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Category: Tax & Business

Tax & Business

To provide tax related information to the public

California Equity-Based Compensation

California Equity-Based Compensation Guidelines – Move from CA to Other States

ESPP, Individual Tax, Investment, Tax & Business /

The taxation of Restricted Stock Units (RSU), Incentive stock options (ISO), Non-Qualified Stock Option (NSO), and Employee Stock Purchase Plans (ESPP) for employee work in California (CA) can be affected by a relocation to another state. The tax treatment of RSU, ISO, NSO, and ESPP depends on the state in which the recipient was a […]

California Equity-Based Compensation Guidelines – Move from CA to Other States Read More »

Analyze Personal Finances

How to Analyze Your Current Finances

Accounting Services, Business Tax Consulting, Others, Personal Financial Management, Tax & Business, Tax Advisory Services, Tax Credits & Incentives /

This article was authored working with wikiHow, the world’s largest “how to” site, and also featured here on the wikiHow website.   Before you can improve your financial health, you need to analyze your current finances. Keep track of your expenses for a month and look at where you are spending the most. Use extra money to

How to Analyze Your Current Finances Read More »

Reduce Your Taxes On Salary Income

How to Reduce Your Taxes on Salary Income

Accounting Services, Business Tax Consulting, Family Wealth Services, Individual Tax, Investment, Payroll Taxes, Tax & Business, Tax Advisory Services, Tax Return Compliance /

This article was authored working with wikiHow, the world’s largest “how to” site, and also featured here on the wikiHow website. While you may have heard that nothing is certain but death and taxes, it is possible to reduce your US taxes to nearly zero, even when you’re paid a salary. Reduce your taxable income

How to Reduce Your Taxes on Salary Income Read More »

Nonprofit Tax Return

How to Prepare a Tax Return for a Nonprofit

Accounting Services, Business Tax Consulting, Non Profit Organization, Tax & Business, Tax Advisory Services, Tax Return Compliance /

This article was authored working with wikiHow, the world’s largest “how to” site, and also featured here on the wikiHow website. Even if a nonprofit organization has achieved tax-exempt status, for example under Section 501(c)(3), the organization is likely still required to file a tax return annually. If your nonprofit has employees that are paid, or takes

How to Prepare a Tax Return for a Nonprofit Read More »

Home Office

How Many Whole or Partial Rooms Can You Use for Your Home Office?

Business Tax Consulting, Individual Tax, Self-Employed, Tax & Business, Tax Advisory Services /

With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly

How Many Whole or Partial Rooms Can You Use for Your Home Office? Read More »

S-corporation

Avoid Trouble: Don’t Let the IRS Set Your S Corporation Salary

Business Tax Consulting, Compensation & Benefits Consulting, Individual Tax, Payroll Taxes, S-Corporation, Self-Employed, Tax & Business, Tax Advisory Services /

You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes

Avoid Trouble: Don’t Let the IRS Set Your S Corporation Salary Read More »

Government to Landlords: Drop Dead!

Government to Landlords: Drop Dead!

Business Tax Consulting, Individual Tax, Investment, Others, Tax & Business, Tax Advisory Services /

During this COVID-19 pandemic, landlords have two big possible problems: Tenants who can’t pay the rent. Tax losses they can’t deduct. We’ll start with the tenants and then move on to the rental property tax-loss issues. For the first time in U.S. history, residential landlords are subject to a sweeping nationwide federal moratorium on evictions

Government to Landlords: Drop Dead! Read More »

All About Limited Liability Companies

All About Limited Liability Companies (LLCs)

Accounting Services, Business Tax Consulting, Compensation & Benefits Consulting, Tax & Business /

Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCs

All About Limited Liability Companies (LLCs) Read More »

Raise Hell: Help Lawmakers Make PPP Expenses Tax Deductible

Raise Hell: Help Lawmakers Make PPP Expenses Tax Deductible

Accounting Services, Tax & Business /

As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. And hopefully, in this next package they will include a provision that allows you to deduct business expenses that you pay with your PPP money. Let’s explain. In the CARES Act, Congress said: For purposes of

Raise Hell: Help Lawmakers Make PPP Expenses Tax Deductible Read More »

Working at Home Don't Overlook These Deductions

Working at Home? Don’t Overlook These Deductions

Accounting Services, Individual Tax, Self-Employed, Tax & Business /

Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business. Ah, new tax deductions! Yep. Say you don’t claim a home-office deduction but now you are working at home and sitting in the

Working at Home? Don’t Overlook These Deductions Read More »

PPP Loan Forgiveness for the Self-Employed

Government Clarifies PPP Loan Forgiveness for the Self-Employed

Accounting Services, Business Tax Consulting, Self-Employed, Tax & Business /

How much is clarity worth? A lot, a whole lot. And how much is making things easier worth? Of course, it’s a lot, a whole lot, too. We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with no employees. Get ready to

Government Clarifies PPP Loan Forgiveness for the Self-Employed Read More »

difference between nonprofit organization and foundation

What is the difference between a nonprofit and foundation?

Business Tax Consulting, Investment, Non Profit Organization, Others, Tax & Business, Tax Advisory Services /

We have already known a lot of charity entities in the world. They always had different operating under different business types; foundations, nonprofit organizations, or charities participate in our daily activities. We may use these terms incorrectly and interchangeably. Although all the organizations mentioned are to help the less fortunate in society, they differ in

What is the difference between a nonprofit and foundation? Read More »

NONRESIDENT ALIENS AND THE § 121 PRINCIPAL RESIDENCE EXCLUSION

Nonresident Aliens and The Section 121 Principal Resident Exclusion

Family Wealth Services, Individual Tax, Investment, Personal Financial Management, Tax & Business, Tax Advisory Services, Tax Return Compliance, Tax Transaction Services /

Internal Revenue Code § 121 provides taxpayers with an income tax exclusion from the gain of taxpayer selling a primary residence. The exclusion amount for a single up to $250,000 and married couples will raise to $500,000. To qualify for the exclusion, the taxpayer-owned and used the property as the taxpayer’s principal residence for periods

Nonresident Aliens and The Section 121 Principal Resident Exclusion Read More »

PPP Loan Forgiveness for Partnerships and S and C Corporations

PPP Loan Forgiveness for Partnerships and S and C Corporations

Payroll Protection Plan, S-Corporation, Self-Employed, Start-Up, Tax & Business /

If you operate your business as a partnership or an S or C corporation, you face entity-specific Payroll Protection Program (PPP) loan forgiveness rules that apply to you as an owner-worker in the business. The rules that apply to you do not apply to the rank-and-file employee group. The government puts you, the owner-worker, in

PPP Loan Forgiveness for Partnerships and S and C Corporations Read More »

Partnership Special Allocation

Take Advantage of Partnership Special Allocation

Business Tax Consulting, Start-Up, Tax & Business, Tax Advisory Services, Tax Transaction Services /

One of the advantages of operating a business as a partnership is the right to make special allocations of tax items among the partners. You have the same opportunity if you run your business as an LLC that’s treated as a partnership for federal tax purposes. What Is a Special Tax Allocation? A special tax

Take Advantage of Partnership Special Allocation Read More »

Six Insights into the PPP for Partnerships

Six Insights into the PPP for Partnerships

Business Tax Consulting, Corporate Tax, Limited Liability Company, Payroll Protection Plan, S-Corporation, Self-Employed, Tax & Business, Tax Advisory Services /

The PPP free-cash program to assist businesses during the COVID-19 pandemic is gaining traction and clarity. If you operate your business as a partnership, you have several recent developments that make the free-cash program more to your benefit. Partner’s Self-Employment Income Creates Cash and Forgiveness Just as sole proprietors failed originally to ask for their

Six Insights into the PPP for Partnerships Read More »

individuals-tax-relief

TAX RELIEF FOR INDIVIDUALS: CONSIDER CHANGING 2019 OVERPAYMENT FROM A CARRYFORWARD TO A REFUND

Family Wealth Services, Personal Financial Management, Tax & Business, Tax Advisory Services /

Since the CARES Act passed, there has been a lot of talk about getting funding to businesses to help the economy. Businesses received some relief through Payroll Protection Program loans, Economic Injury Disaster Loans (EIDL),-Employee Retention Credits and an increase in the allowable business interest deduction limit, to name a few. But what about the

TAX RELIEF FOR INDIVIDUALS: CONSIDER CHANGING 2019 OVERPAYMENT FROM A CARRYFORWARD TO A REFUND Read More »

What Can You Spend Your PPP Forgivable Loan on?

Business Tax Consulting, Limited Liability Company, Payroll Protection Plan, S-Corporation, Self-Employed, Start-Up, Tax & Business /

Update as of June 3, 2020: Small businesses may soon find more flexibility in the Paycheck Protection Program (PPP) as a bill passed the House on Thursday that would extend the time in which companies need to spend funds and alter the rule that they must pay 75% of the funds on the payroll for

What Can You Spend Your PPP Forgivable Loan on? Read More »

Payroll Protection Plan

How to get your PPP Loans Forgivable?

Business Tax Consulting, Payroll Protection Plan, Start-Up, Tax & Business /

Payroll Protection Plan – Forgivable Loan That You Should Get Many small business owners who have been approved for Paycheck Protection Program loans (“PPP”) are realizing that the loan isn’t as forgivable as they’d hoped. The amount a small business can qualify to have forgiven must primarily be payroll costs. The SBA’s rule-making has stated

How to get your PPP Loans Forgivable? Read More »

7 Things You Need To Know About Your Restricted Stock Units (RSUs)

RSU, Start-Up, Tax & Business /

For some of you, stock compensation is a big part of your current compensation package. Restricted stock unit or RSU, is probably one of the most common types of stock compensations nowadays. This week I will list six things that I think you need to know about your RSUs.   1. Restricted Stock Units vs. Restricted

7 Things You Need To Know About Your Restricted Stock Units (RSUs) Read More »

Calculate Mileage

How to Calculate Mileage Deductions on Your Tax Return

Business Tax Consulting, Business Valuation, Individual Tax, Tax & Business /

The IRS provides you with a choice of two methods for claiming business mileage on your taxes. You can use the actual expenses method to calculate your mileage deduction, which requires adding up all of the money spent operating your vehicle and multiplying it by the percentage that you used it for business. Or, you

How to Calculate Mileage Deductions on Your Tax Return Read More »

Free File

IRS announces Free File launch

Business Tax Consulting, Business Valuation, Tax & Business /

On Friday, the IRS announced the opening of its Free File program, which provides free electronic filing to qualifying taxpayers, generally those who earned $66,000 or less last year. The program is opening before the regular filing season, which will begin Jan. 28, and is available only through the IRS website at irs.gov/freefile. After they access

IRS announces Free File launch Read More »

Partnership capital

Partnership capital reporting requirements postponed until 2020

Business Tax Consulting, Business Valuation, Tax & Business /

Responding to concerns that some partnerships required to report capital account information may be unable to comply, the IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after

Partnership capital reporting requirements postponed until 2020 Read More »

tenant allowances

Tax treatment of tenant allowances

Business Tax Consulting, Business Valuation, Tax & Business /

Tenant allowances are payments a lessor makes to a lessee to provide the tenant with funds to prepare the rented space for its intended business use. Generally, the tenant treats a tenant allowance received from the landlord as an ordinary income. Normally, the tenant would recognize income when the allowance received and depreciate the assets

Tax treatment of tenant allowances Read More »

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