Accounting & Tax News

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.

With 2022 racing to a close, we are carefully reviewing each client’s situation to identify the most effective tax-saving strategies. Please consider our year-end planning suggestions below, as they are likely to be applicable to your tax situation.

Equity compensation continues to be a popular way to incentivize and reward employees. When a firm pays an employee with equity, the employee’s compensation becomes tied to the success of the company. The taxation of equity compensation can be extremely complex. We wanted to provide a brief and general taxation overview of common types of compensation and planning ideas to consider.