Derek Thomas, CPA

Derek Thomas, CPA CPA FIRM services for businesses, individuals and non-profit organizations.

Tax Preparation, Financial Statements, Forensic Accounting, Business Valuation Serving the communities of the Temecula, Murrieta, and all of San Bernardino and San Diego Counties. Since 1979 Derek Thomas has been providing tax and accounting services to entrepreneurs and individual investors in the Inland Empire region. He has helped numerous business owners navigate the complex tax and financial

issues they face in building a successful business, and helped families with the tax planning and reporting challenges associated with estates and trusts. Derek also provides a wide range of business valuation and litigation support services to attorneys and their clients. He has been awarded the “Accredited in Business Valuation” (ABV) designation by the American Institute of Certified Public Accountants.

The 2017 TAX ACT introduced a federal tax credit for employers who provide paid family and medical leave to their employ...
12/05/2018

The 2017 TAX ACT introduced a federal tax credit for employers who provide paid family and medical leave to their employees. So far, credits are only available for 2018 and 2019. The IRS issued some guidance on the tax credits. Here are some highlights: What is the employer credit for paid family and medical leave? Eligible employers can claim a general business credit, based on a percentage of wages paid to employees on leave under the Family and Medical Leave Act. [ 514 more words ]

The 2017 TAX ACT introduced a federal tax credit for employers who provide paid family and medical leave to their employees. So far, credits are only available for 2018 and 2019. The IRS issued some guidance on the tax credits. Here are some highlights: What is the employer credit for paid family an...

When you’re signing up for health insurance, you may see some unfamiliar acronyms and wonder, “What is an HSA?” HSA stan...
05/16/2017

When you’re signing up for health insurance, you may see some unfamiliar acronyms and wonder, “What is an HSA?” HSA stands for Health Savings Account, and it is a handy way to save for medical expenses and reduce your taxable income. A Health Savings Account (HSA) can be established in conjunction with a qualified High Deductible Health Plan (HDHP) to help individuals save for qualified medical and retiree health expenses on a tax free basis. [ 63 more words ]

http://derekthomascpa.com/what-is-an-hsa/

When you’re signing up for health insurance, you may see some unfamiliar acronyms and wonder, “What is an HSA?” HSA stands for Health Savings Account, and it is a handy way to save for medical expenses and reduce your taxable income.  A Health Savings Account (HSA) can be established in conjunction…

The holiday shopping season is underway and the days remaining on the calendar for 2016 are few. Now is the time for tak...
12/08/2016

The holiday shopping season is underway and the days remaining on the calendar for 2016 are few. Now is the time for taking actions to cut your tax bill for 2016. Weather you are having a good year, rebounding from recent losses, or still struggling to get off the ground, you may still be able to save on your taxes if you make the right moves before the end of the year. Click the link below for a list of year end tax-planning tips.

The holiday shopping season is underway and the days remaining on the calendar for 2016 are few. Now is the time for taking actions to cut your tax bill for 2016.  Weather you are having a good year, rebounding from recent losses, or still struggling to get off the ground, you may still be able to…

As the owner of an S corporation, it is important that you take a reasonable salary for the work that you do. A big conc...
11/29/2016

As the owner of an S corporation, it is important that you take a reasonable salary for the work that you do. A big concern of the IRS is the issue of whether or not an S corporation pays reasonable compensation to its shareholders. Often, shareholders avoid paying a salary to avoid paying employment taxes. Instead, they take money out of the corporation as dividends. [ 193 more words ]

As the owner of an S corporation, it is important that you take a reasonable salary for the work that you do. A big concern of the IRS is the issue of whether or not an S corporation pays reasonable compensation to its shareholders. Often, shareholders avoid paying a salary to avoid paying employmen...

Putting WOTC to Work: Maximize the Work Opportunity Tax Credit for Your Companyhttp://derekthomascpa.com/putting-wotc-to...
07/12/2016

Putting WOTC to Work: Maximize the Work Opportunity Tax Credit for Your Company
http://derekthomascpa.com/putting-wotc-to-work-maximize-the-work-opportunity-tax-credit-for-your-company/

Did you know you can reduce your federal income tax liability by as much as $9,600 per eligible employee for their first year of employment?  Simply hire someone from a list of specific target groups and fill out the correct paperwork. WOTC is a tax incentive program designed to encourage employers…

Now that the filing deadline has passed...you may be wondering if you'll be audited. According to The Kiplinger Letter, ...
06/21/2016

Now that the filing deadline has passed...you may be wondering if you'll be audited. According to The Kiplinger Letter, the IRS continues to struggle on the enforcement front, owing in large part to severe cuts to its budget and a shrinking work force. Since 2010 it has lost over 5,000 agents and tax collectors. They report that in 2015, the individual audit rate was 0.84%. [ 165 more words. ]

http://derekthomascpa.com/irs-audit-rates-at-more-than-decade-long-low-2/

Now that the filing deadline has passed...you may be wondering if you'll be audited. According to The Kiplinger Letter,  the IRS continues to struggle on the enforcement front, owing in large part to severe cuts to its budget and a shrinking work force.  Since 2010 it has lost over 5,000 agents and…

Most of us cannot relate to the life that Prince led, including his enormous wealth. We can learn from his mistakes. By...
06/07/2016

Most of us cannot relate to the life that Prince led, including his enormous wealth. We can learn from his mistakes. By all accounts Prince was fiercely protective of rights to his music. Ironically he completely lost control in his death. His apparent lack of planning may cost his estate. There are some simple estate planning strategies you can follow not only to protect your assets but also your family. [ 102 more words. ]

http://derekthomascpa.com/if-you-dont-own-your-masters-your-master-owns-you-1996-rolling-stone-interview-with-prince/

Most of us cannot relate to the life that Prince led, including his enormous wealth.  We can learn from his mistakes. By all accounts Prince was fiercely protective of rights to his music. Ironically he completely lost control in his death. His apparent lack of planning may cost his estate.  There a...

With more and more people turning to Airbnb, HomeAway and other Vacation rental sites as a way to generate additional in...
06/01/2016

With more and more people turning to Airbnb, HomeAway and other Vacation rental sites as a way to generate additional income, the issue of if and when to report the income to the IRS comes into play. Understanding the tax consequences of renting property — whether just a portion of your home or an entire residence — is not a straightforward process. [ 63 more words. ]

http://derekthomascpa.com/wordpress/renting-your-home-on-airbnb-be-aware-of-the-tax-ramifications/

With more and more people turning to Airbnb, HomeAway and other Vacation rental sites as a way to generate additional income, the issue of if and when to report the income to the IRS comes into play. Understanding the tax consequences of renting property — whether just a portion of your home or an e...

Can the IRS Tax Fidelity?http://derekthomascpa.com/wordpress/can-the-irs-tax-fidelity/
02/16/2016

Can the IRS Tax Fidelity?
http://derekthomascpa.com/wordpress/can-the-irs-tax-fidelity/

According  to the Kiplinger Tax Letter from January 15, 2016 "Payments a woman got for agreeing to be faithful to her boyfriend are taxable. After dating for about a year, a couple pledged their fidelity to each other in writing. The agreement required him to pay her $400,000. Later, he accused her…

The tax burden on high-incomers has fallen a bit, new IRS statistics show. According to the 2013 tax records the IRS det...
02/03/2016

The tax burden on high-incomers has fallen a bit, new IRS statistics show. According to the 2013 tax records the IRS determined that the top 1% of income earners paid 37.8% of all federal income taxes down from 38.1% in 2012. They reported 19% of all adjusted gross income (AGI) and it took $428,713 of AGI to get into this exclusive club. [ 73 more words. ]

http://derekthomascpa.com/wordpress/whos-paying-what/

The tax burden on high-incomers has fallen a bit, new IRS statistics show. According to the 2013 tax records the IRS determined that the top 1% of income earners paid 37.8% of all federal income taxes down from 38.1% in 2012. They reported 19% of all adjusted gross income (AGI) and it took $428,713…

It may surprise you to know that even the IRS is utilizing the power of social media to reach the American taxpayer. No...
01/28/2016

It may surprise you to know that even the IRS is utilizing the power of social media to reach the American taxpayer. Not only is this an effort to increase online information about filing taxes, but also to minimize the burden on the already flooded call center. They currently have a presence on You Tube, Tumblr, Facebook and yes, even… [ 112 more words. ]

http://derekthomascpa.com/wordpress/does-the-irs-tweet/

It may surprise you to know that even the IRS is utilizing the power of social media to reach the American taxpayer.  Not only is this an effort to increase online information about filing taxes, but also to minimize the burden on the already flooded call center. They currently have a presence on Yo…

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30094 Iron Horse Drive
Murrieta, CA
92563

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+19513751390

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