Monthly Archives

April 2018

Tax
April 23, 2018

Tax document retention guidelines for small businesses

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax…
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Uncategorized
April 20, 2018

TCJA changes to employee benefits tax breaks: 4 negatives and a positive

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the…
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Uncategorized
April 20, 2018

A net operating loss on your 2017 tax return isn’t all bad news

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside:…
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Audit & Accounting
April 13, 2018

When should different accounting rules apply? Public vs. private companies

The Financial Accounting Standards Board (FASB) have often been criticized by small private companies for writing overly complex standards that focus on stakeholders needs in large public companies rather than “Main Street” businesses. Here’s how the…
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April Tax NewsletterState & Local Taxes
April 13, 2018

State and Local Tax – Something to think about… California Wildfire Credit

President Trump signed a Bill that provides a credit to certain California taxpayers located within the areas impacted by the recent California wildfires.  The bill is known as the Bipartisan Budget Act of 2018, H.R.…
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April Tax NewsletterEstate PlanningReal Estate
April 13, 2018

Estate Planning – Avoiding California Property Tax Reassessment Through Proper Use of Parent-Child Exclusion

When dealing with a death in the family and administering assets of the deceased family member, the county-level property tax reassessment rules for transfers of California real estate are often overlooked.  Generally, the taxable value…
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April Tax NewsletterCorporate Tax
April 13, 2018

Corporate – Tax Reform Effects on NOLs and Section 382

The Tax Cuts and Jobs Act (“TCJA”) of 2017 has major implications for corporate taxpayers, and one area of change is with regard to the use of net operating losses (NOLs).  Under pre-tax reform law,…
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April Tax NewsletterMergers & Acquisition
April 13, 2018

M&A Tax Planning – Qualified Small Business Stock – Potential for Large Gain Exclusion on Sale

Section 1202 was passed to encourage economic activity, employment, and investment in new ventures and small businesses. Under section 1202, a non-corporate taxpayer is able to exclude gain from the sale or exchange of qualified…
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April Tax NewsletterInternational
April 13, 2018

International Tax – Impact of §965 on Subchapter S Corporations

HR1, also known as the “Tax Cuts and Jobs Act” (“the Act”), imposes a one-time transition tax on U.S. Shareholders of Specified Foreign Corporations (“SFC”), including S corporations, through a mandatory repatriation as set forth…
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