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Taxes
As of the writing of this article, the Senate and House of Representatives have passed the Tax Cuts and Jobs Act (the “Act”) and it is being sent to President Trump to sign into law. The new tax laws that are slated to become effective January 1, 2018 will be a bit of a shock...
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As of the writing of this article, the House has passed their tax reform bill and the Senate has advanced their tax bill out of committee with a proposed vote after Thanksgiving. This whirlwind tax reform session will throw some turbulence into year-end tax planning. The Republicans have proposed cutting many deductions that have been...
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Many people, once they have executed their revocable living trust, put it in a drawer and never revisit it. However, circumstances change over time that may warrant a review of the revocable living trust and changes made to it. Over the last few years, the Applicable Exclusion Amount for estate taxes has risen to $5,490,000...
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Last September 16th, I wrote an article in the Central Valley Business Journal (“CVBJ”) about the new partnership audit rules titled “Partnership Audit Rules Are Changing.” That article goes into the basic mechanics of the rules established by the Bipartisan Budget Act of 2015 signed by Barack Obama in 2015 and for your reference I...
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The Tax Reform Act (“TRA”) of 1986 brought with it a major revision to the Internal Revenue Code by way of Section 469 with what are known as the “passive loss rules.” The enactment of the passive loss rules changed the rules such that a taxpayer could only deduct losses from a passive activity against...
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The due date of April 15 for your federal and state taxes is fast approaching. However, don’t fret, you are getting a reprieve this year. The actual due date for your return is Tuesday, April 18, 2017 due to the 15th being a Saturday, and the following Monday being Washington D.C. Emancipation Date holiday. I...
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California is generally considered a business unfriendly state due to its high taxes and strict regulatory environment. Over the last few years, businesses have taken their operations to more friendly states, think Jamba Juice’s move to Texas and Tesla choosing Nevada instead of California for its Gigafactory. California has had an enterprise zone tax break...
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One of Donald J. Trump’s campaign promises was a reform of the Internal Revenue Code. With respect to the Estate Tax, what does that mean? According to the website www.donaldjtrump.com, President-Elect Trump’s Plan “will repeal the death tax, but capital gains held until death and valued over $10 million will be subject to tax to...
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The attached articles were written based on the state of the law as of the date written.  The authors of the attached articles assumes no responsibility to update the content of the articles as a result of any changes in the law.  Anybody reviewing the attached articles should consult with the authors of the articles, or their professional tax or legal advisor to verify the current status of the law as it relates to their own personal transactions.