Sawin and Kotani was established around 2006 when Craig Kotani became partner of the accounting firm. Sawin and Kotani specialize in annual taxes, tax planning, corporate taxes, bookkeeping, complications, reviews and audits. While other places will use enrolled agents to prepare and review your tax documents, Sawin and Kotani have fully trained CPAs looking at every account that they manage.
Eric Bloomer has worked for Sawin and Kotani for almost ten years. He has his bachelors in accounting and just recently passed the CPA exam. Eric was raised in the Southern California area and currently resides in Torrance.
Eric’s talk gave us updates on the how the government shutdown is affecting tax returns and provided insight into the new tax laws. Due to the government shutdown, there might be a delay for the January 29th opening date to file your taxes. If you have questions in regards to your taxes, the IRS is currently not taking calls. However, the IRS is still taking payments through their website and automated phone service.
There are some things to note about the changes for this year’s taxes. For individual returns the available standard deduction amount has doubled. Deductions are also getting capped at 10,000 for state and local taxes. For new mortgage interest the deduction is limited to interest on the first 750,000 of the acquisition debt or mortgage debt. Unreimbursed business expenses like mileage, union dues, and legal fees can no longer be written off by the individual but can still be written off by the business. The exemption deductions for dependents has been eliminated but the child tax credit has increased. For businesses there is no longer an entertainment deduction like sports games. A 199a deduction will allow you to take up to 20 percent of your income as a deduction with the business goal of hiring more employees. The phaseout threshold for the 199a is 150,000for individuals and 300,000 for joint.
This year’s tax returns might be difficult compared to last year due to the shutdown and new laws. When you decide to file look no further then Sawin and Kotani, where licensed CPA’s, Craig and Eric, will answer all of your questions and walk you through this year’s tax returns.
Remember to invite guests to keep our membership continually growing!
Members, please remember if you are bringing a guest as a potential member please make sure the classification is open.
Thank you nomination committee on Selecting our next two nominees for the board of Directors. Eric Speier of 5 Elements Entertainment and Elizabeth Riley of T.G.I.S
1st Classification Postings:
2nd Classification Postings:
Welcome New Members:
Please welcome Bob Cook of Business Printing and Imaging under the classification of Printing - Small Commercial
Other Membership News:
Classification of the Month:
Featured Classification for January:
Optometrist and Video Production
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