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…

IRS to Audit High-Income Tax Returns

August 26, 2020By Brad Pauley, CPA

The IRS announced on June 18th that they will be looking at hundreds of high-income tax returns between July 15th and September 30th. They are expected to be looking at not only the taxpayer’s individual returns but any business-related pass-through entities as well. These reviews create exposure for athletes and entertainers who have high income and Read the full article…