New Requirements for R&D Credits
The IRS recently shared it receives thousands of R&D claims for credits in the hundreds of millions of dollars from corporations, businesses, and individual taxpayers. Claims for the research credit under Section 41 of the Tax Code are examined in a substantial number of cases and take up significant time and resources for both the […]
Required Minimum Distributions (“RMD”) From Retirement Plans In 2022
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) have made several important changes to required minimum distributions (“RMD’s”) which were effective in 2020, including the waiver of RMD’s and increasing the applicable age from 70 ½ to 72. Currently, no […]
Important Updates To The California Pass-Through Entity Tax
The Franchise Tax Board (“FTB”) has recently provided additional information and clarification on several important issues which we have summarized below on top of our last guidance dated 12/07/2021: Underpayment or overpayment of CA PTET – The full 9.3% must be paid on all qualified income by the original due date of the tax return […]
2021 4th Quarter Estimated Tax Reminder
This is a reminder that your 4th quarter estimated taxes are due on or before January 18, 2022. Please note that this is a general reminder, and if it does not apply to you because you are not required to make estimated payments or if you have already made the payments, please disregard this reminder. […]
Limitations on The California Pass-Through Entity Tax
Limitations on The California Pass-Through Entity Tax The recently enacted Assembly Bill 150, which established the California Pass-Through Entity Tax Credit (“CA PTET”), currently includes some limitations on the use of the credit that greatly reduces the possible benefits of making the election. For information on who qualifies for the CA PTET, you can view […]
2021-2022 Year-end Tax Planning Guide
Dear Clients and Friends, Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action. To help you identify strategies that might work for you in 2021, we’re pleased to present this tax planning […]
Cost Segregation Study and Tax Deductions
A cost segregation study is one way to boost cash flow If your business is planning to buy, build, or substantially improve real property, a cost segregation study can help you accelerate depreciation deductions, reduce your taxes, and boost your cash flow. Even if you’ve invested in real property in previous years, you may have […]
Household Workers and Taxes
Are you liable for “nanny taxes”? If you employ household workers — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers, and other employees — it’s important to understand your tax obligations, commonly referred to as “nanny taxes.” Here’s a quick review. Which workers are covered? Simply working in your home doesn’t necessarily […]
