Did you know that even though the new tax law greatly increased the standard deduction amount, planning for your itemized deductions remains important. Read on to learn more about how you can strategize your charitable giving to maximize your tax… Read More
Taking Money off the Table in a Sale or Reorganization
Generally, shareholders may receive stock tax-free in certain entity reorganizations. This stock received qualifies for non-recognition treatment under the theory that the new stock is a continuation of the old investment. However, when a shareholder receives something other than stock,… Read More
Is Your New Business Just a Hobby in the Eyes of the IRS?
There is a famous quote that says, “If you do what you love, you’ll never work a day in your life.” This quote may hold true, but unfortunately the IRS may have some questions related to how much you enjoy… Read More
Audit Requirements – Does your organization meet these requirements?
Nonprofits and charitable organizations must conduct independent regular audits and single audits if specific requirements are met. California guidelines call for an independent audit of the financial statements if revenue meets or exceeds $2 million. Federal guidelines were modified in… Read More
ASU 2016-14, Part III: Reporting Expenses by Function
The most significant change resulting from ASU 2016-14 impacts the face of nonprofit financial statements by requiring organizations to present two net asset classes rather than three net asset classes. Continuing with our four-part series on ASU 2016-14, Presentation of… Read More
Safeguarding Your Separate Assets
The most common type of trust created by a married couple is a revocable living trust, and for those living in California, often the assets inside the trust are community property. However, depending on your marital and family situation, having… Read More
Opportunity Zones and the Tax Deferral They Offer
Qualified Opportunity Zones were created by the Tax Cuts and Jobs Act of 2017 to spur investment in distressed, low-income communities throughout the United States. In order to accomplish this, the Act provides investors the ability to defer tax on… Read More
So You Want to Work with a Foreign Charity – Here’s What to Know
There are so many great causes private foundations want to support, and with such a globalized society, those causes are often based in international territories. Though a bit trickier than giving grants to a domestic organization, there are luckily still… Read More
Does California Conform to the New Law?
Although we have the new federal Tax Cuts and Jobs Act of 2017 that brings plenty of changes in tax planning and reporting, we need to be aware that state income tax laws may be much different as each state… Read More
How Can Property Title Effect Your Estate Tax?
How your property is titled can affect how it is taxed and whether or not it receives a step-up in basis upon your death. Therefore, consider adding your spouse, child, friend, or business partner to the title of your property… Read More
