Tax Alerts


Tax Reform Outline Announced on April 26

Friday, April 28, 2017

The Trump Administration had released its outline for the corporation and individual tax reforms. Here is the summary of key points included in the outline. 15% Corporate Tax Rate – also applied to “pass-through” income. The corporate income tax rate would be lowered from 35% to 15%. The reduced tax rate would also apply to […]

IRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits

Friday, April 28, 2017

The IRS has released the inflation-adjusted limitations on depreciation deductions for business-use passenger automobiles, light trucks, and vans first placed in service during calendar year 2017. All limitations are inflation-adjusted based upon October 2016 CPI amounts, with rounding conventions that account for almost all 2016 limits remaining the same for 2017 (only the third-year limitation […]

What Portion of the Property Tax Bill is Tax Deductible?

Friday, April 28, 2017

This article is reproduced with permission from Spidell Publishing, Inc. California conforms to federal law regarding the real estate tax deduction, which is an allowable itemized deduction for both federal and state income tax. California differs from most other states, however, in that many California property tax bills include large special assessments that are not […]

Lack of Contemporaneous Written Acknowledgement Nixes Donation

Friday, April 28, 2017

In a case that provides a lesson to anyone donating property to charity for which a deduction of more than $500 is claimed – get proof in writing and get it at the time you donate the property. After-the-fact substantiation, no matter how convincing, is not acceptable under the tax law to support a deduction. […]

Maximize Start-Up Deductions for a New Business

Friday, April 28, 2017

Starting a new business venture can prove exciting, but rather costly. There are certain tax advantages that can help alleviate some of the financial burden associated with entrepreneurship. A taxpayer may start a business by forming an entirely new business or acquiring an existing business. One of the most important decisions a business owner should […]