We hope you and your loved ones are well! It has been an unprecedented week for California. We are all learning how to adjust to our new circumstances; both professionally and personally. In the wake of Governor Newsom's Stay-at-Home order for California, we have had no choice but to further restrict our activities to stay in compliance. Our doors at both 301 Howard St and 111 Pine St will remain closed for an indefinite period and will only ... more
Individual Tax
3 Traditional Midyear Tax Planning Strategies for Individuals That Hold Up Post-TCJA
With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll be more effective if you begin implementing them this summer, rather than waiting until year end. Take a look at these three ideas, ... more
Tax Deferral ‘Opportunity Zones’ Approved for California
As part of the Tax Cuts and Jobs Act of 2017, the Governors of each state spent the first few months of 2018 requesting public comment and nominating certain census tracts as Opportunity Zones. Out of 3,516 census tracts in the state, 879 were designated by the Governor and all were certified by the U.S. Department of the Treasury in April 2018. Video: Understanding Opportunity Zones Within these designated Opportunity Zones, investments made ... more
Tax Reform Updates 12/22/2017
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there's still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be ... more
Tax Reform Updates
It seems we may be closer to revised tax law for the 2017 tax year. At this rate, floor votes may still happen prior to the holiday break. But rest assured that legislators will pore over the published tax bill before a vote. Proposed Changes The House & Senate Republican Conference Committee have agreed in principle to a consensus tax reform bill that reconciles the differences between the bills passed by the two legislative bodies. The ... more
What You Need to Know About Year-End Charitable Giving in 2017
Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire. Delivery date To be deductible on your 2017 return, a charitable donation must be made by Dec. 31, 2017. According to the IRS, a donation generally ... more
Repealing the Federal Estate Tax Can Be Bad for Giving
Two bills introduced in Congress in January 2017 called for elimination of the federal estate tax. One was introduced by a Republican Representative from South Dakota and another was introduced by a Republican Representative from Texas. Both bills were introduced to the House Ways and Means Committee, and that is all the action that has been taken to date. Now, President Trump’s “Unified Framework for Fixing Our Broken Tax Code” includes a ... more
Nonqualified Stock Options Demand Tax Planning Attention
Your compensation may take several forms, including salary, fringe benefits and bonuses. If you work for a corporation, you might also receive stock-based compensation, such as stock options. These come in two varieties: nonqualified (NQSOs) and incentive (ISOs). With both NQSOs and ISOs, if the stock appreciates beyond your exercise price, you can buy shares at a price below what they’re trading for. The tax consequences of these types of ... more
Universal Charitable Deduction Could Reduce Taxes, Boost Giving
Itemizing your charitable giving on your tax return has always been a great incentive to give — along with the warm feeling of supporting good causes. However, tax reform proposals by Republican lawmakers and the Trump administration that would increase the standard deduction for individuals and families may take away that incentive. After all, it’s easier to take a nice standard deduction than to spend time — or pay someone to — track and ... more
What Really Motivates Not-For-Profit Donors
What do charitable donors want? The classic answer is: Go ask each one individually. However, research provides some insight into donor motivation that can help your not-for-profit grow its financial support. Taxing matters The biennial U.S. Trust® Study of High Net Worth Philanthropy, conducted in partnership with the Indiana University Lilly Family School of Philanthropy, regularly finds that wealthy donors are primarily motivated by ... more