With the ever increasing complexity in the tax code, it’s imperative to stress the importance of communication with your tax professional. As taxpayers, it seems...
Read MoreThe Negative Impact of Retaining Income in a Trust
As a result of the Affordable Care Act, almost all trusts with net taxable income in excess of $12,300 are realizing an additional 3.8% Net Investment Income Tax (NII Tax) on Net Investment Income (NII) retained...
Read MoreMerry Christmas from Washington
On Saturday December 18th, President Obama signed the much anticipated PATH (Protecting Americans from Tax Hikes) Act of 2015. This Act extended...
Read MoreDoing Good Can Save You Tax Dollars
If you are planning to make a contribution to a charity, you should consider donating appreciated stock from your investment portfolio instead of cash. The DOW has improved greatly since the market low of 6400 in 2008. Investors are starting to pay capital gains again on the sale of their stocks...
Read MoreBoard Member
So you decided to serve on a local non-profit board, you are excited to be able to serve an organization that serves your community and at your first meeting...
Read MoreDoes Your Business Need an Audit?
As an owner of a privately held business, you may have concerns about why a company might need audited financial statements. Financial statement audits provide the highest level of assurance. They can only be performed by a Certified Public Accountant. Audits provide....
Read MoreThe Affordable Care Act and it's Impact on your Business
The year 2015 marks a milestone in the implementation of the Affordable Care Act. This year, applicable large employers will be subject to both the 1095-C reporting requirements and employer mandate penalties if they do not provide minimum essential health coverage to their...
Read MoreRecord Retention
One question we often get is how long should specific records be kept. The simple answer is to keep the records for as long as they serve a useful purpose or until all regulatory....
Read MoreIs your company active or suspended with the California Secretary of State's Office?
Once a year, or every other year for some organizations, the Secretary of State will send you a small postcard asking you to update your organization's Statement of Information. If this form is not filed or is filed late, the state will assess a penalty of up to $250 and will suspend your....
Read MoreIRS Hacked, Again!
In May of this year, the IRS was hacked and they estimated account information was taken from 114,000 taxpayers. Recently, they increased this estimate...
Read MoreThe best time of year for tax planning is now!
It's summer time and local business owners are dealing with slow-downs, while many families are on vacation or spending time away from the desert heat. No one feels like talking about taxes and the IRS....
Read MoreACA 2015 Update
Are you prepared for new Affordable Care Act requirements? Here are the changes to look for in 2015...
Read MoreMaximizing Tax Deductions On Your Company Car
Time for a new company car? Be sure to consider the tax consequences of “trade-in” versus “for sale” vehicles.....
Read MoreBeware of Threatening Scam Phone Calls Claiming to be from the IRS
This past tax season I received several phone calls from clients concerned about highly threatening phone calls they received from people claiming to be from the criminal investigation unit of the IRS. I also received calls...
Read MoreWhy to use QuickBooks for your business
For those considering why they should pay for QuickBooks, here is why most CPA firms recommend it...
Read MoreWhen a CPA becomes more than just your "Tax Guy"
It's tax time and the scramble is on for many of us. Some use professional CPAs (Certified Public Accountants) for their taxes, while others brave it on their own. After filing...
Read MorePenalty relief for employer health insurance reimbursement arrangements
Small business owners will be relieved to know that on February 18 the IRS issued Notice 2015-17, providing limited relief from the draconian $100 per day per participant penalties under...
Read MoreAre you current with the new Depreciation and Repair Regulations?
After approximately three years of debate, revisions, and policy formulations, the IRS has rolled out a whole new set of Depreciation and Repair Regulations. These....
Read MoreForeign Asset Reporting Requirements
Foreign asset reporting requirements continue to be at the forefront of the US crackdown on tax evaders who are attempting to hide assets in overseas accounts. The FBAR...
Read MoreWith your refund - timing is everything
It's been stated by many different organizations, including the IRS, that 2015 could be the worst filing season in 30 years. Some of the major obstacles facing this filing...
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