Accounting & Tax News

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.

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.

Our Managing Partner, Tracy Hom, recently joined Cynthia Rowland on the Exempt Organizations Podcast to address frequently asked questions from private foundation directors and officers. Tune in to learn more about a foundation’s first filing of Form 990-PF.

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 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.

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...

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.

On December 29, 2022, President Biden signed the SECURE 2.0 Act of 2022, enacting a variety of changes to retirement provisions. We have presented some key changes stipulated by this legislation below:

Realize team members partnered with the Golden Gate Audubon Society and the Golden Gate Park Conservancy to plant 240 native plants at Crissy Field to support local fauna and flora. Thanks to our Community and Wellness committee, 14 Realize team members (including our Managing Partner, Tracy Hom) spent an afternoon in service to San Francisco’s natural habitats.