1. Automobile Deductions for LLC’s and S Corps

    Deciding whether or not to have your LLC or S-Corp own a vehicle is a common question. There are several ways to handle automobile deductions and we'll first look at the option of the business owning the vehicle. Company Owned Vehicle If the company truly owns the vehicle, then it must be titled to the company. Generally having your name AND the company's name is OK. This might be a challenge with…Read More

  2. What You Need to Know About the Affordable Care Act (Obamacare)

    The Affordable Care Act (also known as Obamacare) was passed in 2010. It overhauls the U.S. healthcare system and will be implemented in phases until 2018. This represents the most significant change to our healthcare laws since the passage of Medicaid and Medicare in 1965. The Act utilizes the tax code and tax return in many respects to implement its measures. January 1, 2014 marks the first majo…Read More

  3. California Apportionment Changes 2013

    Per the CA FTB Website: Single Sales Factor Election to Taxpayers Meeting Special Apportionment For taxable years beginning on or after January 1, 2011, and before January 1, 2013, apportioning taxpayers are allowed to elect to apportion their income using the single sales factor. Proposition 39 now requires the use of the Single Sales Factor method of apportioning income to be used for tax years …Read More

  4. What You Need to Know About ASC 740: Accounting for Uncertainty in Income Taxes (formerly FIN 48)

    ASC 740 (formerly known as FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes or “FIN 48”) establishes a “more-likely-than-not” threshold for the reporting of uncertain tax positions on financial statements.  This standard requires new disclosures in annual financial statements, including a reconciliation of total unrecognized tax benefits, classification of income tax…Read More

  5. Your CPA: Vital to Your Estate Plan

    Often CPA's assist clients with the implementation of basic estate planning tools such as trusts.  Higher net worth clients tend to need to services of an estate planning attorney.  Too often the CPA is not included in the client’s estate planning process when an attorney is used. Often the CPA’s absence in estate planning is a result of the failure on the part of the estate planning attorne…Read More