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

February 14, 2022By David Troost
Updated Tax Provisions: Corrections to Issues Related to Assembly Bill 150 (AB150)

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…

How to Treat Inherited Individual Retirement Accounts

March 8, 2012By Kimberly Hoang
How to Treat Inherited Individual Retirement Accounts

The SECURE Act, which became effective on January 1, 2021, changed the rules for inherited IRA’s. 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…