2017 – 2018 Tax Reform Stocking Stuffers | MinowCPA

2017 - 2018 Tax Reform Stocking Stuffers

Dear Friends and Clients:

This morning, President Trump signed the most sweeping tax legislation since the tax reform act of 1986.  While we will be working hard to dissect this new tax legislation over the coming weeks, I wanted to provide you with some “tax stocking stuffers” to start thinking about this over the weekend because there are tax saving opportunities to take advantage of before the end of 2017. Read more

Reviewing your Company’s Buy-Sell Agreement

When you went into business, one of the most important documents to draft is the buy-sell agreement. The buy-sell agreement is created in case you or a co-owner voluntarily or involuntarily leaves the company.

Hopefully you hired a professional to help you draft the agreement. However, it’s not enough to draft an agreement and put it in a safe place. You need to review and perhaps revise the document periodically. Read more

2017 Tax Planning in the Trump Era of Tax Reform

2017-Tax-Planning

As we make our final approach towards closing out the tax year, business owners should be mindful of their business performance even more so due to the impending changes to our tax laws.  Both President Trump and the Senate have proposed their own versions of plans to overhaul our tax system. Read more

Better Numbers, Better Results: Job Cost Reporting

Once a project is underway, it’s easy to focus on other tasks rather than the actual numbers. But job cost reporting — the process of coding and allocating project expenses to track financial efficiency and profitability — is imperative for ultimate success. Here are a few best practices to keep in mind. Read more

Got Nexus? Find Out Before Operating in Multiple States

Business owners must always ask themselves when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligations.

If you’re considering operating your business in multiple states, or are already doing so, it’s worth reviewing the concept of nexus and its tax impact on your company. Read more

The CPA’s Role in Upgrading Construction Accounting Software

Upgrading Construction Accounting Software

A local residential builder in a fast-developing area saw business grow substantially for the past few years. He hired more employees, expanded his fleet of equipment and even redesigned the signage on his job sites.

One morning, his longtime bookkeeper asked to meet with him. She encouraged his continual investment into the business but wondered whether he might turn his attention from the field to the office. Read more

Tax Alert: Californians May Now Face Income Tax Rates Greater Than 50%

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MinowCPA Guide to Effective Tax Planning in 2013

Dear Clients and Friends:

In 2013, the Internal Revenue Service (IRS) and California Franchise Tax Board (FTB) increased the income tax brackets. The highest income earners now face a 39.6% federal marginal income tax rate. In addition, the IRS layered on two additional taxes for higher income earners, including a tax on Net Investment Income (NII) of 3.8% and a Medicare tax on wages and self-employment earnings of 0.9%.  California also increased its marginal income tax rate up to 10.3% for the highest earners. Thus, the combined Federal and State marginal income tax rate for many Californians now exceeds 50%! Read more