HT2 CLIENT UPDATE
THANK YOU TO THE STAFF AT HAMILTON THARP, LLP FOR ALL THEIR HARD WORK DURING TAX SEASON! WE COULD NOT HAVE DONE IT WITHOUT YOU!
LIKE-KIND EXCHANGE UPDATES: CLARIFYING REAL PROPERTY AND ESCROW POLICIES
If you are in possession of business or investment property, or looking to exchange real property for others, you might want to get acquainted with “like-kind exchanges,” also known as a 1031 exchange. As with all tax code, changes are consistently made to clarify previous unclear areas or adjust the language based on new policy. In 2020, there were some larger changes noted to section 1031 of the tax code, which deals with like-kind exchanges of real property. READ MORE HERE
REVENUE, CASH FLOW, AND HOW THEY
AFFECT YOUR BUSINESS

As a business owner, increasing sales can be a great mood lifter. But what happens if you get a large order and have no way to pay for the supplies? Sales don’t always equal immediate cash in hand, which can put a strain on your business accounts and your ability to deliver on time. Below, we’ll share what the difference between revenue (sales) and cash flow is, and how it can affect your business. READ MORE HERE
CLAIMING THE BUSINESS ENERGY CREDIT FOR USING ALTERNATIVE ENERGY
Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.
The credit is intended primarily for business users of alternative energy (other energy tax breaks apply if you use alternative energy in your home or produce energy for sale). READ MORE HERE
NEW AB 80 INFORMATION FROM THE FTB
The FTB has stated that they will not be creating any new forms or certifications for taxpayers to demonstrate that they meet the 25% drop in gross receipts test for purposes of deducting expenses paid with forgiven PPP debt. They will be updating form instructions, though we do not know when to expect those updates. The FTB has also confirmed that most taxpayers who have already filed returns, but now qualify to take deductions, will be required to file amended returns to claim the deductions. However, the FTB will follow Rev. Proc. 2021-20, which allows fiscal-year taxpayers who filed returns prior to December 27, 2020, to claim the deductions on their returns for the next taxable year. For more information regarding SBA guidance
MEET OUR STAFF! QUENTIN AND SABRINA
QUENTIN ROMEK
CPA CANDIDATE

Quentin is a Staff Accountant at Hamilton Tharp, LLP and has been here for a year and a half. He grew up in Southern California with his family which includes his two parents and one sister. He graduated from Arizona State University, where he received his Bachelor’s of Science in Accountancy. He is planning on obtaining a Master’s degree and a CPA license in the coming years. Quentin enjoys business taxes and the accounting behind it. Outside of work he likes to exercise, spend time with his family, and playing video games.
SABRINA STIGLER
CPA CANDIDATE

Sabrina graduated from UC Santa Barbara with a degree in Actuarial Science in December 2020. After graduating she found a passion for Accounting instead of Actuarial Science and is now in the process of obtaining an Accounting certificate from UC San Diego. She grew up in Temecula but is now living in San Diego and enjoys working out, walking her roommates dog by the ocean and hanging out with friends and family. She started at Hamilton Tharp in August of 2020 and is focusing on business and individual taxation. 
NEWS YOU CAN USE
2020-2021 Tax Planning Guide READ MORE HERE
How to Select the Right Loan Forgiveness Application READ MORE HERE
Taxpayers should be on the lookout for new scams  READ MORE HERE
E-signature for individual tax returns available to our clients VIDEO PRESENTATION