My CPA LLP

My CPA LLP CPA firm specializing in tax planning, accounting, audit, CFO and advisory services nationwide.

Do you hold an interest in a business that’s closely held or family owned? If so, a buy-sell agreement should be a compo...
09/03/2026

Do you hold an interest in a business that’s closely held or family owned? If so, a buy-sell agreement should be a component of your estate plan. It provides for the orderly disposition of each owner’s interest after a “triggering event,” such as death, disability, divorce or withdrawal from the business. It accomplishes this by permitting or requiring the company or the remaining owners to purchase the departing owner’s interest and specifying the method for determining the value of an interest. We can help develop a buy-sell agreement in conjunction with your estate plan or evaluate whether your existing agreement’s provisions still fit your business and estate planning objectives.

The Taxpayer Advocate Service (TAS) is sharing tips for taxpayers who may be eligible for the IRS’s Automatic Exemption ...
09/03/2026

The Taxpayer Advocate Service (TAS) is sharing tips for taxpayers who may be eligible for the IRS’s Automatic Exemption from Penalty (AEP) program. You may qualify if you have a history of timely filing and payment compliance. The AEP fully replaces the First Time Abate program for original returns with due dates on or after Jan. 1, 2027, and also may apply to 2025 original returns and 2026 quarterly returns. The TAS says you shouldn’t ignore an IRS notice assessing a penalty. If you don’t receive a separate notice explaining that AEP was applied and you think you may be eligible, call the IRS at the toll-free number on your notice to request penalty relief. For details: https://bit.ly/3Ug5yvf

There are many reasons individuals may need to access their tax transcripts. They include the need to file a tax return ...
09/03/2026

There are many reasons individuals may need to access their tax transcripts. They include the need to file a tax return or apply for a mortgage or loan. In a Tax Tip (2026-25), the IRS lists several types of tax transcripts available for free to taxpayers. A tax return transcript shows most line items from the taxpayer’s original Form 1040-series tax return, along with any forms and schedules. It’s available for the current and three prior tax years. A tax account transcript shows basic information such as filing status, taxable income and payment types. It’s generally available for the current and nine prior tax years. To learn about other available transcripts: https://bit.ly/4qGb7za

The IRS has established an Office of Conservation Easements to centralize expertise and coordinate policy, enforcement a...
09/02/2026

The IRS has established an Office of Conservation Easements to centralize expertise and coordinate policy, enforcement and case resolution involving conservation and historic preservation easements. As part of the transition, the IRS has ended its uniform settlement initiative (announced on May 13, 2026) and withdrawn deadlines for accepting previously issued offers. Prior elections remain in effect. Taxpayers with pending eligible cases may still request settlement under the May 13 framework through their assigned IRS examination or chief counsel representative, though different terms may apply in individual cases. We’re here if you have questions.

U.S. businesses that export goods to Canada should prepare for tariffs taking effect Sept. 8, 2026. Canada will impose t...
09/02/2026

U.S. businesses that export goods to Canada should prepare for tariffs taking effect Sept. 8, 2026. Canada will impose tariffs of 15%, 25% or 50% on certain U.S.-origin products, with rates varying by product. Affected sectors include agricultural equipment, appliances, dairy, electronics, pulp and paper, and steel. The measures apply only to goods originating in the United States. U.S. goods already in transit to Canada when the tariffs take effect generally won’t be subject to these tariffs. If your products are subject to the tariffs, Canadian importers may seek price concessions to offset tariff costs, or you might become less competitive there. Contact us to discuss the potential impact.

One of the items contained in the IRS’s Taxpayer Bill of Rights is the right to finality. Although finality may sound a ...
09/01/2026

One of the items contained in the IRS’s Taxpayer Bill of Rights is the right to finality. Although finality may sound a little obscure, this right is critical if you’re being audited. For example, the IRS usually has a limit of three years from your filing date to assess additional tax (but it has unlimited time for a fraudulent return). What’s more, the IRS generally has a limit of 10 years from assessment to collect any tax due. And you can be subject to only one audit per tax year (although the IRS can reopen a previously audited return). You also have the right to know when an audit is complete. If you disagree with an IRS assessment or action, we can help.

Are long-term care (LTC) insurance premiums tax-deductible? It depends. Qualified LTC policies are considered health ins...
09/01/2026

Are long-term care (LTC) insurance premiums tax-deductible? It depends. Qualified LTC policies are considered health insurance under federal income tax rules. So if you buy a policy, your premiums are treated as medical expenses for itemized deduction purposes. But your total eligible medical expenses for the year must meet the 7.5% of adjusted gross income threshold before you can start deducting LTC premiums. And there are age limits on how much you can deduct — for example, $500 for individuals age 40 and under and $6,200 for those 70 and over. Other age groups’ 2026 maximums fall between these two. Contact us for more information.

For manufacturers with open positions, finding employees with the right skills remains a significant challenge. Competit...
09/01/2026

For manufacturers with open positions, finding employees with the right skills remains a significant challenge. Competitive wages and benefits are an important part of attracting and retaining skilled workers. But you can differentiate your business in other ways, such as signing bonuses, retention bonuses and performance-based incentives. Also consider your employee value proposition — essentially, the collection of financial and nonfinancial reasons employees choose to join and remain with an organization. Contact us for additional strategies to attract skilled workers and make better use of your existing talent.

The IRS has launched a digitally authenticated Tax Compliance Report that taxpayers can access through their IRS Individ...
08/31/2026

The IRS has launched a digitally authenticated Tax Compliance Report that taxpayers can access through their IRS Individual Online Accounts. A tax compliance report shows whether an individual has filed tax returns and paid taxes on time. The report helps protect privacy by not showing the individual’s income, dependents or filing status. You can securely download the report when applying for a job or government benefits or completing a loan or mortgage application that requires tax compliance information. Organizations that receive the report can use its built-in digital certificate to confirm authenticity. For additional information, contact us or visit https://bit.ly/4gOIpsr

Barcodes aren’t just for tracking inventory. They can also be used to keep tabs on other business property, such as lapt...
08/28/2026

Barcodes aren’t just for tracking inventory. They can also be used to keep tabs on other business property, such as laptops, equipment and tools. When paired with asset-tracking software, barcodes can show where these assets are, who’s using them and when they need maintenance. This information can strengthen internal controls and allow you to identify missing or underused items, investigate losses and plan future spending. Integration with accounting software helps keep the fixed asset register and general ledger up to date. Contact us for guidance on improving your asset-tracking process and choosing a solution that fits your operations and accounting needs.

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