Insights

There’s still time left in the year to make some last-minute tax moves. If you are in a higher tax bracket this year or find more income in your paychecks due to lower tax reform rates, you may consider applying some of these strategies to your situation. 1. Give to a Good Cause Donating to…

As we look at taxes through a new lens this year, the Tax Cuts and Jobs Act brings a number of valuable tax-saving planning opportunities to businesses. In general, most individual provisions expire at the end of 2025, but the corporate changes are made permanent. The following article outlines changes enacted in the tax reform…

The Tax Cuts and Jobs Act introduced over 130 new provisions affecting both individuals and businesses alike. As we transition into year-end tax planning, our attention turns to helping clients optimize their tax positions in the midst of unprecedented change. Passed in December 2017, the tax reform bill contains a number of individual tax breaks…

With changes to bonus depreciation in the Tax Cuts and Jobs Act (the Act), cost segregation has now become an essential ingredient for commercial real estate owners and investors to quality for additional tax savings. Bonus Depreciation The Act includes two significant revisions to bonus depreciation. Under current law, bonus depreciation increases from 50% to…

‘Tis the season for nonprofit financial audits. During audit season, it is common to see organizations face similar issues on their financial statements. What are they, and how can we help remedy them? With hundreds of nonprofits populating the Santa Barbara landscape, many experience similar hurdles during audit season. In an effort to streamline the…

The Tax Cuts and Jobs Act has turned the tax code upside down on alimony, especially in terms of tax deductions. As of January 1, 2019, the tax code on alimony will change for those filing for divorce or separation. The new law eliminates alimony deductions for the payor and does not require the payee…

If you want to teach your child the value of a dollar this summer, take a look at some interesting tips on how they can leverage their summer job salaries. At seventeen years old, one rarely thinks about retirement savings. But if you break down the numbers, they may think twice about how they spend…

With the surge of online shopping dominating the retail space, a recent U.S. Supreme Court 5-4 ruling leveled the playing field between traditional shops and remote sellers, now allowing states to collect sales tax from online retailers. The court’s decision in South Dakota v. Wayfair reversed the physical presence rule previously upheld in 1992 with…