Common Ways to Hold Title in California

August 16, 2022By Richard Umanoff

We often get questions from clients on how to hold title to property they are about to purchase. As real estate might be the most important asset that an individual or couple may own, how ownership is vested is extremely important. Proper titling will affect the current and future rights of parties to the transaction, Read the full article…

Minimum Wage Increase – July 2022

June 29, 2022By Derek Johnson

Beginning July 1st, we have local minimum wage increases taking effect in many of the cities that you operate in. In the cities of Santa Monica, Malibu, and unincorporated areas of Los Angeles County, minimum wage is increasing from $15.00 to $15.96. In the City of Los Angeles, the new minimum wage will increase to Read the full article…

How to Treat Inherited Individual Retirement Accounts

May 24, 2022By Kimberly Hoang

The SECURE Act, which became effective on January 1, 2021, changed the rules for inherited IRAs. Prior to that, the rules were very beneficial to non-spousal beneficiaries. The act upended the “life expectancy” rule for distributions and, in its place, created the 10-year rule for non-spousal beneficiaries. The act establishes a time period of 10 Read the full article…

What is FRF for SME?

April 12, 2022By Rebecca Hickle

Running a small to medium-sized business has always come with a unique set of challenges. Securing credit, managing employees, and staying involved in the day-to-day running of the business creates a constant set of obstacles to be addressed by the business owner, leaving very little time for a life outside of work, let alone applying Read the full article…

Updated Tax Provisions: Corrections to Issues Related to Assembly Bill 150 (AB150)

February 14, 2022By David Troost

On February 9, 2022, the California Governor signed Senate Bill 113 (SB113). SB113 addresses numerous tax provisions, including correction to issues related to Assembly Bill 150 (AB150). AB150 allowed certain owners of qualified passthrough entities to work around the individual $10,000 federal limit on SALT deductions by paying a new elective state pass-through entity (PTE) Read the full article…

More on the State Tax Deduction Workaround (AB 150)

December 22, 2021By Phil D'Amico

Over the weekend, we received clarification regarding a couple of the many unanswered questions regarding the implementation of the State Tax Deduction Workaround. First, we are being advised that a Grantor Trust is eligible to participate in making the election to pay tax on a partnership/LLC or S corporation. Second, since it is unlikely that Read the full article…

Did You Miss Your State Tax Deduction?

December 16, 2021By So Sum Lee

If you are a shareholder of an S Corporation, partner/member of a partnership/LLC, you might be able to get some of your state tax deduction back. As you may remember, the federal Tax Cuts and Jobs Act reduced the amount of the SALT deduction individuals can claim on their federal tax return to $10,000 starting Read the full article…