SAN FRANCISCO, November 25, 2020 (Newswire.com) - Safe Harbor CPAs, a top-rated accounting firm in San Francisco, California, at http://www.safeharborcpa.com/, is proud to announce a new post on multistate tax issues, specifically the complexities of tax return preparation for remote and "work from home" workers. The pandemic environment has created a surge of workers who may live and work in different states than their employers, creating more complex individual tax returns than in previous years.
"Multistate tax returns were complicated before the pandemic," explained Chun Wong, Managing Partner at Safe Harbor LLP." He continued, "Now, we are seeing more and more inquiries from individuals who may work for an employer here in California, but now that individual resides out of state. These complex relationships between where a person works and where a person lives are creating very complicated multi-tax return issues."
The post can be read in its entirety at https://www.safeharborcpa.com/multi-state-tax/. The post explains the basic scenarios. First, there is the scenario where the employee and the employer are in the same state, California. Second, there is the scenario where the employee resides in another state and the employer is in California. There is also an issue here as to whether the person is an employee or an outside contractor. Third, there is the scenario in which the employee splits his or her time between California and another state. And, finally, there is the scenario of a person who owns a corporation that is based in California but who now spends much of his or her time outside of the state.
The individual situations are complicated, and so the post recommends that any interested person reach out for a personalized, one-on-one consultation. Only a trained tax professional can assess the situation and look at the tax code and then give recommendations on what is required, and what can be done to minimize the tax liability to the fullest extent of the law. Persons who want to learn more about business tax issues can also read the page at https://www.safeharborcpa.com/business-tax/.
ABOUT SAFE HARBOR LLP – A PROFESSIONAL CPA FIRM IN SAN FRANCISCO
Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs help both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art internet technology to provide quality customer service.
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Source: Safe Harbor LLP