Los Angeles Unified School District (LAUSD) requires any organization providing services conduct an audit prepared according to the LAUSD's own unique set of audit instructions. Their audit requirements, along with other government audit instructions, are specialized. Our firm works with the LAUSD to understand the requirements and procedures necessary to succeed. All LAUSD vendors need an audit or review. Call us today and we can give you a bid over the phone for your review or audit. … [Read more...] about LAUSD Vendor Audits and Reviews
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A Planning Introduction to the 2017 Tax Act – Charitable Donations and Exempts
See “A Planning Introduction to the 2017 Tax Act – The Overview” which briefly introduces the new tax law enacted in December. We indicated in that introduction that the new legislation tends to make tax planning more and more mathematical. The remark’s emphasis on alternatives and myriad tax rules is particularly true of planning charitable donations. We’re going to have some emphasis on the new Section 199A that can give owners a 20% of business income deduction. This new provision affects many taxpayers and significantly affects planning for charitable donations whenever the person is active in business, or even a passive investor in an active business. We’ve given a more detailed look at those rules in “A Planning Introduction to the 2017 Tax Act – The 20% of Business Income Deduction.” See generally, Tax Cuts and Jobs Act, Conference Report to Accompany H.R. 1, 115th Cong., 1st Sess., House Report 115-466, December 15, 2017, which includes the text of the Act, the … [Read more...] about A Planning Introduction to the 2017 Tax Act – Charitable Donations and Exempts
A Planning Introduction to the 2017 Tax Act – The 20% of Business Income Deduction
See “A Planning Introduction to the 2017 Tax Act – The Overview” which briefly discusses this topic and helps put it in an overall perspective within many of the major tax changes enacted in December. We indicated in that introduction that the new legislation tends to make tax planning more and more mathematical, and while that remark emphasizes alternatives and myriad tax rules, it is particularly true of the new Section 199A that we discuss here. This new law, this new concept, is effective after 2017. ((The final bill basically followed the Senate approach, with some rather significant modifications. See generally, Tax Cuts and Jobs Act, Conference Report to Accompany H.R. 1, 115th Cong., 1st Sess., House Report 115-466, December 15, 2017, which includes the text of the Act, the legislative histories of the House, Senate and Conference. Hereinafter, the Conf. Rep. For pagination cites see PDF version: … [Read more...] about A Planning Introduction to the 2017 Tax Act – The 20% of Business Income Deduction
A Planning Introduction to the 2017 Tax Act – The Overview
THE NEW TAX PLANNING LANDSCAPE In general, we believe a major aspect of the new Tax Cuts and Jobs Act will be to make tax planning more and more mathematical. By such a statement, we emphasize that the taxpayer’s choices are more likely to involve projections and ranges. The choices also look to be more numerous. ((See generally, Tax Cuts and Jobs Act, Conference Report to Accompany H.R. 1, 115 th Cong., 1 st Sess., House Report 115-466, December 15, 2017, which includes the text of the Act, the legislative histories of the House, Senate and Conference. This is referred to hereinafter as the Conf. Rep. Note that for pagination one has to choose the PDF version at this site: https://www.congress.gov/congressional-report/115th- congress/house-report/466/1?overview=closed.)) Enacted in December, the new law introduced major changes taking effect mostly after 2017, but there are some effects in 2017. Not all the changes are permanent which adds to the complexity.The general context … [Read more...] about A Planning Introduction to the 2017 Tax Act – The Overview
Share! A Guide to 2017 Charitable Donations
2017 is a great time to take advantage of current IRS allowable tax deductions. One my favorites is donating stocks or bonds directly to a worthwhile charity or nonprofit. You can take the deduction for the current value of the stock and pay no taxes on the gain that creates sort of a double deduction. Long-term family goals, needs and your financial situation would of course need consideration. Current tax bill legislation will most likely create less reward for charitable deductions and lower tax liability in 2018. Any deduction you can take in 2017 will create greater tax savings than waiting for a later time. You will save more money and have the satisfaction of your money going farther. We say “incentives” because there are federal and state income tax deductions for charitable donations. As we approach the end of 2017, there are major federal tax changes on the table but there appears to be little prospect that the charitable donation deduction will be reduced … [Read more...] about Share! A Guide to 2017 Charitable Donations
Tips on Registering your Charity
This article was first published in December 2016 on the Planned Giving Design Center website. Download the article Watching charities is a necessary government function because, while rare, there's an occasional bad charity, and any number of charities whose activities may deserve occasional scrutiny. The first step in this process is requiring the charities to register with the state's group that monitors charities. Regulatory Scrutiny Grows Our purpose is to put this topic in some general perspective, making every effort to be brief with a topic that is inherently complex. There are about forty jurisdictions that may require registration. We look generally at such questions as when registration is required and the costs. There is soon to be a centralized, electronic place where the charity can register once and this gets sent to myriad jurisdictions. The vehicle is to be launched in upcoming months with some thirteen initial governmental participants. See "Simpler … [Read more...] about Tips on Registering your Charity
David Strathairn at Rojas & Associates
Last week our office was used for a location shoot! Here is a picture of David Strathairn and Bob in our Downtown LA office during the location shooting. … [Read more...] about David Strathairn at Rojas & Associates
Selling Your Dental Practice: Part I The Transition Period
By Bob Rojas, CPA Selling a dental practice requires negociation and agreement on many issues. This article will cover the transition period. This is the period between settlement and when the seller exitits the practice. One major variable is how long the seller would like to continue practicing, and when the seller would like to retire. There is an entire spectrum of possibilities to include retiring as soon as the practice is sold to working full time for a period and phasing out gradually. Keep in mind if the seller wants to keep practicing there needs to be enough patients to keep two doctors busy. Practices with two or more offices make scheduling easier two doctors easier. If the seller stays it is important to list hours, days, benefits and compensation in the agreement. Generally the seller is paid a percentage of collections as would an associate. If the seller stays a period shorter than six weeks, generally there is no compensation and it is just considered a … [Read more...] about Selling Your Dental Practice: Part I The Transition Period
AMT Changes for 2015 … and its good news!
Your AMT (Alternative Minimum Tax) exemption goes up. For tax year 2015 your AMT exemption has increased to $53,600 for individuals and $83,400 for married couples. This lets us all make 1.5% more income than last year without thinking about going into Alternativve Minimum Taxes. Every tiny bit helps. Happy 2015! … [Read more...] about AMT Changes for 2015 … and its good news!
Taxes in 2013 – The Marriage Tax Penalty
Call me old fashioned, but I love being married. When I met my future wife, we fell in love and we knew we wanted to get married. I had a Masters Degree in Tax and helped many clients minimize their taxes. I knew exactly what our marriage would cost. We were married anyway despite the Marriage Tax Penalty. We are still in love and I love being married. We also still pay higher taxes for being married. What are the facts? In 1990 55% of US households were married, in 2000 51% and in 2010 it is 49%. Clearly more couples chose not to marry. How did the Marriage Tax Penalty come about? It was supposed to help married couples with one income which at the time was the majority of US households. Today most couples living together have two incomes whether they are married or not. This older law penalizes the married couples. Its not a huge penalty, but when we were married my wife and I did feel it. I personally think marriage is worth the tax penalty. … [Read more...] about Taxes in 2013 – The Marriage Tax Penalty
