The President and his team recently released a one-page document proposing major changes and deep cuts to the individual tax system. Released near the 100-day mark of his administration, the plan includes changes in rhetoric that betray some of what we’ve heard for the past months and during the campaign. Notably, the repeal of deductions… Continue reading →
The Blog
Converting a California C-Corp to an S-Corp
As companies grow and change over the course of their lifetime, certain structures that were set up at the beginning of the venture may grow obsolete and need to be changed. Legal forms of organization that were once appropriate and helpful to the business may come to work against it. There’s an importance in noting… Continue reading →
Bill Gates Proposes Tax on Labor Replacing Tech
Is it possible to cover the loss of income tax to governments local and federal and in between? During 2016’s Presidential race, there was no discussion of automation. As opposed to globalization, which dominated large segments of the debates. The true driver of job loss between 2000 and 2010 was in fact the rise of… Continue reading →
Net Operating Loss Deduction in the News
Net Operating Loss Deduction in the News A net operating loss occurs when the allowable business tax deductions for any given tax year exceeds gross income for that year, thus generating a negative taxable income. Beginning with the Revenue Act of 1918, tax law has allowed for the carryover of such losses, making them a… Continue reading →
Tax Penalties to Increase in 2017
Tax Penalties Set to Increase in 2017 According to the annual Bloomberg BNA report of projected tax rates, tax penalties are set to increase in 2017. The projected tax penalty increases will be applied pretty much across the board. They include penalties such as the Failure to File Penalty and the Failure to Pay Penalty… Continue reading →
Two Candidates – Two Different Tax Plans
Two Candidates – Two Different Tax Plans Although both Donald Trump and HillaryClinton seem to agree on certain points such as making the country’s tax structure more attractive to business, ending the carried interest tax break and expanding the tax deduction for childcare, they differ on how to best accomplish these tasks. Their tax… Continue reading →
