Abedian + Totlian, An Accountancy Corporation

Abedian + Totlian, An Accountancy Corporation We are a full service accounting firm with a broad range of services for small to mid-sized businesses. https://www.AandTcpas.com

Abedian & Totlian, an Accountancy Corporation specializes in accounting, tax and business advisory services through start-up consulting, tax planning and projections for small and mid-size, service-based companies. Typical clients are two to five partner-owned businesses ranging from one to ten million dollars in revenue, interested in growth and expansion. Clients include dentists, doctors, attor

neys and other professional service providers. With a blend of technology and expertise, Abedian & Totlian liberates their clients from the minutiae of back office management allowing them to focus on what truly matters—applying their creativity and entrepreneurial vision to growing their businesses.

🗣️Exciting news!!!
01/17/2025

🗣️Exciting news!!!

Dear Valued Clients,As you know Abedian & Totlian's main goal has always been to help businesses, like yours, with more ...
01/17/2025

Dear Valued Clients,

As you know Abedian & Totlian's main goal has always been to help businesses, like yours, with more than just accounting and tax work, it has been to add value by advising and helping you drive growth within your business. As a CPA firm, we have sought ways to drive our growth, not just to stay relevant in today's market, but to also find even better ways to help service our clients.

We do this in several ways, and it first starts with making sure we find the most talented and dedicated team members who do not look at our clients as just numbers or business names but as people with whom we have forged relationships. We then follow this, adding to our tech stack to find the most efficient and user-friendly systems to not only help us in our everyday operations but also to help our clients engage with us in the easiest and most convenient way possible.

To continue Abedian & Totlian's development, we are incredibly excited to announce that we have decided to merge with a team of very experienced CPAs led by Kevin Cloward and Sal Kureh. Kevin and Sal have decades of experience in tax, accounting, and financial leadership with small to larger firms. They mirror and embody the same core values we do here at Abedian & Totlian. To Sal and Kevin, you are not just another client. You are an entrepreneur who we, and they, want to succeed. Their team is not just a team; it is their second family, much like Abedian & Totlian are to our members. They pride themselves on the same great values we do be proactive, be responsive, and, most of all, care.

We could not have found better partners to merge with, and within the next few weeks, we will transition to have our teams come together. We will not make any noticeable changes to the work we provide you under our new firm name Capata CPAs. You will still work with the same amazing people who help drive your business and advise you, and if anything, Sal, and Kevin's team will help us reinforce our commitment to you by supporting our team.

If you have any questions, please feel free to contact our team. We will be more than happy to help answer any questions you may have regarding this merger and hope that you see this as a positive step in our Firm's growth as well as yours!

After a harrowing week of devastating and destructive fires and wind, the IRS has announced tax relief for individuals a...
01/13/2025

After a harrowing week of devastating and destructive fires and wind, the IRS has announced tax relief for individuals and business in Southern California which will have until October 15, 2025 to file various federal individual and business tax returns as well as to make their tax payments.

This means, for example, that the October 15, 2025, deadline will now apply to:
• Individual income tax returns and payments normally due on April 15, 2025.
• 2024 contributions to IRAs and health savings accounts for eligible taxpayers.
• 2024 quarterly estimated income tax payments normally due on Jan. 15, 2025, and estimated tax payments normally due on April 15, June 16 and Sept. 15, 2025.
• Quarterly payroll and excise tax returns normally due on Jan. 31, April 30 and July 31, 2025.
• Calendar-year partnership and S corporation returns normally due on March 17, 2025.
• Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2025.
• Calendar-year tax-exempt organization returns normally due on May 15, 2025

In addition, penalties for failing to make payroll and excise tax deposits due on or after Jan. 7, 2025, and before Jan. 22, 2025, will be abated as long as the deposits are made by Jan. 22, 2025.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization. Disaster area tax preparers with clients located outside the disaster area can choose to use the bulk requests from practitioners for disaster relief option, described on IRS.gov.

The IRS may provide additional disaster relief in the future. Additional information can be found here: https://bit.ly/IRSTaxDeadline
If you have any questions, please contact us!

Southern California has been through a lot this week, and the announcement that Federal Law will now conform to Californ...
01/10/2025

Southern California has been through a lot this week, and the announcement that Federal Law will now conform to California Law for certain disaster settlements is welcome news!

In an effort to ensure California wildfire victims achieve maximum tax relief, in 2022 and 2023 the state enacted legislation that excludes settlement proceeds received by these taxpayers from taxable income. Specifically, California allows an exclusion from gross income for:
• Settlement payments received from the Fire Victims Trust,
• Settlement payments received from Southern California Edison for claims relating to the 2017 Thomas Fire or the 2018 Woolsey Fire, and
• Settlement payments received from Pacific Gas and Electric Company for claims relating to the 2019 Kinkaid Fire or 2020 Zogg Fire.

Now, effective December 12, 2024, federal law also excludes these payments from taxable income. The Federal Disaster Tax Relief Act of 2023 (HR 5863) excludes from taxable income any amount received by an individual as a qualified wildfire relief payment. The law is effective for payments received after December 31, 2019 and before January 1, 2026.

Extended Statute of Limitation for Amended Returns:
The Act also extends the deadline for filing amended returns to claim refunds for previously declared income to one year after date of enactment (December 12, 2025). That means a 2020 return, which would otherwise be beyond the normal 3-year statute, can still be amended.

No Double Dipping:
The law does not permit an exclusion for losses or expenses already reimbursed by another source, such as insurance. Additionally, excluded proceeds cannot be added to basis of replacement property.

If you have any questions, please let us know!
Our hearts are with all of LA County.

I know, this again? We are keeping you updated with BOI Reporting requirements, which have been changing by the day. As ...
01/02/2025

I know, this again?
We are keeping you updated with BOI Reporting requirements, which have been changing by the day. As of [right] now, the Beneficial Ownership Reporting requirements are paused yet again and enforcement is suspended pending further proceedings.

From our firm’s perspective, preparation remains paramount given the complexities of the current legal and regulatory landscape of the Corporate Transparency Act. We strongly encourage any entity deemed a reporting company under the Corporate Transparency Act to continue to gather and maintain accurate information about their beneficial owners and company applicants. Given the fluid nature of this situation, it is critical that you closely monitor further developments, including guidance from FinCEN impacting the timing of compliance requirements.

As always, if you have questions, please feel free to contact us!

As previously shared, on December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide...
12/27/2024

As previously shared, on December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction on the reporting of BOI.

However, on December 23, 2024, the Fifth Circuit Court of Appeals stayed the injunction, which means that the injunction is no longer in effect. The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury is now able to enforce the BOI reporting requirements once again.

In response to the Appeals Court's decision, FinCEN issued an alert confirming that most reporting companies must now submit their beneficial ownership information to FinCEN, unless they are specifically exempted. Recognizing that the injunction had delayed compliance, FinCEN has extended the reporting deadlines as follows:

• Companies created or registered before January 1, 2024, now have until January 13, 2025, to file their initial BOI reports with FinCEN (these companies would have originally been required to file by January 1, 2025).
• Companies created or registered between September 4, 2024, and December 23, 2024, with a filing deadline between December 3 and December 23, 2024, now have until January 13, 2025, to submit their initial BOI reports.
• Companies created or registered between December 3, 2024, and December 23, 2024, are granted an additional 21 days beyond their original filing deadline to submit their BOI reports.
• Companies eligible for disaster relief may have deadlines beyond January 13, 2025, and should follow the later of the two deadlines.
• Companies created or registered on or after January 1, 2025, must file their initial BOI reports with FinCEN within 30 days of receiving official notice of their creation or registration.
With these new developments we urge our clients to continue with reporting the BOI for all of their entities before the deadline of January 13th 2025.

As most of our clients are well aware, we are not personally completing this service however, there are free self reporting options as well as services provided by Montero Corporate Services here: https://monterocorporate.com/boi-information-at/.

We have officially moved!! 🎉 Our team has been busy getting settled in our new office:101 N Brand BlvdGlendale, CA 91203
12/09/2024

We have officially moved!! 🎉 Our team has been busy getting settled in our new office:
101 N Brand Blvd
Glendale, CA 91203

Earlier this week, a Texas-based federal court issued a nationwide preliminary injunction prohibiting the federal govern...
12/04/2024

Earlier this week, a Texas-based federal court issued a nationwide preliminary injunction prohibiting the federal government from enforcing the Corporate Transparency Act (CTA), which would have required millions of existing businesses to submit sensitive information to FinCEN regarding their “beneficial owners” by January 1, 2025. The Court determined that Congress exceeded its legislative powers when it passed the CTA, seeing it as a dangerous precedent and an over-reach of federal power.

In addition to existing companies whose reporting deadline was weeks away, the CTA would require companies created or registered in the United States during 2024 to submit a BOI report to FinCEN within 90 days of creation or registration, which timeframe shortens to 30 days as of January 1, 2025. The Court’s order enjoins enforcement of the entirety of the CTA.

The Court’s decision likely will not be the final work on federal government’s ability to enforce the CTA, which will likely be immediately appealed. We will continue to keep updates coming as we know more, but as of now companies are not required to comply with the CTA’s reporting requirements.

We are super excited over the move of our office to 101 N. Brand Blvd., Suite 1230 in Glendale due to expansion. We are ...
11/27/2024

We are super excited over the move of our office to 101 N. Brand Blvd., Suite 1230 in Glendale due to expansion. We are giving away our current furniture. Its first come first serve so hurry up if you need anything we currently have left. Thank you .avedikian and from for your help with our new location. ❤️.

We want to congratulate our Lead Accountant, Lioda Nazarian on becoming an EA! Congratulations Lioda!!! 🎉🥳🎉
10/16/2024

We want to congratulate our Lead Accountant, Lioda Nazarian on becoming an EA! Congratulations Lioda!!! 🎉🥳🎉

Address

101 North Brand Boulevard Suite 1230
Glendale, CA
91203

Opening Hours

Monday 8:30am - 6pm
Tuesday 8:30am - 6pm
Wednesday 8:30am - 6pm
Thursday 8:30am - 6pm
Friday 8:30am - 6pm

Telephone

+18182433455

Website

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