While not impossible, taxpayers may find it difficult to receive a tax benefit from unreimbursed medical expenses. Due to the higher threshold and recent changes to tax law, clients often overlook the deductibility of medical expenses. Continue reading this article… Read More
More Opportunity in Opportunity Zones
The tax incentives of investing in an Opportunity Zone were introduced by the Tax Cuts and Jobs Act at the end of 2017. Since then, the lack of guidance in this legislation has left a lot to the imagination regarding… Read More
Employee vs. Contractor – California Requirements
Welcome to a new year and new decade! With the turning of the year comes the resetting of tax filing deadlines. First up are 2019 W-2s for employees and 1099s for independent contractor services, both due January 31, 2020. California… Read More
Business Advisory Services: Budgeting and Forecasting
Budgeting and forecasting are tools that assist us in meeting our financial goals. Companies can use budgeting to establish a plan regarding what the company expects to achieve for a specific period. Financial forecasting assists a company in establishing future… Read More
Even Private Foundations Have Year-End Planning to Do
Do you know if your private foundation made its required charitable distributions this year? Does it need to make any estimated tax payments? How are those calculated? Private foundations have minimum distribution requirements. They also pay a tax on net… Read More
2019 Year-End Planning For Businesses
It’s that time of year again! Time to execute on planning opportunities these final weeks of the year to minimize your business’s tax liabilities. We are closing in on the end of 2019, year two, under The Tax Cuts and… Read More
2019 Year End Planning for Trusts & Estates
As we are wrapping up the 2019 year, we want to think about things we can do to minimize tax liability on trusts and estates. This article outlines the changes in trust and estate taxation for 2020 as well as… Read More
Year-End Tax Planning
The end of the year is approaching fast and that means it is time to take advantage of year-end tax planning. With the tax law changes from the Tax Cuts and Jobs Act (TCJA) being in effect for a full… Read More
Revenue Recognition Changes: Standardizing Can be a Good Thing
The new revenue recognition standard for contracts with customers, ASC 606, is now in effect for all nonprofits. Although the updated guidelines apply to all entities and not just nonprofits, this article will largely focus on the effect on different… Read More
Check Out These Improvements! New Rules For Deducting The Costs of Business Property.
The 2017 Tax Cuts and Jobs Act enhanced federal tax deductions for the purchase or improvement of certain assets used in a business. This article discusses changes to bonus depreciation and Section 179 asset expensing, as well as a refresher… Read More
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