Koala Financial and Bonita Tax Service

10/16/2023

Californians have another month to recover from our terrible storms before finally finishing tax returns this year

IR-2023-189, Oct. 16, 2023 — The Internal Revenue Service today further postponed tax deadlines for most California taxpayers to Nov. 16, 2023. In the wake of last winter’s natural disasters, the normal spring due dates had previously been postponed to Oct. 16.

07/19/2023

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07/19/2023

We want to do all we can to protect our clients from evil scammers. Unfortunately, some of our clients have already become victims, including a woman who was scammed out of over a million $ that she recently inherited.

Feel free to call us about anything you think might be suspicious. It is not a bad idea to call us whenever you are engaging in any significant financial transaction anyway so we can advise you of possible tax consequences and strategy.

Be extra wary of any solicitations to engage in crypto currency transactions, especially those that promise you can't lose. A favorite scam now is enticing social media users into online chats and romances that eventually turn into invitations to engage in crypto option trades. Options should only be traded by highly experienced professional investors. All crypto trading is inherently risky, but these scammers use completely fake sites that simulate winning transactions when in reality, the real money you send is stolen.

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06/27/2023

If you receive an email purporting to be from the IRS referring to the Third Round of Economic Impact Payments and asking you to click on Complete My Information, it is almost certainly a scam, so delete the email. Always feel free to check with us before you respond to anything from the IRS.

06/14/2023

IRS tweets apology for erroneous CP14s (06-08-23)

In tweets released late yesterday, the IRS stated that California taxpayers who qualify for the disaster-related October 16 postponements (August 15 for Modoc and Shasta counties) still have until the October 16/August 15 postponement deadline to pay their 2022 tax liabilities. The IRS stated that taxpayers receiving erroneous CP14 letters do not need to call the IRS or their tax professionals.

The IRS acknowledged that the CP14s are automatically generated when taxpayers have a balance due, but that taxpayers eligible for the disaster postponements do not have any balances currently due. From the IRS’s tweets: “The IRS apologizes to taxpayers and tax professionals for any confusion as we continue to review the situation.”

The tweet thread is available at:

“The IRS reassures California taxpayers that they continue to have an automatic extension until later this year to file and pay their taxes for those covered by disaster declarations in the state. (🧵 1/5)”

03/20/2023

CFP® professionals are committed to acting in your best interest. That’s why It's Gotta Be A CFP®.

https://youtu.be/R3iIeRJ9cE4

02/10/2023

We will be hosting a blood drive with the San Diego Blood Bank on March 20th at the office for anyone in Bonita who would like to donate. You can schedule an appointment ahead of time at the link below

11/14/2022

KFI team at the Avantax Wealth Management annual conference with astronaut Mike Massimino.

06/11/2022

A ridiculously small increase with a silly time frame tacked on, but better than nothing

MarketWatch: As gas prices hit $5 per gallon, IRS makes rare midyear move on mileage deduction.
https://www.marketwatch.com/story/irs-makes-mileage-deduction-for-gas-costs-more-generous-in-rare-mid-year-move-11654811989