What Happened? In recent weeks, Congress has been putting together the Build Back Better Act reconciliation bill, which contains many proposed changes to our current tax system. A high level summary of some of these tax changes is listed below. Please note that this is not current law, and … Read More
What Happened President Biden has proposed to increase long-term capital gains tax rates to ordinary income rates for taxpayers earning more than $1 million per year. Thus, under the Biden tax proposal a shareholder selling their business stock for more than $1 million would pay a maximum combined federal and … Read More
Many people have asked about the latest public announcements regarding paying your taxes and the time for filing. The below is a more thorough explanation of those announcements and a bit of clarification. The IRS has issued official guidance clarifying that the 90-day extension for payment of taxes does not … Read More
California Approves Workaround to State and Local Tax Deduction Limitation What Happened On July 16th, the Governor signed AB 150, a budget trailer bill containing language outlining California’s state and local income tax (SALT) workaround via an elective passthrough entity tax. More specifically, for tax years 2021 through 2025, … Read More
The lease accounting standards define how companies must account for their leases – a specific type of contract that allows one party to use an asset of another party in exchange for consideration. Leases may be for equipment or real estate and are classified as either operating or capital leases. … Read More
The Tax Cuts and Jobs Act of 2017 introduced Section 199A, the Qualified Business Income deduction. A new deduction available on the profits of sole proprietorships, partnerships, S Corporations and some trusts and estates. This tax benefit is aimed at reducing the tax burden of US based business owners that … Read More