As we approach the end of the year and many businesses are preparing to run their final payroll runs for 2018, we thought we would take a moment to remind business owners of a common mistake we see regarding how health insurance premiums are treated. For rank and file employees, employer paid health insurance premiums [...]
In December 2017, the President signed into law the Tax Cuts and Jobs Act (“Tax Act” or “Act”), which introduces the most significant changes to the U.S. tax system since 1986. With a few exceptions, the provisions are generally effective starting in 2018. However, many of the changes are temporary and scheduled to sunset after [...]
Do you have a child with behavioral issues? Did you know that expenses for the treatment as well as tuition for boarding schools may qualify as a medical expense? According to IRC Section 213, expenses paid for medical care of the taxpayer, spouse or a dependent may be allowed as a deduction. The Code gives [...]
This final week in June has seen the release of the first draft of the upcoming 2018 “Postcard” Tax Return from the US Treasury. After months of waiting, we are finally getting a glimpse of the changes that will be impacting next year’s tax season, even if in preliminary form. Next year’s Individual Income Tax [...]
May 29, 2018 In the words of President Terry Geiling, “American Gold Star Manor is Long Beach’s best-kept-secret,” providing independent and affordable senior living for Gold Star Mothers and Fathers, veterans, and other qualified seniors. After working alongside Terry Geiling, Glen Patrick (Chief Operating Officer), Bethann Cairns (Office Manager), and other wonderful staff members, we [...]
If you are deciding whether or not to invest in a vehicle for your business, you should consider the tax implications. New Qualified Plug-in Electric Credit U.S. Code § 30D allows for a tax credit for plug-in electric vehicles drawing propulsion energy from a battery with five kilowatt hours or more of capacity. The credit [...]
When requested to prepare fiduciary accountings, I would first ask the following basic questions: What will the fiduciary accountings be used for? Are they going to be filed in court? What is the time period of account? The answer to questions 1 and 2, would determine the level of detail required of the accountings. There [...]
A fiduciary is an individual in whom another has placed the utmost trust and confidence to manage and protect their property and/or money. The relationship is where one person has an obligation to act for another's benefit and a way for the fiduciary to report the activities of the property they are managing is through [...]
Happy 529 day! While many may be more familiar with other May days such as Memorial Day, Cinco de Mayo and Star Wars Day (May the Fourth be with you), parents and grandparents with children in their early years should be more aware of a lesser known May day, also known as 529 day (Section [...]
Credit Card Skimming All accountants would agree, one of the most important things for you to do, is protect your financial assets. Often we forget that we are only one swipe away from being scammed out of our money at the gas pump, restaurants, and ATM machines. “How is this possible?”, you may ask. A [...]
