In this issue of our newsletter we discuss the U.S. Treasury Department’s new proposed regulations on tactics used by wealthy tax payers to avoid paying estate and gift taxes. Also featured in this issue, information on how to report...
Read moreHappy Birthday! October 2016
Happy Birthday to our October birthdays! Paul, Jeanette and Leo!
Read moreU.S Treasury Department Crack Down on Tactics to Avoid Estate and Gift Taxes
Recently, the U.S. Treasury Department and IRS have proposed new limits in place to regulate the taxes on the transfer of assets from wealthy business owners to their heirs. Under the current regulation, owners of closely held businesses and...
Read moreUnmarried Couples to Receive Higher Mortgage Interest Deduction
In the midst of wedding season this year, the IRS increased the “marriage penalty,” or the tax hits that come after couples say “I do.” The IRS is now offering double the mortgage interest deduction to unmarried co-homeowners, compared to the...
Read moreProtecting Taxpayers Identity from Identity Theft
With an increasing threat of identity theft to taxpayers, CPAs are expanding the preventative measures used to protect their clients from being a victim of fraud. Taxpayers can identify that they are a victim of theft when they receive a notice...
Read moreChanges to Overtime Pay by Department Of Labor
Changes will soon be coming to more than four million American paychecks, including close to 400,000 Californians. In addition to the minimum wage hike around the country, the Obama Administration passed this as the final rule in his changes to...
Read moreIRS Change May Allow Your Business To Deduct Hundreds Of Thousands of Dollars
$2,500 Items Can Now Be Immediately Expensed, Which Had to Be Capitalized Before Ruling The Internal Revenue Service is assisting qualifying businesses this year with a change to the deduction amount for business expenses from $500 to $2,500...
Read moreEvaluating Cyber-Threats
The average cost of a data breach has grown 29% to $4 million over the last three years, according to a 2016 survey by the Ponemon Institute. External audits can help identify IT risks. But an auditor’s responsibilities don’t include an...
Read moreFair value reporting: What it means to the FASB and you
Many owners are confused by the subjective task of estimating “fair value” for financial reporting purposes. Outside appraisers can help determine fair value, but management can’t outsource responsibility for fair value estimates. That means you...
Read moreBoost your 2016 deductions by buying a business vehicle this year
Buying a business vehicle before year end can reduce your 2016 tax bill. The vehicle may qualify for Sec. 179 expensing, allowing you to immediately deduct, rather than depreciate over several years, some or all of the cost. The normal Sec. 179...
Read moreBusiness owners, help your estate by gifting company stock
One effective way to reduce estate taxes is to limit the amount of appreciation in your estate. If you’re a business owner, there may be no better gift than your company’s stock. Assuming your business is growing, you’ll keep a substantial...
Read moreHappy Birthday! August/September 2016
Happy Birthday to our August/September birthdays: Jia, Stacy, Rell and Yaqian!
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