Big Changes for Individual Taxpayers

Tuesday, March 6, 2018

Now that the Tax Cuts and Jobs Act is in place, many Americans are left unsure as to what this means for their future tax liability. However, one thing is certain, many deductions individuals had become accustomed to are now gone. In California, with its very high cost of living, the tax benefits to homeowners are limited. State and […]

What Tax Reform Means to Businesses

Tuesday, March 6, 2018

The Tax Cuts and Jobs Act has brought about significant and sweeping changes for businesses. Unless stated otherwise, the law and changes will go into effect for tax years beginning after December 31, 2017. The following are key components of the new legislation that will have immediate impact. Tax Rate and Alternative Minimum Tax (AMT) The most prominent change […]

New Estate Planning Guidelines

Tuesday, March 6, 2018

The nation’s leading estate planning conference, the Heckerling Institute on Estate Planning, was recently held in Orlando, Florida. The following are some items discussed that will be important going forward. Tax Cut and Jobs Act of 2017 The basic estate and gift tax exclusion has doubled to $10 million (adjusted for inflation). The adjusted number for 2018 has not been […]

Easing Implementation of the New Lease Accounting Standard

Tuesday, March 6, 2018

There are several impending updates to accounting standards, most notably the revenue recognition and leasing standards (effective 2019 and 2020, respectively, for privately held companies). These updates will require significant changes to accounting and disclosure treatment in financial statements prepared in accordance with U.S. generally accepted accounting principles. In January 2018, the Financial Accounting Standards Board issued a […]

VCP User Fees Simplified

Tuesday, March 6, 2018

The IRS has announced simplified user fees for submissions made to correct 401(k), 403(b), and other qualified retirement plan errors under its Voluntary  Compliance Program (VCP). VCP is the IRS program under its Employee Plans Compliance Resolution System that allows tax-favored retirement plans not currently under examination to correct certain failures that would otherwise result in the loss […]