/Tag: tax planning and compliance

Tax Reform 2.0 – Here’s what you need to know

By |2018-09-25T21:40:44+00:00September 19th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , |

On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote family [...]

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 [...]

Don’t Gamble With Your Taxes

By |2017-05-24T13:42:05+00:00September 9th, 2016|Categories: Tax Planning|Tags: , , |

Have you been lucky at the track, or won a nice raffle prize?  Did your numbers hit in the lottery?  Or maybe you had a really good night at bingo or the casinos in Las Vegas this summer?  While congratulations may be in order, we have a bit of bad news.  Whether you are a [...]

Providing Tax-Free Benefits to Employees

By |2017-07-27T19:41:55+00:00August 8th, 2016|Categories: Tax Planning|Tags: , , , |

One way to attract and retain valuable employees is to offer the best compensation package possible. An important part of any compensation package is fringe benefits, especially those that are tax-free to your employees. One of the most important fringe benefits is health insurance. Disability, life, and long-term care insurance can also be important in [...]

The Tax Benefits of Selling Rather Than Trading in Business Vehicles

By |2017-05-24T13:42:06+00:00August 3rd, 2016|Categories: Tax Planning|Tags: , , |

When it’s time for a new business vehicle, you may be considering trading in your old one.  But is that the right move for you?  If you own your business vehicle, you may benefit from selling outright, instead of trading it toward your new purchase. Although a vehicle can lose value fairly quickly, tax rules [...]

Porter Ranch Gas Leak and Your Taxes

By |2017-05-24T13:42:06+00:00July 20th, 2016|Categories: News|Tags: , , , , , , , |

The IRS has released Announcement 2016-25 related to the Porter Ranch gas leak at the Aliso Canyon natural gas storage facility.  The announcement declares that the IRS will not assess tax on reimbursements paid to, or on behalf of, the residents of affected area. The leak affected an entire community, causing widespread health issues and [...]

Large Changes to Overtime Rules Handed Down by DOL

By |2017-05-24T13:42:07+00:00May 25th, 2016|Categories: News, Tax Planning|Tags: , , , , , , |

The U.S. Department of Labor (DOL) has made dramatic changes to the determination of which executive, administrative and professional employees — otherwise known as “white-collar workers” — are entitled to overtime pay under the Fair Labor Standards Act (FLSA). The new rules will make it more difficult for employers to classify employees as exempt from [...]

Art Collectors Should Use Tax Laws to Protect Heirs

By |2017-05-24T13:42:07+00:00May 4th, 2016|Categories: Succession Planning, Tax Planning|Tags: , , , , , |

With proper plan­ning, collectors can enhance the financial benefits of their art collection.  If you are a serious art collector, you should be aware of the numerous tax issues related to the ownership and transfer of art and collectibles. Following is a discussion of some of the more relevant tax issues and related tax planning [...]

Tax Refund? 6 Reasons to Consider Direct Deposit

By |2017-05-24T13:42:08+00:00April 8th, 2016|Categories: Tax Planning|Tags: , , , |

When you file your taxes, you have options on how to receive your refund. The IRS recommends that the best way to get it is by direct deposit. Eight out of 10 taxpayers get their refunds by direct deposit. Here are six good reasons why you should do the same in 2016: Direct Deposit: Fast.  [...]

Property Tax and “Cap Rates”

By |2017-05-24T13:42:08+00:00March 9th, 2016|Categories: Real Estate, Tax Planning|Tags: , , , , , , , |

Many cities and towns use a simple formula involving the capitalization, or “cap rate” to calculate property tax assessments. The cap rate is determined by dividing the property’s net operating income by its sales cost.

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