By Nick Price, CPA, Manager, Tax & Advisory
ASL Real Estate Group
The Tax Cuts and Jobs Act (TCJA), was signed into law on December 22, 2017, and was intended to reform the tax code for individuals and businesses by implementing pro-growth tax reform through lowered tax rates. One of the more beneficial provisions enacted allows taxpayers to fully deduct the cost of qualifying asset purchases (100% Bonus Depreciation). The allowable percentage will decline by 20% per year beginning in 2023 and phases out entirely in 2027. With the reduction of bonus depreciation, taxpayers should consider how the Section 179 expense deduction can benefit them. (more…)
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By Angel Nevis, CPA, Principal, Tax & Advisory
ASL Family Wealth & Individual Tax Group
A Qualified Personal Residence Trust (QPRT) can be a powerful planning tool to minimize estate and gift taxes. Taxpayers who own a personal residence – whether a primary residence, second home or vacation property – and expect to have a taxable estate might want to consider a QPRT. (more…)
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By Josh Cross, CPA, Principal, Assurance & Advisory
ASL Assurance & Advisory Group
In order to discuss the topic of lease accounting, I have partnered with LeaseCrunch and lease accounting specialist, Jess, to walk us through the intricacies of ASC 842. Today, we’re exploring the important topic of lease reassessments and modifications. Throughout our conversation, we navigate the sometimes complex landscape of lease term revisions and residual value guarantees. (more…)
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The Tax Cuts and Jobs Act (TCJA) of 2017 was the most significant overhaul of the US tax code in more than 30 years, but many of its most important provisions were temporary and set to expire at the end of 2025. While the deadline is still more than a year away and Congress is likely to extend some provisions, it’s not too soon to begin considering and preparing for the possible expiration of key TCJA provisions. (more…)
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Scam artists are always thinking of new ways to steal your money, your identity, or both. In addition to the many phishing schemes, phony charities, and false tax credit scams that businesses may encounter, the IRS is warning taxpayers about a growing number of schemes in which swindlers actually pose as IRS agents. Both businesses and individual taxpayers should be alert to this developing trend and learn to recognize the telltale signs of IRS imposters. (more…)
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The omnibus spending bill known as the SECURE 2.0 Act made dozens of changes to the tax rules governing employer-sponsored retirement programs. While some changes took effect immediately upon the law’s enactment on Dec. 29, 2022, many others were phased in over several years, with some of the most significant changes occurring this year.
Altogether, more than two dozen new retirement plan rules take effect in 2024, including several new incentives designed to encourage both businesses and individuals to prioritize retirement savings. Here are some of the most notable new provisions. (more…)
The state’s popular California Competes Tax Credit program continues to be available during the 2024-2025 fiscal year.
Taxpayers starting or expanding their California operations through increased employment or capital investments are ideal candidates for this credit. Taxpayers must submit their credit applications online. Information concerning the credit and the application process is available at: California Competes Tax Credit. (more…)
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A recent federal court ruling has raised questions about a controversial new rule requiring millions of small- to medium-sized business owners to report detailed personal information to the U.S. Treasury Department. This new rule—the Beneficial Ownership Information (BOI) Reporting Rule—went into effect on Jan. 1, 2024, but on March 1, a U.S. District Court judge found that the law establishing the rule is unconstitutional and prohibited the department’s Financial Crimes Enforcement Network (FinCEN) from enforcing it. (more…)
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