Corporate Transparency Act – FinCen reporting requirements – beginning jan 1, 2024.

The Corporate Transparency Act “CTA” was enacted as part of the Anti-Money Laundering Act of 2020 in the National Defense Authorization Act for Fiscal Year 2021. The law is designed…

Pass-through entity elective tax (pte) explained

California, along with many other states, recently developed a workaround for owners of Partnerships and S-Corps to the $10,000 state and local tax (SALT) ceiling that was included in the 2017 Tax Cuts and Jobs Act. The PTE…

UPdate: California storms extend filing and payment deadlines

Due to the California storms that hit in early January, impacted counties have been declared a Federal disaster area. These counties include but are not limited to, San Luis Obispo, Santa Barbara, Los Angeles, and San Francisco counties. For a complete…

Individual Estimated Tax Payment Requirements

Estimated tax payment requirements exist to ensure that the U.S. government has a steady cash flow throughout the year. An individual taxpayer is required to pay a certain amount of tax throughout the year, either through withholdings or through…

Donor Advised Funds: A Guide to Charitable Giving

A Donor Advised Fund is a philanthropic vehicle that allows donors to make a charitable contribution and receive an immediate tax deduction, while retaining the ability to recommend how the funds are distributed to charities over time. The donor…

Demystifying the 83(b) Election: A Comprehensive Guide with Examples

The 83(b) election is an essential tax planning tool for individuals who receive equity in a company, especially in startups. It can provide significant tax savings if exercised correctly. In this article…

The Decision Matrix for Roth Conversions: A Guide

Roth conversions, a process where you change a Traditional Individual Retirement Account (IRA) or 401(k) into a Roth IRA, is a retirement planning strategy that can offer significant tax advantages. However…

Demystifying Stock Options: Types and Tax Implications

Stock options have become an increasingly popular form of compensation, offering employees a stake in the growth and success of a company. However, understanding the different types of stock options and their tax implications can be challenging. This article aims…

Understanding FBAR and Specified Foreign Financial Assets Reporting Requirements

The United States has implemented stringent measures to combat tax evasion and ensure transparency in international financial transactions. Among these measures are the Report of Foreign Bank and Financial Accounts (FBAR) and…

Personal Mortgage Interest Deduction: Understanding the Limitations on Deductibility

The personal mortgage interest deduction is a valuable tax benefit that many homeowners take advantage of to reduce their taxable income. However, as with any tax benefit, there are specific limitations and rules that govern its use. Understanding…

Understanding Charitable Donations: Types, Reporting, and Tax Implications

Charitable giving is a noble way to support causes you care about while also benefiting from tax advantages. However, navigating the different types of donations, reporting requirements, and tax implications can be challenging. This article…

Maximize Your Wealth: Utilizing a Health Savings Account (HSA) for Investment Purposes

Health Savings Accounts (HSAs) are a popular vehicle for saving on medical expenses and reducing your taxable income. While these accounts have traditionally been used to cover out-of-pocket medical costs, savvy investors are increasingly utilizing…

Understanding 401(k)s, SIMPLE IRAs, and SEP IRAs: Key Differences Explained

Preparing for retirement is a critical aspect of personal financial planning. One way to secure a comfortable retirement is by investing in employer-sponsored retirement plans or individual retirement accounts (IRAs). Among the various options…

Understanding the 1031 Exchange: A Guide for Real Estate Investors

The 1031 exchange, also known as a like-kind exchange or Starker exchange, is a valuable tool for real estate investors looking to defer capital gains taxes when selling a property. This tax-deferral strategy, named after the Internal Revenue Code (IRC) Section 1031, allows…

Unlocking Tax Benefits for Employees and Business Owners: The Power of an Accountable Plan

In today’s competitive business environment, attracting and retaining top talent is a priority for many organizations. Employee benefits play a crucial role in this effort, as they can significantly impact an individual’s decision to join or remain…

Unraveling the Benefits of Cost Segregation Studies for Tax Savings

Cost segregation studies have become increasingly popular among real estate owners and investors, thanks to the substantial tax savings they can provide. These studies are designed to analyze and reclassify property assets into shorter depreciation…

Portability and the Deceased Spousal Unused Exemption: A Comprehensive Guide

When a spouse passes away, their surviving partner often faces complex financial and legal challenges. One of the most important concerns is navigating the federal estate tax system, which can significantly impact the survivor’s financial future. In this article…

Individual retirement accounts – traditional vs. roth

When it comes to retirement planning, one of the most popular investment vehicles available to Americans is an Individual Retirement Account (IRA). There are two main types of IRAs: Traditional IRAs and…