What is a Power of Attorney?
We often get questions about what to do when a person wants to give up their authority over their personal and financial life. If they do not already have a Revocable Living Trust that provides for a transfer of that authority, then the next best thing is a Power of Attorney (POA). The person who Read the full article…
Update #2: IRS Extends Filing Deadline for California Storm Victims: Tax Relief Available
The Internal Revenue Service (IRS) has issued another announcement as of CA-2023-02. The following modifications apply to the original tax relief victims of severe winter storms, flooding, landslides, and mudslides in California. The relief period for making tax payments and return filing has been extended from December 27, 2022, through May 15, 2023. Previously, the Read the full article…
California Conformity Update: IRS Extends Filing Deadline for California Storm Victims: Tax Relief Available
The Governor’s office announced on January 13, 2023, that California will conform to the filing extensions granted by the Internal Revenue Service (IRS) for California storm victims. This means that filing and payment deadlines for affected individuals and businesses in California are extended to May 15, 2023. On January 10, the IRS announced tax relief Read the full article…
IRS Extends Filing Deadline for California Storm Victims: Tax Relief Available
On January 10, the Internal Revenue Service (IRS) announced tax relief for California storm victims in most counties (see list of counties below). This tax relief applies to individuals and businesses located in disaster areas. The announcement postpones tax filings and payment deadlines that are due from January 8, 2023, through April 30, 2023, including Read the full article…
2022 Year-End Tax Planning Strategies for Businesses
In the last few months of the year, it is important to consider year-end tax planning opportunities as many may provide both immediate and long-lasting financial benefits. This year has brought incredibly unique challenges and significant change. Businesses that have not yet explored year-end tax planning should take an immediate inventory of their situation to Read the full article…
2022 Year-End Tax Planning for Individuals
As calendar year 2022 comes to a close, it is a good time for taxpayers and their advisors to start thinking of planning moves that will help lower their tax bill for this year and possibly the next. This year, we have seen significant financial uncertainty and an inflation rate not seen since the 1980s, Read the full article…
Holding a Large Position in One Stock? Know Your Options: Exchange Funds
Do you have a large position in a publicly held company? Are you concerned about having a concentration risk in your portfolio? If the answer is yes, then you should consider using an Exchange Fund, also known as a swap fund. An Exchange Fund provides the opportunity to diversify your stock holdings without triggering capital Read the full article…
Benefits of Disclaimers in Post-Mortem Estate Planning
When considering the creation of a will or a trust, one usually thinks about pre-death planning. However, the beneficiaries have an opportunity where post-mortem planning comes into play. Let’s look at an important post-mortem planning tool – the disclaimer. A disclaimer is a refusal to accept an interest in or a power over property – Read the full article…
Build Back Better is Back
The Build Back Better framework looks to improve American’s livelihoods through improved climate change efforts. It is the largest effort in American history, with a $555 billion investment in clean energy for the country. The United States has goals to reduce greenhouse gas emissions by 50-52% by 2030. What it means for our clients Among Read the full article…
Foreign Earned Income Exclusion (Form 2555)
The US tax system requires all its citizens and permanent residents to file tax returns based on worldwide income, regardless of where they live. As such, if a person lives overseas and files taxes in a foreign country, the person also needs to report the foreign income to the IRS by filing US taxes. In Read the full article…
