and that you're able to enjoy plenty of time with loved ones. #thanksgiving

This Thanksgiving, we want to say how thankful we are for each of our team members, our clients, and our partners. As CPAs and accountants, we're thankful for the many innovations and opportunities emerging in the accounting and industries. Sure, our industry has many areas in which we can improve and do better. But, the fact remains, there has never been a better time to be an accountant! We wish you many happy moments with friends and loved ones this holiday weekend. Also, please note that our office will be closed on the 28th and 29th in honor of Thanksgiving. We will resume normal business hours this upcoming Monday, December 2. #accountant #tax #cpa #thanksgiving

Thank you, Victor Godinez, CPA for making this Thursday in the office even better with some #bagels 🥯 🥯 🥯 🥯 😍 Gotta love the UNCLE HARRY'S NEW YORK BAGELRY & COFFEEHOUSE, LLC

Riccardo and Victor enjoyed themselves at last week's CalCPA Fresno Chapter "ABCs to Success" Mixer! 📸: Riccardo Vallejo, Victor Godinez, CPA #calcpa #cpa #accountants

Are your BOI reports ready to be filed by the January 1 deadline? Effective January 1, 2024, businesses that existed before January 2024 have until January 1, 2025, to submit their BOI report. FinCEN estimates it will take roughly 3 hours to prepare and submit each entity's beneficial ownership information (BOI) report. This does not include time spent on updates for information changes. In case you don't know, the Financial Crimes Enforcement Network (FinCEN) is introducing new reporting requirements as part of the 2019 Corporate Transparency Act to combat money laundering. Penalties for non-compliance are up to $500 each day the violation continues. You're required to submit the following for each beneficial owner in your entity: • Owner’s legal name • Residential address • Date of birth • Unique identifier number from a non-expired passport, driver’s license, state identification card You must also submit amendments to FinCEN within 30 days from the date this information changes. We're helping clients with their BOI reporting compliance so they're ready by the deadline. If you need help with BOI reporting, contact us at www.mbs.cpa! But please note that the earlier you contact us (or any CPA) for BOI services, the better. There is a lot of administrative work that is involved and this is NOT something you want to wait until the last minute for...that ~$500 fine/day will add up quickly. Contact us to become and stay compliant with BOI!

Although California’s residential real estate market has remained strong, commercial vacancies are rising and property values are plummeting. You may have the possibility to request a property tax reassessment on a commercial property. How the review is performed will depend on each county's requirements for a decline in value review. The typical review process generally follows these steps: • You (the property owner) complete the assessor's request form or contact the assessor by phone. • You provide the assessor with information that supports the property owner's opinion of the market value of their property. This is typically sales of comparable properties that sold close to January 1st, but no later than March 31st. • You submit the request form and or information requested by the regular appeals deadline for the county. • An appraiser from the assessor's office will review the information submitted and perform a market value analysis of the property as of January 1st. • The assessor's office will determine whether the current market value of the property is lower than its current factored base year value. If the assessor agrees the market value is lower than the factored base year value, the lower value is enrolled. • You are notified of the assessed value. Once a property's assessment has been reduced under Proposition 8, the assessor reviews the assessment annually to determine whether it should remain in Decline in Value status. If the market value recovers, then the assessed value may be increased up to the current factored base year value, even if the increase is above Proposition 13’s two-percent increase cap for the year. Only the most recent January 1st assessment can be reviewed. Proposition 8 does not allow for relief for prior years and does not apply to supplemental assessments. Property owners still have to timely pay property taxes according to the tax bill they received, or penalties and interest will apply regardless of any pending reduction request. #propertytaxes #propertytax #california

🇺🇸 🇺🇸 🇺🇸 Today, we honor the bravery and sacrifice of those who have fought and still fight for our freedoms. From voting to speaking our minds, the liberties we enjoy today are only possible because of the many courageous people who have forged a path through dedicated commitment and sacrifice. Thank you for your service, your courage, and your unwavering dedication to our country. #veteransday #veterans

Just like in a relay race, a smooth handoff to your tax professional is crucial. Clean, organized books set your tax professional up for success, helping them: ✅ Identify all eligible deductions and credits ✅ Ensure accurate and timely tax filings ✅ Avoid costly errors or audits ✅ Develop effective tax strategies Don’t let messy books slow you down! MBS Accountancy can help you get your financial records in top shape before tax season. As part of our bookkeeping cleanup services, we can review your financials and clean them up so they're ready for your tax professional. But if you need tax help, we can handle preparation and filing, in addition to bookkeeping cleanup. Contact us today at (559) 421-7033 or visit www.mbs.cpa to get started. We’ll make sure your tax season is a success! #TaxPreparation #CleanBooks #Accounting #TaxSeason #SmallBusiness

Share this with other tax professionals! ---- #california #tax #taxprofessional #taxpayer #taxes

VXT has been a fantastic addition to our firm!