Insights

Whether putting up a new building or renovating an existing one, companies are discovering that they can strengthen their balance sheets by doing a cost segregation study. A cost segregation study (CSS) helps managers break down and itemize construction and acquisition costs so that they can be allocated to shorter depreciation lives. In other words,…

Learn about the pass-through entity updates in this recorded webinar.

Thursday, March 3 1:00pmLive Webinar   SIGN UP NOW Are you curious about…how California’s recently passed SALT workaround provisions expanded tax-saving opportunities for partnerships and S Corps? Should your business pay the elective pass-through entity tax? Who must file the new Schedule K-2 and Schedule K-3 forms? What is the status of the BBB? Join…

California recently revised its SALT cap workaround to be more appealing for qualifying owners of S corporations and partnerships. On February 9, California’s governor signed into law Senate Bill 113 (S.B. 113), which modified certain technical aspects of the elective pass-through entity tax enacted in Assembly Bill 150 (A.B. 150) in July 2021. A number…

Many taxpayers have already received IRS Letters 6419 and 6475 containing details about their 2021 advance child tax credit (CTC) payments and economic stimulus payments. Here’s what you need to know about the letters, this year’s CTC refund, and what to do about potentially erroneous information. In January 2022, the IRS issued two separate letters…

Return-to-office plans remain in a state of limbo as some employers find that a remote work strategy is a viable option long term. What are the tax implications for businesses in this new scenario? Over the past couple of years, businesses have sent employees to work from home as a temporary solution in response to…

A trust can be a powerful estate-planning tool, but contrary to popular belief, trusts do not make all taxes disappear. The families who set them up still need to consider tax consequences. To start with, trust beneficiaries typically need to pay tax on the interest income they get from a trust, but not on any…

Getting older has its perks, including tax breaks. Your income threshold for filing a tax return at all is higher, you get a bigger standard deduction and you can defer or avoid taxes on more money. Below are the details of some tax breaks you’ll qualify for when you turn 65. You qualify for a…

The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. IRA limits have changed for certain savers. If during the…

Sometimes it feels good to get rid of clutter, especially this time of year when the holidays tend to bring more into the house. Cleaning out papers we have kept for years is a good project around this time. But there are some guidelines to be aware of before you put a pile of papers…