Accounting & Tax News

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.

With markets underwater, many clients are wondering what the tax effect of their cryptocurrency holdings might be. This article will help to provide you with a high-level overview, as well as some potential tax benefits, of trading in a bear market.

Since the Tax Cuts and Jobs Act of 2017 (TCJA), taxpayers have been limited in claiming the state and local tax deduction on their personal tax filings to a maximum deduction of $10,000. In late 2020, the IRS released IRS Notice 2020-75 which permitted certain taxpayers who own pass-through businesses such as partnerships or S-corporations to workaround the state and local tax limitation assuming certain state qualifications have been met.

As we plan for the year ahead, we are highlighting notable tax dates to make sure that our clients can keep track of important deadlines. Be prepared for the following filing dates in 2022.

After much deliberation and contention, we contention, we are inching closer to a final version of the Build-Back-Better-America (BBBA) spending bill. Much to our surprise, many of the previously anticipated changes to tax rates and estate taxes were omitted from the recent bill.

Taxpayers have been leaving California in droves. California’s rising cost of living with increased ability to work remotely has resulted in an unprecedented exodus. In addition, California residents are taxed at one of the highest rates in the country. Many taxpayers are incentivized to leave the state for these reasons and others, but breaking residency in California can be a complex process that requires detailed tax planning. 

March 15, 2021 marked the one-year anniversary of the Shelter in Place mandate. Shortly thereafter, on March 17th, the United States Treasury and Internal Revenue Service announced for the second time in history that the April 15th tax deadline would be postponed. 2020 tax filings and related tax payments normally due April 15th, for individual taxpayers ONLY, are now due May 17th, 2021.

As COVID-19 continues to limit our work environment, many employers are continuing to encourage or require their employees to work from home. There are several tax considerations to be aware of regarding remote work arrangements. State Tax Obligations for Employers...