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Tax

Whether you’re a business, nonprofit or high-net-worth individual, we begin with an overall tax strategy, which meets your geographic, compliance, service and reporting needs, and anchor it with industry expertise and tailored technology.

Our Approach

CFOs, Tax Directors and Business Owners come to Armanino for much more than tax compliance. While we excel by making sure you meet regulatory requirements, both domestic and global, that just scratches the surface of what we do. Whether you’re looking to improve profitability, grow your business or implement a succession plan, we see the tax function as a key strategic tool—as nothing less than a vital means of moving your company forward. 

A Personal Approach
Clients count on us to be a fresh set of eyes for in-house tax calculations, and to help them strategize on how best to support key business objectives. In some cases, companies outsource 100 percent of their tax work and tax preparation to us. But more often than not, we collaborate with client companies, taking a personal approach. We are known for coming right to your office—often on weekends, often at the last minute.

Deep Local, State and Global Tax Expertise
If your business operates or sells in one location or many, locally or globally, we can help. Our partners are known for their in-depth tax knowledge. Whether it is dealing with international structuring or R&D incentives, we can provide both compliance and advice. In addition, our Moore Stephens affiliation provides our clients with access to tax professionals in more than 600 offices and 100 countries. And we coordinate every aspect of Moore Stephens’ services by having you simply work through one person—your regular Armanino contact.

Technology to Support Efficiency and Strategy
Our tax services are supported by robust technology, making what we do as efficient as possible. We use both proprietary and third-party tax technology solutions. We also help companies employ in-house technology to streamline tax reporting. Our technology solutions enable us to readily calculate and assess various tax scenarios and share the same information across all annual tax calculations. In fact, we offer a highly evolved automation approach to calculating your Provision, as well as Sales and Use Tax, one that lets us focus on the strategy, as opposed to the clerical work.

Services

Whether you’re a large or small organization strategizing on how to expand your business (locally or globally), a nonprofit looking for a tax advisor who goes well beyond your Form 990 or an individual concerned with succession planning, our services are designed to ensure you reduce your tax risk and address essential federal, state and international tax issues.

Corporate Tax Outsourcing

Corporate Tax Outsourcing

The complexities involved in developing and implementing a powerful enterprise-wide tax strategy can be daunting even for the largest public company. But for an over-burdened finance department in a private company, assembling the required resources is often not feasible. With this in mind, outsourcing your tax strategy makes a great deal of sense.

LEARN MORE » 

Federal Tax

Federal Tax

Individuals and businesses are familiar with the standard 1120 and 1040 tax returns; that’s basic tax compliance. However, our federal tax team goes beyond tax compliance; our goal is to help you and your organization mitigate risk, increase profits and continue moving you and your business forward.  

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Individual Tax Planning

Individual Tax Planning

The tax decisions you make today can affect all aspects of your professional and personal life. We make it a priority to understand what you have in mind for your company, your family and yourself. Armed with this information, we carefully coordinate your tax, retirement, estate and financial planning needs to help you achieve your specific goals.

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International Tax

International Tax

Tax is an inescapable dimension of almost every business activity and in every jurisdiction where an individual or company conducts business. Our international tax experts have helped numerous companies assess expansion options, mitigate tax risk and maintain profitability. We routinely address cross-border tax issues and help multi-national companies achieve global business objectives. 

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IPO Tax Consulting

IPO Tax Consulting

Companies considering going public can no longer rely on the same group of linked spreadsheets to calculate tax. Specific tax footnotes are required for S-1 filing documentation. Armanino can help your company address the often-overlooked tax needs that can otherwise create problems during your IPO

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Nonprofit Tax Services

Nonprofit Tax Services

Associations, faith-based organizations, foundations, charities, private schools and other nonprofit entities need a tax partner with extensive experience with tax-exempt organizations. We excel at assisting nonprofits with a full-spectrum of tax issues, because our tax experts work exclusively with nonprofits. We understand that the Form 990 isn’t the only tax-related hurdle nonprofits face. 

LEARN MORE »

R&D Tax Credits

R&D Tax Credits

Many growing companies believe that their company qualifies for a research and development (R&D) tax credit. However, documenting R&D activities in a way that meets the stringent IRS requirements or state taxing authorities isn’t easy. As a result, we find many companies don’t receive the R&D credit they deserve—or don’t qualify for an R&D credit at all.

LEARN MORE »

Sales and Use Tax

Sales and Use Tax

Sales and use tax penalties can be substantial for many companies. And a failure to implement the right tax plan may result in substantial risks to your company’s internal controls and, possibly, result in material weaknesses during your audit.

LEARN MORE »

State and Local Tax (SALT)

State and Local Tax (SALT)

If one thing is certain, it’s that no tax law was created equal, and that’s especially true across state, county and even city lines. When it comes to SALT, we scrutinize changes in state and local tax complexities and risks, so you can focus on growing your business.

LEARN MORE »

Tax Provision

Tax Provision

For growing companies, working with disparate data sources and facing tight deadlines is often one of the most challenging tasks. At Armanino, we know that completing your company’s provision accurately means taking your provision process beyond the spreadsheet. That is why we offer a proprietary approach to take the time-consuming, error-prone aspects of Excel out of your provision process.

LEARN MORE »

Resources

FASB Simplifies Goodwill Impairment Testing … Again

The latest amendments establish a one-step process for testing goodwill for a decrease in value.

2015-tax-calendar-armanino
This summary of when various tax-related forms, payments and other actions are due will help you make sure you don’t miss any important 2017 tax deadlines.

New W-2 & 1099 Filing Deadlines and Increased Penalties

Taxpayers should be aware that the due date for Form W-2 and certain 1099s is now January 31. Make sure you file by this date, as failure to do so can result in increased penalties.

Three Tax Incentives to Consider in 2017

As you chart your compliance strategy for 2017, here are some underutilized tax incentives to consider.

Deadline Extended for ACA Information Reporting to Employees (But Not to the IRS!)

The IRS has extended the deadline for employers subject to the ACA’s information reporting requirements to meet their obligations to employees. We explain the requirements and extension.

Last-Minute 2016 Tax-Saving Tips

There’s still time to take steps to reduce your 2016 tax liability, but you must act by December 31. This article details six actions to take before year end.

When to Recognize Income Taxes on Intra-Entity Transfers

The FASB published an update that requires businesses to recognize the immediate income tax consequences of intracompany asset transfers. We explain the details surrounding this decision.

DOL’s Overtime Rule Blocked by U.S. District Court

Just over a week before the DOL’s new overtime rule was scheduled to go into effect, a federal judge blocked it. We explain the ruling and detail the impact on workers and taxes.

Election Outcome Likely to Result in Major Tax Law Changes

The election of Donald Trump and Republicans retaining control of Congress, will likely result in an overhaul of the U.S. tax code next year. We provide an overview of Trump’s tax proposals.

Many 2017 Cost-of-Living Adjustments Increase Slightly

The IRS recently issued its 2017 cost-of-living adjustments. We provide an overview of 2017 amounts related to individual income taxes, the alternative minimum tax and more.

New IRS Regulations Target Earnings Stripping

The IRS has issued final regulations intended to keep multinational companies from moving their profits offshore to avoid paying U.S. taxes. We explain the details of these regulations.

IRS Targets Partnership Transactions and Liabilities with New Regulations

The IRS has issued regulations addressing issues related to partnerships. The regulations are intended to eliminate abuse of partnership tax benefits. We offer an in-depth look.

Fraudulent CP2000 Notices: What You Need to Know

The IRS has reported numerous incidents of fraudulent CP2000 notices. Here is what you need to know to stay protected.

IRS Eases Rules for Retirement Plan Rollovers

The IRS has issued final regulations regarding certain retirement plan rollovers. We explain the tax advantages of Roth accounts and detail how the new regulations are taxpayer-friendly.

How to Detect & Reduce the Risk of Fraud

When it comes to your nonprofit, it is important to be on the lookout for the warning signs of fraud. implementing strong financial controls can help protect your organization.

What Sets Attorneys General on the Warpath Part 2: Excess Benefit Transactions

Nothing raises more ire with your state attorney general than excess benefit transactions—someone in your organization receiving more benefit from a transaction than your nonprofit.

IRS Proposed Regulations Target Gift and Estate Tax Planning Strategies

The IRS proposed regulations to minimize gift and estate taxes when transferring interests in closely held family businesses to relatives. Act now on the current ...

Upcoming FASB Proposal on Income Tax Disclosures

The FASB recently decided to draft its long-awaited proposal on income tax disclosure. Here’s what you can expect from the guidance.

24 Hours of Fundraising: How to Maximize Giving Days

Giving Days is a great way for nonprofits to engage donors online and establish new donor relationships that can lead to long-team sustainability. Maximize your opportunities with these t ...

What Sets Attorneys General on the Warpath Part 1: State Registration

One of the quickest ways to raise the ire of a state attorney general is to drop the ball on charitable solicitation registration.

Tax Identity Theft on the Rise: What You Need to Know

There was almost a 50% jump in identity theft complaints in 2015. We detail the level of tax identity theft, explain the risks for individuals and businesses and offer prevention tips.

LEARN MORE » 

DOL’s Overtime Rule Brings Significant Change

The DOL released a final rule that makes dramatic changes to the determination of which executive, administrative and professional employees are entitled to overtime pay under the FLSA Act. LEARN MORE » 

There’s No Going Back: Employee Share-Based Payment Accounting

On March 30, FASB published ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC 718. We discuss the changes and why you should partner with an expert.

IRS Offers Guidance to Employers who Plan to Claim the WOTC

The IRS has recently granted “transitional relief” to eligible employers who are planning to claim the WOTC. The deadline has been extended to June 29, 2016.

Tax Alert: IRS Scams and Identity Theft

Taxpayers should be aware that con artists are posing as the IRS in attempt to steal personal and financial information. If you get a fraudulent call or message, ...

Income Taxes: Inquiring Minds Want More Details

In the first quarter of 2016, FASB plans to issue a proposal that will require businesses to reveal more details about domestic and foreign tax payments.

2015 PATH Act Does More Than Extend Tax Breaks

On Dec. 18, the Senate passed the PATH Act. We provide a quick rundown of some of the key tax breaks that have been extended or made permanent for individuals and businesses.

ACA Reporting Deadlines Are On the Horizon

Now is the time for affected employers to begin assembling the necessary ACA information. This article details what information is required to complete Forms 1094 ...

Highway Funding Law Brings Important Tax Law Changes

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 was signed into law on July 31; the 34th stopgap extension of transportation programs since 2009.

New Trade Law Hikes Penalties for Tax Reporting Errors

The Trade Preferences Extension Act of 2015 (TPEA) increases by as much as 150% the potential penalties for taxpayers that err in their ACA information reporting to the IRS or payees.

SCOTUS same-sex marriage decision has tax implications for couples and their employer ...

On June 26, the Supreme Court issued a landmark 5-4 decision on same-sex marriage, which will affect tax and estate planning for many couples and also impact their employers.

SCOTUS upholds premium ACA tax credits for coverage purchased on federal exchanges

On June 25, the Supreme Court upheld the ACA’s premium tax credits for qualifying taxpayers, whether they purchase coverage through a federal or a state exc ...

Working the Crowd: Crowdfunding for Nonprofits

From “ice bucket challenges” to Kickstarter campaigns, crowdfunding is redefining how many nonprofit organizations raise money.

Earned Income and the Arts: UBTI - Armanino

Funding is a challenge for arts and cultural nonprofits, yet some have found inventive revenue streams. The bad news: they could be creating unrelated business ta ...

The Lowdown on Quasi-Endowments - Armanino

When is an endowment not an endowment? If your organization is like many other nonprofits, you may be considering the possibility of a “quasi-endowment&rdqu ...

Work Opportunity Credits & Tangible Property: What Businesses Need to Know

The IRS recently released guidance on two major areas affecting businesses—the Work Opportunity Tax Credit (WOTC) and the tangible property regulations, and ...

Small Employers Get Transition Relief from ACA Excise Tax Penalties

The recently released ACA transition relief period for small employers (those with fewer than 50 full-time equivalent employees) includes 2014 and the first six m ...

New Guidance Clarifies Internal Use Software Eligibility for R&D Credit

The IRS and Treasury proposed regulations that provide a definition of software developed primarily for internal use and describe software not developed primarily ...

As tax rules evolve worldwide, companies with global operations need to adapt their corporate structures and tax strategies to maintain a tax advantage.

Employers with medical reimbursement plans need to review them to ensure they don’t accumulate heavy tax penalties from noncompliance with Affordable Care A ...

2015-tax-calendar-armanino

A summary of when various 2015 tax-related forms, payments and other activities are due for individuals and families, as well as businesses, corporations, partner ...

New Filing Requirement for California Like-Kind Exchanges

California’s new filing requirement for like-kind property exchanges made under IRC Section 1031 covers like-kind exchanges that occur in tax years beginnin ...

Businesses, Individuals Benefit from Latest Tax Relief Extender Law

On Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), a stopgap measure that retroactively extends certain tax relief provisions through Dec. 31, 2014.

nonprofit-risk-assessment-armanino

In the nonprofit world, risks are everywhere and unwary organizations can be blind-sided. Consider these key areas of exposure and ways you can protect your nonprofit.

How to Recruit Your Nonprofit’s Next High Performer

It’s an age-old challenge: finding top finance talent when everyone is fishing in the same pool, from your nonprofit peers to deep-pocketed, for-profit corporations.

IRS Issues 2015 Cost-of-Living Adjustments

With inflation remaining in check, many cost-of-living amounts increased only slightly. As you implement 2014 year-end tax planning strategies, consider these adjustments.

Sales and Use Tax: An Integral Part of Any Corporate Tax Function

Sales tax is a tax on the sale at retail of tangible personal property and certain enumerated services. Leases generally fall within the definition of taxable sales. Use tax is a tax on the storing, using, co ...

should-your-nonprofit-cash-in-on-cryptocurrency-armanino

A fascinating fad … or the next evolution of nonprofit fundraising?

San Francisco Business Tax and Fee Changes Start in 2014

San Francisco voters approved complex and sweeping changes to the city’s business tax and annual business registration fees, via Proposition E.

Income Taxation: What Changes Will 2014 Bring?

Two little words can be used to describe what I predict will happen to the tax law in 2014: not much.

IRS Releases Latest Rules On ACA Reporting

The IRS has released a combined reporting form and simplified reporting methods to comply with recent ACA requirements.

Final FATCA Regs Remind Individual Investors of Reporting Requirements

The U.S. Department of the Treasury and the IRS have issued what is expected to be their final significant package of regulations implementing the Foreign Account Tax Compliance Act.  

Employers: Avoid ACA Penalties, But Only If You Act Now

The IRS has released some long-awaited final regulations (regs) for the Affordable Care Act (ACA)—with additional final regs on information-reporting requirements expected soon.

2014 Tax Calendar

To help you make sure you don’t miss any important 2014 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due for individuals, employers, businesses and others.

Global Expansion Top Tax Considerations for CFOs

CFOs seeking to gain a more strategic leadership role need to take charge of tax planning - one of the most important issues companies need to consider when expanding.

A Guide to Resolving Sales Tax Exposure for the pre-IPO Cloud CFO

  trends and insights

IRS Update: Final Rules on Investment Income and Medicare Tax

On Nov. 26, the IRS issued final regulations addressing the 3.8% net investment income tax and the 0.9% additional Medicare tax under the Affordable Care Act.

Nonprofits: Seeing Your Way Through Transparency

Since the IRS revised Form 990 more than five years ago to require additional disclosures, transparency has taken center stage with nonprofits.

Tax and Cost-of-Living Adjustments for Individuals

On October 31, the IRS released most cost-of-living adjustments for 2014.

Investing the Other 95%

You’ve met the 5% Minimum Distribution Requirement. Now, what do you do with the other 95%?

IRS Issues Sweeping Rules on Owning Tangible Property

The IRS released its highly anticipated final regulations regarding the deduction and capitalization of expenditures incurred to acquire, maintain and improve tangible property.

Deadlines Extended for Foreign Account Reporting Requirements

The Treasury and the IRS announced deadline extensions for some of the requirements in the final regulations implementing the Foreign Account Tax Compliance Act.

Supreme Court’s Decision Provides Many Same-Sex Couples Tax Savings

The U.S. Supreme Court’s decision in United States v. Windsor means that many same-sex married couples will be treated as married for federal tax purposes. 

Effective Date for ACA Reporting Pushed Out One Year

The IRS has issued guidance on the recently announced delay in implementation of the Affordable Care Act’s information-reporting provisions and its employer shared-responsibility provision.

Supreme Court: Decision Affects Tax and Benefits for Same-Sex Married Couples

On June 26, the U.S. Supreme Court issued two landmark decisions that could dramatically affect tax and estate planning for same-sex married couples.

Fundraising Events and Deductibility

We’re dusting off a couple of classic Revenue Rulings (Rev. Rul.) and moving them to the front of the shelf: Rev. Rul. 67-246 and Rev. Rul. 89-51. Each provides guidance that is as relevant today as when it was iss ...

Timing of Bonus Compensation Deduction

While it is widely understood that to obtain a tax deduction for a bonus compensation accrual the amount must be paid within two and a half months following the close of the tax year, the requirement that it also be fixe ...

Moving Your Business out of California

California continues to be one of the more expensive states to conduct business in. Before packing your bags and crossing the state line, there are a few things to consider on the tax side.

Nonprofits Aren't “Exempt” from ACA Penalties

If your nonprofit has not evaluated its potential costs related to the employer health care mandate (effective January 1, 2015), do not delay any longer.

Report of Foreign Bank and Financial Accounts Impending Filing Deadline

The purpose of this tax article is to draw your attention to a potential filing requirement with respect to Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts” (“FBAR”), which must ...
evolution-of-sales-and-use-cloud-armanino

Similar to the taxation of downloaded software 15 years ago, states are adapting or altering their taxing regimes to keep up with the evo ...

Disclosure of Uncertain Tax Positions: Are You in Compliance?

As a tax-exempt organization, you might think that the subject of “uncertain tax positions” doesn’t apply to you. Think again.

Sequester Cuts Take Effect

On Friday, March 1, President Obama signed an order required by law to set into motion the automatic federal government spending cuts known as the “sequester” which could have sweeping effects across a var ...

IRS Expands Relief Program for Employers with Misclassified Worker

In 2011, the IRS launched the Voluntary Classification Settlement Program (VCSP) that allows eligible employers to voluntarily reclassify workers as employees, rather than independent contractors, for future tax periods.

Failure to Plan for the Health Care Mandate Can Cost Big $$$

Starting in 2014, employers can be subject to significant penalties if health care plans don’t “measure up” based on the ACA’s standards.

Employers, Are You Planning for the Health Care Mandate?

If your business has not evaluated its potential costs related to the employer health care mandate, do not delay any longer. 

IRS Provides Guidance for New 3.8% Tax on Net Investment Income

Recently, the IRS issued proposed regulations regarding the new 3.8% net investment income tax (NIIT, also known as the Medicare contribution tax) that was created by the Health Care and Education Reconciliation Act of 2 ...

FASB Exempts Private Companies from a Fair Value Measurement Disclosure

The Financial Accounting Standards Board (FASB) recently issued guidance clarifying the applicability to nonpublic entities of a certain disclosure requirement regarding the fair value of assets and liabilities.

How the Fiscal Cliff Deal Affects Your Financial Statements

The American Taxpayer Relief Act of 2012 (ATRA) preserved lower income tax rates for most individual taxpayers and made many other income and estate tax law changes. It also extended a number of business tax breaks. LEARN MORE » 

FASB Clarifies Disclosure Requirements for Offsetting

The Financial Accounting Standards Board (FASB) recently issued guidance clarifying which types of transactions will be subject to enhanced disclosure requirements for companies that offset assets and liabilities on thei ...

The CFOs 5 Step Guide to IPO Execution

The CFO needs to assess all of the different areas that need to be improved—and sometimes there are some large holes—in order to ensure they are prepared to tackle this major change in their business.

Treasury and IRS Release Final Rules on Foreign Account Reporting

The U.S. Department of the Treasury and the IRS have issued comprehensive final regulations implementing Foreign Account Tax Compliance Act (FATCA) information reporting provisions.

Deadline for Foreign Asset Reporting Extended for Some Filers

The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced the fourth in a series of deadline extensions for certain required filings in relation to foreign assets.

IRS Releases Guidance on Health Care Act’s “Play or Pay” Provisions

The IRS has issued extensive proposed regulations implementing the employer-shared responsibility provisions, also known as “play or pay,” of the Patient Protection and Affordable Care Act of 2010.

American Taxpayer Relief Act

The American Taxpayer Relief Act of 2012 (ATRA), signed into law on Jan. 2, extends or makes permanent many provisions, and the IRS has now released the remaining inflation-adjusted amounts for 2013.

Tax Issues Surrounding Foreign Entertainers Performing Services in the U.S.

This article focuses on non-resident entertainers coming to the U.S. to work on short-term projects and not on non-residents who intend to live in the U.S. for extended periods of time.

Some Clarity After Supreme Court Ruling on the Affordable Care Act

On June 28th, 2012, the Supreme Court upheld the Affordable Care Act by a 5 to 4 vote, saying that the Act’s requirement that American’s obtain insurance or pay a penalty was authorized by Congress’s po ...

Expiring Laws, Election Year Complicate 2012 Year-End Tax Planning

Most 2012 income tax rates are scheduled to increase in 2013, and many tax breaks are set to expire.

2012 Year-End Tax Planning for Businesses

Flow-through businesses, which, at least for federal purposes, are subject to individual rather than corporate income tax rates face scheduled income tax rate hikes for 2013.

IRS Releases 2013 Cost-of-Living Adjustments Related to Retirement Plans

On Oct. 18, the IRS released 2013 cost-of-living adjustments related to retirement plans. The adjustments can enhance your ability to benefit from IRAs and qualified retirement plans such as 401(k) plans and defined bene ...
relocating-your-operations-armanino
Manufacturers are increasingly involving senior financial executives and outside financial advisors in their site-selection and relocation plans.

When is Non-Profit Income Taxable?

Your 501(c)(3) organization generally is required to pay tax on income that isn’t related to its main purpose — even if that income keeps the not-for-profit afloat.

Election Results Leave Much Uncertainty About Tax Law Changes

President Obama’s reelection combined with Senate and House election results that leave both chambers of Congress at nearly the status quo means that much uncertainty about tax law changes remain.

Considerations When Donating Appreciated Property to Charity

The tax law imposes stringent requirements for deducting charitable gifts of property. If you don’t observe all of them, your tax deduction might be reduced or even eliminated.

Final Tangible Property Regulations Incoming

On November 20, 2012, the IRS and Treasury Department issued Notice 2012-73 alerting taxpayers to expect final regulations regarding the deduction and capitalization of expenditures related to tangible property in ear ...

Top 5 Things Your Tax Advisor Should Have Done

Checklist: Top 5 things your tax advisor should have done to lower your tax bill.

SEC Staff Issues “Final Report,” but IFRS Decision Still to Come

On July 13, the staff of the U.S. Securities and Exchange Commission (SEC) issued its final report on the agency’s work plan in relation to International Financial Reporting Standards (IFRS).

IRS Offers New Guidance on the OVDP; Tax Relief for U.S. Citizens Living Abroad

The IRS recently issued guidance on its current Offshore Voluntary Disclosure Program (OVDP) and tightened eligibility requirements.

FASB Guidance on Impairment Testing for Indefinite-Lived Intangible Assets

The Financial Accounting Standards Board (FASB) last week issued revised standards for public and private companies on how to test indefinite-lived intangible assets, other than goodwill, for impairment.

Supreme Court Upholds Health Care Law: What Do Businesses Need To Do Now?

June 28th’s U.S. Supreme Court ruling has drawn attention to the far-reaching provisions of the Patient Protection and Affordable Care Act of 2010.

Combine Lean Logistics with Six Sigma Methodology to Achieve Goals

A successful distributor must be able to reduce overall costs and cut its time to market, all while improving the quality of its delivery.

Treasury Releases Model Intergovernmental Agreement On Foreign Asset Reporting

The U.S. Department of the Treasury has issued a model intergovernmental agreement to implement the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA).

Mixed News on Misclassification of Workers

Federal and state tax authorities say they lose many millions of dollars in revenue due to the misclassification of workers.

IRS Issues Guidance on Expanded Work Opportunity Credit

The IRS released guidance and forms that employers can use to claim a tax credit for hiring veterans that explains the expanded Work Opportunity credit.

Play by the New Rules: Follow the New Cost Basis Rules When Reporting Stock Sales

A major change to the “cost basis” reporting rules recently kicked in regarding the amount of information that is supplied to the IRS about investors’ activities.

16 Questions and Answers to Help with IRS Policies and Procedures

Now that tax filing season is over, it’s a good time to answer some questions you may have about IRS practices and procedures.

Financial Accounting Foundation Sets the Stage for Private Company GAAP

On May 23, after considering numerous public comments, the Financial Accounting Foundation (FAF) approved the creation of the Private Company Council (PCC).

Defective Letter of Acknowledgment Bars Charity Contribution Deduction

One would think that a cancelled check would be proof enough that a charitable donation had been made, but if the donation is more than $250.00 one would be wrong .

transfer-pricing-armanino

Before you sell equipment or patent rights to a company affiliate, think twice about the price. With revenue-hungry governments worldwide ...

Payroll Tax Relief Extended Through Year End

In December, Congress was able to pass only a two-month extension of payroll tax relief — on the condition that Senate and House conferees be appointed to work on a full-year extension.

Treasury and IRS Release Proposed Regulations on Foreign Asset Reporting

The U.S. Department of Treasury and the IRS have issued sweeping proposed regulations implementing information reporting and withholding tax provisions for foreign financial institutions (FFIs).

IRS Offers Employers a Break on Misclassified Workers

The IRS has announced a new program that allows eligible employers to voluntarily reclassify workers as employees, rather than independent contractors, for future tax periods.

New Reporting Requirements for Tax-Exempt Hospitals are Quickly Approaching

As of 2006, almost 59% of hospitals in the U.S. were tax-exempt under IRC Section 501(c)(3) (organized and operated exclusively for “charitable” purposes). 

Congress Repeals 3% Withholding, Provides Tax Incentives for Hiring Veterans

There’s no question that the struggling economy has had a negative impact on the value of many businesses and investments. But it also influences the business valuation.

SaaS and Other Cloud Providers Potentially Affected by Recent Rule Changes

State legislatures seeking new tax revenues in the down economy are again focusing on sales/use taxes. However, less noticed has been the states’ increasing taxation of Software as a Service (SaaS) and other &ld ...

Benefitting the Kids and Charity with One Powerful Strategy

For an individual searching for a powerful wealth transfer device and a charity searching for current cash flow, now is the perfect time to utilize a Charitable Lead Annuity Trust (CLAT).

IPO Readiness: Why Now?

Getting your company ready for an IPO isn't easy, nor is it cheap; in fact, it's disruptive and takes people out of their comfort zones. But that's exactly why you should consider preparing for the IPO well in advance ...

Budget Control Act Increases the Debt Ceiling, Excludes Tax Law Changes

Just in time to prevent the country from defaulting on its financial obligations, Congress passed and the president signed the Budget Control Act of 2011.

IRS Beefs Up Staff - Audits on the Rise

In an aggressive move to close the tax gap — the difference between tax owed and what is actually paid to the federal government — the IRS has increased its ranks significantly, hiring 1,500 additional new ...

Technology CFOs Look at how to Get the Deal Done

Deal volume in the U.S. M&A market continues to rise in 2011 with across the board volume up 16.4% through May on a rolling 12-month basis. Similarly, aggregate M&A spending was $91.2 billion in May, the secon ...

Estate Tax Uncertainty Remains in 2011 and 2012

Take advantage of unprecedented wealth transfer opportunities and build flexibility into your plan.

FASB Issues New Standards for Fair Value Measurement and Disclosures

In conjunction with the International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) on May 12 issued new standards for public and private companies on fair value (FV) measurement a ...

Congress Repeals Expansion of Form 1099 Reporting

Congress has repealed provisions in last year’s Patient Protection and Affordable Care Act (PPACA) and the Small Business Jobs Act (SBJA) that expanded the mandatory filing of Form 1099.

Government Provides Incentives for Electronic Health Records

The Medicare and Medicaid EHR Incentive Programs provide incentive payments to eligible professionals, eligible hospitals and critical access hospitals (CAHs) as they adopt, implement, upgrade or demonstrate meaningfu ...

IC-DISC Offers Tax Breaks for Exporters

If your closely held company earns significant income from exporting consider forming an interest charge domestic international sales corporation (IC-DISC).

CA Franchise Tax Board Steps Up Enforcement of Nonresident Withholding Rules

If you are a California company that pays a nonresident of California income from sources in California, you may potentially have to withhold and send the Franchise Tax Board (FTB) seven percent of all payments that e ...

New Gift and Estate Taxes May Prompt New Planning

A new tax law passed in Congress on gift and estate taxes may prompt clients to think about strategy in near-future gifting. 

Tax Relief Act Offers Many Income-Tax-Saving Opportunities for Individuals

The extension of the lower income and capital gains tax rates was set to expire Dec. 31, 2010, along with significant reductions to the estate tax, has probably received the most media coverage.

Cost-of-Living Adjustments and New Legislation Shape 2011 Tax Planning

In the fall, the IRS started releasing various rates, limits and other inflation-indexed amounts for 2011.

IRS Regulation: Corporate Disclosure of Uncertain Tax Positions

The IRS recently issued a final regulation that marks the culmination of its efforts to require certain corporations to submit information related to uncertain tax positions along with their income tax returns, beginn ...

How will the Tax Relief Act Affect your Estate Plan?

There’s been much speculation as to what Congress would do about the 2010 estate tax repeal and the scheduled 2011 return of the tax at higher rates and a lower exemption.

Tax Relief Act Provides Businesses with Enhanced Investment Incentives

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, passed by the Senate Dec. 15 and the House Dec. 16, may be best known for extending lower income and capital gains tax rates for in ...

1099-reporting-changes-armanino

Although seemingly irrelevant to healthcare reform, buried deep in the newly enacted ...

Lodging Provided to Employees: Taxable or Not?

The IRS has definitive rules for whether or not lodging is a taxable event to the employee. Special rules exist for educational institutions and will also be discussed.

Is the IRS About to Focus on UBIT and Political Activity?

Former IRS exempt organization director, Marcus Owens predicted at a tax-exempt conference that the IRS’s next compliance check questionnaires are likely to address UBIT and possibly political activity.

In a Giving Mood?

Why now is an excellent time to give away assets to loved ones

A smart gifting strategy is always an important piece of an estate plan. But thanks to a confluence of four factors — depressed ass ...

Stimulus Act Provides Businesses Tax-Saving and More

On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA). The nearly $800 billion act’s government spending initiatives and tax incentives for private ...

Will the Stimulus Act Benefit You and Your Family?

On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA). The nearly $800 billion act provides hundreds of millions of dollars of tax cuts expected to benefit 95% ...

Nonprofit Form 990 and Plan 403(b) Receive Makeovers

In 2009, nonprofits will need to look more closely at their Form 990 and 403(b) plans. And when they do, they will find plenty of people looking over their shoulder.

Think your life insurance proceeds are income tax free? Maybe not, under new rules

One of the key income tax benefits of life insurance policies is that, in general, proceeds received by the beneficiary on the death of the insured are excluded from income ...

IRS provides guidance on electing to accelerate research or AMT credits

Corporations with unused research or alternative minimum tax (AMT) credits from pre-2006 tax years have a decision to make: Should they take advantage of the 50% first-year depreciation bonus that was extended through ...

Will the HIRE Act Benefit Your Business?

On March 18, 2010, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) act. The act provides tax incentives that will help many companies grow their businesses as the economy recove ...

Donating to Haiti Relief Efforts? You may be Eligible for a 2009 Tax Deduction

On January 20, the House of Representatives passed legislation permitting taxpayers to deduct certain 2010 charitable contributions for Haiti disaster relief on their 2009 tax returns, rather than on their 2010 returns, ...

Low Inflation Adds Up To Meager Cost-Of-Living Adjustments for 2010

On October 15, 2009, the IRS released various rates, limits and other inflation-indexed amounts for 2010. Not surprisingly, given low inflation (deflation in some cases), many amounts will be the same for 2010 as they ...

IRS Guidance Clarifies How to Claim NOL Carrybacks under the Latest Extension

One of the provisions of the Worker, Homeownership and Business Assistance Act of 2009 (WHBAA), signed into law in November, 2009, allows businesses of all sizes to elect to carry back a net operating loss (NOL) for 2 ...

FASB provides nonpublic entities some guidance and some relief

On September 2, 2009, FASB issued Accounting Standards Update (ASU) No. 2009-06, Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic E ...

Unemployment Benefits Act Also Provides More Opportunities For Homebuyers

The Worker, Homeownership and Business Assistance Act of 2009 (WHBAA) was signed on November 6, 2009. In addition to extending unemployment benefits and enhancing NOL tax breaks for businesses, the act exten ...

Businesses Experiencing Operating Losses Now Have More Tax-Saving Options

On November 6, 2009, President Obama signed into law the Worker, Homeownership and Business Assistance Act of 2009 (WHBAA). In addition to extending unemployment benefits for millions of Americans and enhancing the ho ...

401k: Managing Emotions During a Financial Crisis

Taking the emotion out of investments in a tough economic climate

first-time-homebuyer-credit-armanino
The following questions and answers provide basic information about the tax credit.

Time Running Out on California Home Tax Credit

The California New Home Tax Credit is available for qualified buyers who, on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside ...

Distressed S Corporations: Tax Issues Involved in Restructuring

The recent economic downturn, coupled with the tightening of the credit market, is affecting all types of businesses, including S corporations. This article highlights tax issues and planning opportunities that m ...

Section 2511(c) and the Uncertain State of the Estate Tax

It’s been almost nine years since the Economic Growth and Tax Relief Reconciliation Act of 2001 called for the federal estate tax to be repealed in 2010 — and reinstated in 2011. The one-year repeal was a ...

FASB Expands Fair Value Disclosures

On January 21, 2010, FASB issued Accounting Standards Update (ASU) 2010-06, Improving Disclosures about Fair Value Measurements. The ASU reports on new disclosure requirements — and clarifications of existing re ...

IRS to Increase Investigations of Nonprofit Hospitals and Other Exempt Orgs.

Federal tax authorities in February 2010 launched an initiative to expand its scrutiny of the employment tax practices of nonprofit hospitals and other tax-exempt organizations, and Armanino experts say the initiative ...

IRS Guidance: New Small Employer Tax Credit for Health Insurance Expenses

The Patient Protection and Affordable Care Act (PPACA), signed into law in March, offers a valuable new tax credit to eligible small businesses and nonprofits that provide health coverage to their employees.

Is a Roth IRA Conversion Right for You?

If you're a higher-income taxpayer, one opportunity you may have heard about is the Roth IRA conversion. The Roth IRA is a smart way to save for retirement - or to build wealth for heirs - because qualified withdrawals ( ...

Congress Extends Homebuyer Credit, For Some

Just before an important deadline for the homebuyer credit was set to expire July 1, Congress extended it. But the extension will benefit taxpayers only in limited circumstances.

How Health Care Reform will Affect Your Tax Bill

On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act, representing a sweeping overhaul of the U.S. health care system. Here’s an overview and its major tax-related provis ...

A Sales/Use Tax Audit May Be in Your Future: Be Prepared For It

Past trends have shown that businesses in California have a 20 percent chance of being selected for a state sales/use tax audit. Large, multinational corporations are accustomed to regular sales/use tax examinations, ...

Nonprofits: New Reporting Requirements for Tax-Exempt Bonds

Did your nonprofit organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If your organization fil ...

Legislation Extends Tax Breaks for Small Businesses, Investors and More

Congress has passed, and the president is expected to soon sign, the Small Business Jobs Act of 2010 (SBJA), creating a $30 billion fund to provide capital to community banks to encourage lending to small businesses. The ...

The Push for Global Accounting Standards: Big Changes in the Works

In an increasingly global economy, most financial experts agree that a single, high-quality set of international accounting standards would provide significant benefits. There's less consensus, however, on how to get the ...

IRS Announces Instructions for Reporting Uncertain Tax Positions for 2010

The new Uncertain Tax Position Statement (“Schedule UTP”) generally would require a corporation with assets of at least $10 million to disclose to the IRS the company’s FIN 48 and other tax reserves. Be ...

FASB Issues Revenue Recognition Guidance for R&D Vendors

The Financial Accounting Standards Board (FASB) recently released Accounting Standards Update (ASU) 2010-17, Revenue Recognition — Milestone Method (Topic 605): Milestone Method of Revenue Recognition (a consensus ...

IRS Issues Guidance on Tax Treatment of Health Coverage for Adult Children

A little more than a month after President Obama signed the Patient Protection and Affordable Care Act (PPACA) into law, the IRS has released guidance on provisions related to the tax treatment of employer-provided he ...

Small Tax-Exempt Organizations Can Benefit from ACA

On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act. The new law gives small tax-exempt organizations that provide health care coverage to their employees eligibility for ...

Why is IRS Having a Problem with Companies Using Independent Contractors?

Back taxes, substantial IRS penalties and interest are issues that companies never want to face, but the ongoing recession could increase the likelihood that they will.

Measuring Uncertain Tax Positions

Businesses will need to be aware and prepare for the implications of tax standard FIN 48 and the affect it will have on financial statements

In June 2006, the Financial Accounting Standards Board (FASB) issued ...

Experts

Events

02/28

Armanino's Annual NBOA Nightcap

Join Armanino for a nightcap at Marquee Bar and Lounge in the Omni Shoreham Hotel. Conversation, cocktails, dessert a ...

03/08

Digital Transformation at Work with Armanino

Join Armanino, a leading Microsoft Dynamics 365 partner, for a live in-person event and learn how Dynamics 365 can he ...

03/08

Key Insights from Finance Leaders

Join Armanino (formerly Travis Wolff) for an evening with leading local finance executives. During this event, discov ...

Webinar 03/24

3 Key Lessons from a Start-Up CFO

In an open dialogue, we will draw on real-life examples and candidly address topics that keep CEOs up at night.

...

Blogs

February 14, 2017

Do You Need to File a 2016 Gift Tax Return by April 18?

Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps y...

February 07, 2017

What You Need to Know About the Tax Treatment of ISOs

Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the...

January 31, 2017

The “Manufacturers’ Deduction” Isn’t Just for Manufacturers

The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But t...

January 24, 2017

The Investment Interest Expense Deduction: Less Beneficial Than You Might Think

Investment interest—interest on debt used to buy assets held for investment, such as margin debt used to buy securities—generally is deductible for...

January 17, 2017

Deduction for State and Local Sales Tax Benefits Some, but Not All, Taxpayers

The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “perman...

January 10, 2017

Help Prevent Tax Identity Theft by Filing Early

If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might ev...

January 03, 2017

2017 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this li...

December 28, 2016

Few Changes to Retirement Plan Contribution Limits for 2017

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The ...

December 20, 2016

Want to Save for Education? Make 2016 ESA Contributions by December 31

There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribut...

December 13, 2016

Why Making Annual Exclusion Gifts Before Year End Can Still Be a Good Idea

A tried-and-true estate planning strategy is to make tax-free gifts to loved ones during life, because it reduces potential estate tax at death. Th...

December 06, 2016

Can You Pay Bonuses in 2017 but Deduct Them This Year?

You may be aware of the rule that allows businesses to deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ mon...

November 30, 2016

Ensure Your Year-End Donations Will Be Deductible on Your 2016 Return

Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. Afte...

November 28, 2016

There’s Still Time to Benefit on Your 2016 Tax Bill by Buying Business Assets

In order to take advantage of two important depreciation tax breaks for business assets, you must place the assets in service by the end of the tax...

November 22, 2016

Accelerating Your Property Tax Deduction to Reduce Your 2016 Tax Bill

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subje...

November 21, 2016

Year-End Tax Strategies for Accrual-Basis Taxpayers

The last month or so of the year offers accrual-basis taxpayers an opportunity to make some timely moves that might enable them to save money on th...

November 16, 2016

A Brief Overview of the President-Elect’s Tax Plan for Individuals

Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overha...

November 14, 2016

A Quick Look at the President-Elect’s Tax Plan for Businesses

The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump...

November 09, 2016

There’s Still Time to Set Up a Retirement Plan for 2016

Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. However, many retirement plans ar...

November 08, 2016

Last Call: Top 6 Reasons to Attend EVOLUTION

EVOLUTION is happening this Thursday, November 10 and it’s not too late to register! This free, one-day event for business leaders offers education...

November 01, 2016

It’s Critical to Be Aware of the Tax Rules Surrounding your NQDC Plan

Nonqualified deferred compensation (NQDC) plans pay executives at some time in the future for services to be currently performed. They differ from ...

October 25, 2016

Beware of Income-Based Limits on Itemized Deductions and Personal Exemptions

Many tax breaks are reduced or eliminated for higher-income taxpayers. Two of particular note are the itemized deduction reduction and the personal...

October 18, 2016

What the Self-Employed Need to Know About Employment Taxes

In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% S...

October 11, 2016

Are You Timing Business Income and Expenses to Your Tax Advantage?

Typically, it’s better to defer tax. One way is through controlling when your business recognizes income and incurs deductible expenses. Here are t...

October 04, 2016

Tax-Smart Options for Your Old Retirement Plan When You Change Jobs

There’s a lot to think about when you change jobs, and it’s easy for a 401(k) or other employer-sponsored retirement plan to get lost in the shuffl...

October 03, 2016

EVOLUTION 2016 – Growth Through Innovation: Register to Attend

Back for the second year on November 10, Armanino will host EVOLUTION 2016—a free, one-day event for business leaders that offers education and net...

September 27, 2016

Get 2 Tax Benefits from 1 Donation: Give Appreciated Stock Instead of Cash

If you’re charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you m...

September 20, 2016

Prepaid Tuition vs. College Savings: Which Type of 529 Plan is Better?

Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: Although contributions aren’t...

September 13, 2016

Documentation is the Key to Business Expense Deductions

If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recen...

September 06, 2016

Tax Impact of Investor vs. Trader Status

If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Invest...

August 30, 2016

Are Frequent Flyer Miles Ever Taxable?

If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might ...

August 23, 2016

Now’s the Time to Start Thinking About Bunching—Miscellaneous Itemized Deductions, That Is

Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjuste...

August 16, 2016

Combining Business and Vacation Travel: What Can You Deduct?

If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can yo...

August 09, 2016

3 Strategies for Tax-Smart Giving

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be ...

August 02, 2016

Don’t Roll the Dice With Your Taxes if You Gamble This Year

For anyone who takes a spin at roulette, cries out “Bingo!” or engages in other wagering activities, it’s important to be familiar with the applica...

July 26, 2016

Should You Make a “Charitable IRA Rollover” in 2016?

Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can ...

July 19, 2016

To Deduct Business Losses, You May Have to Prove “Material Participation”

You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are...

July 12, 2016

There’s Still Time for Homeowners to Save with Green Tax Credits

The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans ...

July 05, 2016

3 Mutual Fund Tax Hazards to Watch Out For

Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs ...

June 28, 2016

Awards of RSUs Can Provide Tax Deferral Opportunity

Executives and other key employees are often compensated with more than just salary, fringe benefits and bonuses: They may also be awarded stock-ba...

June 21, 2016

Throw a Company Picnic for Employees This Summer and Enjoy Larger Deductions

Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for th...

June 14, 2016

Finding the Right Tax-Advantaged Account to Fund Your Health Care Expenses

With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSA...

June 07, 2016

Combine Business Travel and a Family Vacation Without Losing Tax Benefits

Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs...

May 31, 2016

Stock Market Volatility Can Cut Tax on a Roth IRA Conversion

This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can...

May 24, 2016

How Many Employees Does Your Business Have for ACA Purposes?

It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the ans...

May 17, 2016

How Summer Day Camp Can Save You Taxes

Although the kids might still be in school for a few more weeks, summer day camp is rapidly approaching for many families. If yours is among them, ...

May 10, 2016

Putting Your Home on the Market? Understand the Tax Consequences of a Sale

As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the mar...

May 03, 2016

QSB Stock Offers 2 Valuable Tax Benefits

By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits: 1. Tax-free gain rollov...

April 26, 2016

Unexpected Retirement Plan Disqualification Can Trigger Serious Tax Problems

It’s not unusual for the IRS to conduct audits of qualified employee benefit plans, including 401(k)s. Plan sponsors are expected to stay in compli...

April 19, 2016

Why it’s Time to Start Tax Planning for 2016

Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. Bu...

April 12, 2016

What 2015 Tax Records Can You Toss Once You’ve Filed Your Return?

The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for...

April 05, 2016

Filing for an Extension isn’t Without Perils

Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t fil...

March 28, 2016

Entrepreneurs: What Can You Deduct and When?

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train ...

March 21, 2016

Tips for Deducting Losses from a Disaster, Fire or Theft

If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casu...

March 14, 2016

3 Income-Tax-Smart Gifting Strategies

If your 2015 tax liability is higher than you’d hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get start...

March 07, 2016

Make a 2015 Contribution to an IRA Before Time Runs Out

Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are li...

February 29, 2016

2 Benefits-Related Tax Credits for Small Businesses

Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses tha...

February 22, 2016

What’s Your Charitable Donation Deduction?

When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for ...

February 15, 2016

How to Max Out Education-Related Tax Breaks

If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your educ...

February 08, 2016

Deduct Home Office Expenses—If You’re Eligible

Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated wi...

February 07, 2016

Super Bowl Jock Tax: How Much Did Cam Newton Pay to Play?

On Friday, the San Francisco Chronicle published an article about the Super Bowl “Jock Tax” and how much it would cost the Carolina Panthers quarte...

February 01, 2016

Extension Means Businesses can Take Bonus Depreciation on Their 2015 Returns—But Should They?

Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for q...

January 25, 2016

File Early to Avoid Tax Identity Theft

If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a ...

January 18, 2016

Why Investing in Small Business Stock May Make More Tax Sense Than Ever

By purchasing stock in certain small businesses, you can not only diversify your portfolio but also enjoy preferential tax treatment. And under a p...

January 11, 2016

Could You Save More by Deducting State and Local Sales Taxes?

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local in...

January 04, 2016

2 Extended Credits Can Save Businesses Taxes on Their 2015 Returns

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax breaks, in some cases making them permanent. Extended...

December 28, 2015

No Changes to Retirement Plan Contributions for 2016

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016: Type of limi...

December 21, 2015

Congress Passes “Extenders” Legislation Reviving Expired Tax Breaks for 2015

Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it n...

December 14, 2015

7 Last-Minute Tax-Saving Tips

The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 tax liability — you just must act by December 31: ...

November 30, 2015

Don’t Miss Your Opportunity to Make 2015 Annual Exclusion Gifts

Recently, the IRS released the 2016 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GS...

November 23, 2015

PTO Contribution Arrangements Can Help Prevent the Year-End Vacation-Time Scramble

From the Thanksgiving kick-off of the holiday season through December 31, many businesses find themselves short-staffed as employees take time off ...

November 16, 2015

Reduce Taxes on Your Investments With These Year-End Strategies

While tax consequences should never drive investment decisions, it’s critical that they be considered — especially by higher-income taxpayers, who ...

November 09, 2015

Protect Your Deduction: Verify that a Charity is Eligible to Receive Tax-Deductible Contributions Before You Donate

Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. Afte...

November 02, 2015

The 529 Savings Plan: A Tax-Smart Way to Fund College Expenses

If you’re saving for college, consider a Section 529 plan. Although contributions aren’t deductible for federal purposes, plan assets can grow tax-...

October 26, 2015

Save Tax — or At Least Defer it — by Carefully Timing Business Income and Expenses

The first step to smart timing is to project your business’s income and expenses for 2015 and 2016. With this information in hand, you can determin...

October 18, 2015

2 Tax Consequences to Consider if You’re Refinancing a Home

Now may be a great time to refinance, because mortgage rates are still low but expected to increase. Before deciding to refinance, however, here ar...

October 11, 2015

Your Exec Comp Could be Subject to the 0.9% Additional Medicare Tax or the 3.8% NIIT

The additional Medicare tax and net investment income tax (NIIT) apply when certain income exceeds the applicable threshold: $250,000 for married f...

October 04, 2015

Should You “Bunch” Medical Expenses into 2015?

Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spend...

September 20, 2015

Why You Should Contribute More to Your 401(k) in 2015

Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, offers many benefits: Contributio...

September 13, 2015

How to Determine if You Need to Worry About Estate Taxes

Here’s a simplified way to project your estate tax exposure. Take the value of your estate, net of any debts. Also subtract any assets that will pa...

September 06, 2015

When Will Congress Pass “Extenders” Legislation to Revive Expired Tax Breaks for 2015?

With Congress returning from its August recess, this is the question on tax-savvy Americans’ minds. Many valuable tax breaks aren’t permanent, so C...

August 30, 2015

All Income Investments Aren’t Alike When it Comes to Taxes

The tax treatment of investment income varies, and not just based on whether the income is in the form of dividends or interest. Qualified dividend...

August 23, 2015

Exporters and Others: Save Taxes with an IC-DISC

If your business exports American-made goods or performs architectural or engineering services for foreign construction projects, an interest-charg...

August 16, 2015

What You Need to Know Before Donating Collectibles

If you’re a collector, donating from your collection instead of your bank account or investment portfolio can be tax-smart. When you donate appreci...

August 10, 2015

Teens in Your Family with Summer Jobs? Set up IRAs for Them!

Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many year...

August 02, 2015

Act Soon if You Want to Help Your Child Buy a Home

Mortgage interest rates are still at historically low levels, but they’re expected to go up by year end. So if you’ve been thinking about helping y...

July 27, 2015

Tread Carefully When Determining Compensation for S Corp. Shareholder-Employees

By distributing profits in the form of dividends rather than salary, an S corporation and its owners can avoid payroll taxes on these amounts. Beca...

July 21, 2015

Tax Treatment of NQSOs Differs from that of Their Better-Known Counterpart

With nonqualified stock options (NQSOs), if the stock appreciates beyond your exercise price, you can buy shares at a price below what they’re trad...

July 14, 2015

How to Begin Collecting Your 2015 Tax Refund Now

If you usually receive a large federal income tax refund, you’re essentially making an interest-free loan to the IRS. Rather than wait until you fi...

July 07, 2015

Tax Impact of the Supreme Court’s Same-Sex Marriage Decision

On June 26, the U.S. Supreme Court ruled that same-sex couples have a constitutional right to marry, making same-sex marriage legal in all 50 state...

June 30, 2015

Large Employers: Time to Start Planning for ACA Information Reporting

With the U.S. Supreme Court’s June 25 decision upholding the Affordable Care Act (ACA) yet again, employers subject to the act’s information report...

June 23, 2015

Opening the “Back Door” to a Roth IRA

A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at ret...

June 16, 2015

Married with a Large Estate? Why You Still Need a Credit Shelter Trust

Even though portability now allows married couples to use up both spouses’ estate tax exemptions without having to make lifetime asset transfers or...

June 09, 2015

Why the Details Matter When Selling Investments

If you don’t pay attention to the details, the tax consequences of a sale may be different from what you expect. For example, if you bought the sam...

May 26, 2015

Before Donating a Vehicle, Find Out the Charity’s Intent

If you donate your vehicle, the value of your deduction can vary greatly depending on what the charity does with it. You can deduct the vehicle’s f...

May 19, 2015

Expect to be Paying Elementary or Secondary School Costs in the Future? Consider an ESA

As the school year draws to a close, it’s a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if you have young chi...

May 12, 2015

You’re a Real Estate Investor, but are You a “Professional”?

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why is this ...

May 05, 2015

100% Deduction for Certain M&E Expenses!

Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible...

April 28, 2015

Got ISOs? You Need to Understand Their Tax Treatment

Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the...

April 21, 2015

Now’s the Time to Begin Your 2015 Tax Planning

Whether you filed your 2014 income tax return by the April 15 deadline or filed for an extension, you may think that it’s a good time to take a bre...

April 14, 2015

Facing an Unexpected Bill for the Additional 0.9% Medicare Tax?

The additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 per year ($250,000 for married filing jointly ...

April 07, 2015

A Net Operating Loss on Your 2014 Tax Return Isn’t all Bad News

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs (though of course the specific rules are more c...

March 31, 2015

Still Filing a Paper Return? Be Sure You Understand the “Timely Mailed = Timely Filed” Rule

The IRS considers a paper return that’s due April 15 to be timely filed if it’s postmarked by midnight on April 15. But dropping your return in a m...

March 24, 2015

Yes, There’s Still Time to Make a 2014 IRA Contribution!

The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were ag...

March 17, 2015

Do You Need to File a 2014 Gift Tax Return by April 15th?

Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: That exceeded the $14,000-per-recipient gift tax...

March 10, 2015

Taking Advantage of Tangible Property Safe Harbors

If your business has made repairs to tangible property, such as buildings, machinery, equipment and vehicles, you may be eligible for a deduction o...

March 03, 2015

You Might Benefit from Deducting Investment Interest Expense on Your 2014 Tax Return

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible...

February 23, 2015

Make Sure You Have Proper Substantiation for Your 2014 Donations

If you don’t meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneo...

February 17, 2015

Should You Forgo a Personal Exemption so Your Child Can Take the American Opportunity Credit?

If you have a child in college, you may not qualify for the American Opportunity credit on your 2014 income tax return because your income is too h...

February 10, 2015

The “Manufacturers’ Deduction”: It’s Not Just for Manufacturers

The manufacturers’ deduction, also called the “Section 199” or “domestic production activities” deduction, is 9% of the lesser of qualified product...

February 03, 2015

Deduct all of the Mileage You’re Entitled To

You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven fo...

January 27, 2015

Why You Shouldn’t Procrastinate on Filing Your 2014 Income Tax Return

If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline is just a few weeks — or perhaps...

January 20, 2015

Have You Had Your Annual Estate Plan Checkup?

An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjuste...

January 12, 2015

2014 Tax Extenders: 3 Credits for Businesses

The Tax Increase Prevention Act of 2014 (TIPA) extended through Dec. 31, 2014, a wide variety of tax breaks, including many tax credits—which are p...

January 06, 2015

Tax Extenders: 3 Breaks for Individuals on Their 2014 Returns

On Dec. 19, the president signed into law the Tax Increase Prevention Act of 2014 (TIPA), which extended through Dec. 31, 2014, many valuable tax b...