Parekh CPA

06/25/2026

Kind words like these mean everything. 🙏

So grateful for clients who take the time to share their experience — this is what it's all about.

Dealing with complex taxes? We are here to help!

⭐⭐⭐⭐⭐ Google Review:

"I was looking for a good CPA for tax advice because of the complexity of my taxes. I decided to go with Nidhi and it was indeed a good decision. I found her very knowledgeable, responsive, detail-oriented and professional. The whole process from beginning to end was very smooth and timely. She helped me navigate my taxes easily and made the process stress free. I will definitely be using her services in the future and I highly recommend her tax services for anyone needing professional tax help!"

06/12/2026

Time to schedule your mid-year check-in:

Don't wait until January to review your financials.

A quick financial check-up ‐ like health check-up - in the summer or fall, lets you make adjustments while you still have time before the year closes.

At the end of the day, the goal is simple — help you keep more of what you earn, so you can focus on what you do best: running your business and living your life, not wrestling with spreadsheets.

How often do you check in on your financial health throughout the year?

If you want to know what a proactive approach could mean for your business, let's talk.

06/09/2026

New Federal Scholarship Tax Credit

The IRS yesterday announced that 27 states have opted into the new Federal Scholarship Tax Credit (FSTC), created under the One, Big, Beautiful Bill. Eligible taxpayers can now claim a federal tax credit of up to $1,700 for contributions to approved Scholarship Granting Organizations (SGOs) that fund K–12 scholarships.
California is not currently participating, but if you have ties to a participating state — or are planning a move — this could be a meaningful credit worth exploring before year-end.

🔗 Read the full IRS announcement:

IR-2026-76, June 8, 2026 — The IRS announced that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program, which enables eligible taxpayers to claim a federal tax credit for qualified contributions to Scholarship Granting Organizations (SGOs) providing scholarshi...

05/30/2026

⏰ Deadline: July 10, 2026
A recent federal court ruling may entitle you to a refund of IRS penalties you paid during the COVID period — or a reduction in what you still owe.
Here's what happened: In Kwong v. United States, a court found that late-filing and late-payment penalties for tax years 2019–2022 should have been paused during the COVID-19 federal disaster period. Some taxpayers were charged anyway.
If that includes you, a formal claim can still be filed — but only until July 10, 2026.
If you're not sure whether this applies to you, that's exactly what we are here for.
👉 To learn more DM us or visit parekhcpa.com

05/28/2026

📅 Q2 Estimated Tax Deadline: June 15, 2026

This payment covers income earned April 1 – May 31, 2026.

If you're self-employed, freelancing, or had RSUs vest, stock sales, or option exercises this quarter — your paycheck withholding may not be enough. Estimated payments are how you stay ahead of a surprise tax bill.

Missing the deadline can result in underpayment penalties, even if you end up with a refund when you file.

How to pay:
→ IRS Direct Pay: irs.gov/payments
→ IRS Online Account
→ Form 1040-ES by mail

Not sure what you owe?
This is a good time for a mid-year tax projection.
Questions? Let's connect

Make payments, view your account or apply for a payment plan with the IRS.

05/14/2026

This comes up more than you'd think.

Many people open an LLC expecting to write off everything — home office, mortgage interest, property taxes, depreciation.
And then are surprised when it doesn't work that way.

An LLC is a legal structure.

Tax savings come from strategy, not just registration paperwork.

The home office rules alone are much stricter than most people realize.
If you're forming an LLC mainly for tax reasons — Contact your CPA first. 💡
📩 parekhcpa.com

05/07/2026

Thank you for the kind words — it was truly a pleasure helping your family. Looking forward to working with you again next year!

05/01/2026

Nonprofit leaders — May 15th is coming up fast.
If your organization operates on a calendar year, your annual information return is due May 15th.
Which form applies to you:
📋 Form 990 — Most public charities and larger nonprofits
📋 Form 990-EZ — Smaller organizations (gross receipts under $200K)
📋 Form 990-N (e-Postcard) — Very small orgs with gross receipts ≤ $50K
📋 Form 990-PF — Private foundations
Not ready to file?
An automatic 6-month extension is available — but it must be requested by May 15th.
⚠️ Miss the deadline three years in a row and your tax-exempt status is automatically revoked by the IRS.
Filing isn't just a formality. Donors, grantmakers, and watchdog sites like GuideStar pull your 990 to evaluate your organization. A clean, timely filing builds trust.

💡 Need help filing or extending before May 15th? Let's make sure your nonprofit stays in good standing.

04/30/2026

Moved to the U.S.? This is something worth knowing early.
Becoming a U.S. tax resident — through an H-1B visa, green card, substantial presence test, or citizenship — is a big milestone.
It also comes with a new tax responsibility. Many people aren't told about: the IRS expects you to report your worldwide income.

Every rupee. Every pound. Every euro.
That includes:
Foreign salary
Foreign bank interest & dividends
Foreign rental income from property back home
Foreign business income and so on.

And depending on your situation, additional forms may apply:
🗂 Foreign mutual funds → Form 8621 (PFIC reporting)
🏦 Foreign bank accounts, LIC, PPF, or similar accounts exceeding $10,000 or $100,000 → FBAR / FATCA
🎁 Foreign gifts over $100,000 → Form 3520

These rules can feel overwhelming at first — but they're very manageable with the right guidance.
The good news: Tax treaties and foreign tax credits are designed to prevent double taxation. You won't necessarily owe more — you just need to file correctly to benefit from them.
💡 New to the U.S. or recently became a tax resident? Let's get your taxes set up right from the start — no surprises, no gaps.

04/23/2026

The most common misconception about what we do? 👇
"You must be free after April 15!"

Here's the reality:

📅 January 31 — 1099/w2 forms due
📅 March 15 — S-Corp & partnership returns
📅 April 15 — Individual, corporate & Q1 estimated taxes
📅 May 15 — Non-profit returns
📅 June 15 — Q2 estimated taxes
📅 September 15 — Q3 estimated taxes & extended partnerships
📅 September 30 — Corporate extensions
📅 October 15 — Individual extensions
📅 December 31 / January 15 — Q4 estimated taxes
And woven through all of it — bookkeeping, year-round tax planning, and helping clients navigate whatever comes up mid-year.

There is no off season. Just different deadlines. 😄