/Tag: gumbiner savett accounting firm santa monica

How does tax reform affect rental property owners?

By |2018-04-25T22:12:35+00:00April 25th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , , |

Do you own residential or commercial rental real estate? The Tax Cuts and Jobs Act (TCJA) brings several important changes that owners of rental properties should understand. In general, tax reform affects rental property owners- owners will enjoy lower ordinary income tax rates and other favorable changes to the tax brackets for 2018 through [...]

Company Car Perk: Address the Tax Complexities

By |2017-05-24T13:42:01+00:00April 26th, 2017|Categories: Tax Planning|Tags: , , , , |

The perk of a company car isn't entirely "free" for employees. Generally, employees are taxed on the personal value of this fringe benefit, subject to certain special rules and annual limits. Significantly, the IRS recently announced the 2017 thresholds applicable for valuations of vehicles. Background Information An employer that provides taxable fringe benefits to employees is [...]

Business Tax Return Due Dates Changing

By |2017-05-24T13:42:03+00:00January 9th, 2017|Categories: Tax Planning|Tags: , , , , |

 Corporations and partnerships will have different due dates for their income tax returns starting for the 2016 year. Here is what you need to know. Earlier Due Dates for 2016 Partnership and LLC Returns Partnership federal income tax returns, filed on Form 1065, had been due three and a half months after the end of [...]

Post-Election Tax Planning Considerations

By |2017-05-24T13:42:03+00:00December 16th, 2016|Categories: Tax Planning|Tags: , , , , |

There is a lot of speculation about how tax law may change after the recent elections, with the incoming administration being very vocal about the need for tax reduction. With the proposed tax cuts, traditional wisdom of accelerating deductions and deferring income still makes sense. Push your income into 2017 wherever possible, with the hope [...]

UTPs reported in 2016 could be affected by business tax reform plans

By |2017-05-24T13:42:04+00:00December 7th, 2016|Categories: Tax Planning|Tags: , , , , , |

Navigating the tax code — and staying atop the latest tax law developments — can be challenging for business owners. In turn, financial reporting for uncertain tax positions (UTPs), such as pending IRS audits or lawsuits, is complicated and subjective. Here’s some guidance to help clarify matters. Applying the threshold Companies that follow U.S. Generally [...]

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