Lindquist, von Husen & Joyce LLP.

  • About
    • Mission & Values
    • Leadership
    • BKR International
    • Our History
  • Services
    • Audit & Attestation
    • Tax
    • Business Advisory & Other Services
  • Expertise
    • Affordable Housing & Real Estate
      • CAS+ for Affordable Housing
    • Not-For-Profits
    • Individuals & Families
    • Closely Held Businesses
    • Client Success Stories
  • Resources
    • Blog
    • Tax Guide
  • News & Events
    • Firm News
    • Events
    • Industry News
  • Careers
    • Benefits
    • Professional Development
    • Life at LvHJ
    • Meet Our People
    • Open Positions
  • Contact
  • Client Portal

Client Portal

Forgot password?

Individual Tax

IRS Announces Inflation Adjustments for 2023 Tax Year

December 09, 2022   |   Posted in: Individual Tax, Tax Laws

Because inflation is high, many IRS inflation adjustments for 2023 will change more than they have in recent years. In the IRS Revenue Procedure 2022-38, it details these amounts. The following chart shows how these adjustments compare to amounts for 2022. Refer to these changes for your individual tax planning. In addition, the Social Security Administration announced that the Social Security wage base (the amount of earnings subject to ... more

2022 Year-End Tax Planning for Individuals

December 09, 2022   |   Posted in: Individual Tax, Tax Laws

Ever since the Tax Cuts and Jobs Act of 2017 (TCJA) basically doubled the standard deduction amounts for many individual taxpayers, more households are opting for the standard deduction. For this year, the standard deduction allowances are: $12,950 for single people and married individuals filing separate returns, $19,400 for people who use head-of-household filing status, and $25,900 for married couples filing jointly. Slightly higher ... more

Important Tax Figures for 2022

February 17, 2022   |   Posted in: Charitable Giving, Individual Tax, Tax Laws

The Internal Revenue Service announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2021-45 provides details about these annual adjustments. The following table provides some important federal tax information for 2022, as compared with 2021. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. * ... more

Close-Up on the Individual AMT

February 17, 2022   |   Posted in: Individual Tax

Close up of magnifying glass on rainbow colored background.

The Tax Cuts and Jobs Act (TCJA) made the individual alternative minimum tax more taxpayer friendly for 2018 through 2025. For those years, the odds of owing the alternative minimum tax (AMT) have been significantly reduced - and, if you still owe the AMT, you'll probably owe less than under prior law. Are you at risk for this dreaded tax? Various factors make it difficult to pinpoint exactly who will be hit by the AMT. Here's a summary of ... more

IRS Extends 2020 Individual Federal Return Filing Due Date

March 19, 2021   |   Posted in: Individual Tax

On March 17, 2021, the IRS announced that the federal individual income tax filing due date for 2020 returns will be automatically extended from April 15, 2021 to May 17, 2021. Formal IRS guidance will be issued shortly. The extended due date also applies to the tax payment due with the individual return. No interest or penalties will accrue for tax payments that were due on April 15, 2021 if they were paid by May 17, 2021. However, any required ... more

Employers: Register for the CalSavers Retirement Program

January 04, 2021   |   Posted in: Business Advisory Services, Individual Tax

The California State Treasurer’s office has begun sending email reminders to California employers to register for the CalSavers Retirement Savings Program (CalSavers). CalSavers was passed into law in 2016.  California employers with five or more employees, and at least one of whom is age 18 or over, are required by state law to participate in CalSavers if they do not offer an employer-sponsored retirement plan.   Employers are required to ... more

LvHJ’s COVID-19 Update

March 20, 2020   |   Posted in: Individual Tax, Timely News

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

3 Traditional Midyear Tax Planning Strategies for Individuals That Hold Up Post-TCJA

July 23, 2018   |   Posted in: Individual Tax

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

June 10, 2018   |   Posted in: Individual Tax, Tax Laws

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

December 22, 2017   |   Posted in: Business Advisory Services, Individual Tax, Tax Laws

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

December 15, 2017   |   Posted in: Business Advisory Services, Individual Tax

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

December 15, 2017   |   Posted in: Individual Tax

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

November 15, 2017   |   Posted in: Individual Tax, Tax Laws

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

July 24, 2017   |   Posted in: Individual Tax

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

May 25, 2017   |   Posted in: Individual Tax, Not For Profit, Tax Laws

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

May 25, 2017   |   Posted in: Individual Tax, Not For Profit, Tax Laws

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


Recent Posts

  • 5 Email Don’ts When Submitting Your Resume
  • Deal Funding: Deferred Developer Fee Is Only One Solution
  • IRS Provides Tax Relief for California Storm Victims
  • First-year bonus depreciation and Sec. 179 expensing: Watch out for the pitfalls
  • Business Energy Credit Impacted by Inflation Reduction Act

Categories

  • Affordable Housing
  • Business Advisory Services
  • Case Studies
  • Charitable Giving
  • Individual Tax
  • Not For Profit
  • Professional Development
  • Tax Laws
  • Timely News
  • Uncategorized

Archives

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • June 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017

Tags

179 accounting careers Affordable Housing affordable housing CPA affordable housing financial statement audits audit Blog Blog Post board management business energy credits California Careers charitable donations compensation CPA careers depreciation pitfalls extension inflation inflation reduction act IRS LIHTC major gifts May 2023 nonprofit Not for Profit Professional Development retirement planning San Francisco succession tax Tax Credit Compliance taxes tax expert california tax jobs tax planning tax reform tax relief tax services California write-offs year 15 buyouts

Connect with us on

  • About
  • Services
  • Expertise
  • Resources
  • News & Events
  • Careers
  • Contact
  • Client Portal
©2023 Lindquist, von Husen & Joyce LLP. All Rights Reserved.