Accounting & Tax News

“Worthless” Securities May Not Be Worthless Afterall

“Worthless” Securities May Not Be Worthless Afterall

In 2023, we saw one of the highest rates of corporate bankruptcy filings in over a decade. Fortunately, investors wishing to soften the blow of lost investments may be entitled to tax write offs. However, the IRS tends to scrutinize tax write offs carefully. It is important to consider if the investment is completely worthless and when the investment became worthless. We can help you determine whether and when to claim the losses on your tax returns.

We are pleased to announce that  Patrick Townsend has been promoted to Tax Partner as of January 1, 2024

We are pleased to announce that Patrick Townsend has been promoted to Tax Partner as of January 1, 2024

Patrick has over a decade of experience in collaborating with clients and advisors to provide exceptional tax consulting, planning, and compliance services. His book of business includes high net-worth individuals, partnerships, trusts, private foundations, and closely held businesses. Patrick’s individual clients are entrepreneurs, private equity and venture capital partners, multi-generational families, and corporate executives.

2023 Year-End Tax Planning Considerations

2023 Year-End Tax Planning Considerations

2023 has been an interesting year of extended Federal and California deadlines due to the California storms of late 2022. Unless we experience other unusual weather conditions, we do not expect the taxing authorities to extend deadlines in 2024. With the close of the year upon us, it’s a great time to finalize year-end tax optimization strategies to ensure timely filing next year. Please find some of our favorite savings opportunities to consider below.

Tax Implications for Rental Real Estate and Investment Properties

Tax Implications for Rental Real Estate and Investment Properties

The real estate market is cooling off as interest rates climb higher. Many real estate owners are holding their properties to give the market time to recover. Others may want to purchase investment properties for short-term or long-term lease, rent their vacation homes, or build an accessory dwelling units (ADU) on their property. Whether you are holding, buying, or improving, we can provide valuable guidance from a tax planning perspective.

Basis Tracking Basics

Basis Tracking Basics

We wanted to provide a newsletter about a crucial tax topic for real estate buying and selling considerations: basis. “Basis” is the amalgamation of your investment in an asset, and it will determine whether you are subject to tax on a sale.

The Lifetime Exemption for Federal Gift Taxes

The Lifetime Exemption for Federal Gift Taxes

The Internal Revenue Service has announced that the annual gift tax exclusion and lifetime exemption is increasing for the 2023 calendar year due to inflation. The Internal Revenue Service has announced that the annual gift tax exclusion and lifetime exemption is increasing to $12,920,000 for the 2023 calendar year due to inflation.

TAX UPDATE: Tax Deadline Extensions for Most California Taxpayers

TAX UPDATE: Tax Deadline Extensions for Most California Taxpayers

Recent storms prompted a disaster declaration by the Federal Emergency Management Agency (FEMA). As a result, both the IRS and California Franchise Tax Board have now extended tax deadlines to October 16, 2023 for many California taxpayers (*see note below for...

New Energy Credits from the Inflation Reduction Act

New Energy Credits from the Inflation Reduction Act

The Inflation Reduction Act (“IRA”), signed on August 16, 2022, offers taxpayers several tax savings opportunities for investments in energy efficient home and business improvements, as well as “clean” vehicle purchases.