Archive

Monthly Archives: April 2017

Beware of Additional Medicare Taxes by Nancy M. Valdes, CPA


Posted on April 12, 2017

In 2013, the Internal Revenue Code introduced two new Medicare taxes above the existing income tax responsibilities of high-income earners. The first is a Net Investment Income Tax (NIIT) that is applied at a rate of 3.8 percent to the lesser of net investment income, including interest, dividends and capital gains, or the amount by […]

California Court Limits Application of State’s Franchise Tax on Certain Out-of-State Businesses by Karen A. Lake, CPA


Posted on April 11, 2017 by Karen Lake

California law requires corporations “doing business” within the state to file a tax return and pay a minimum annual franchise tax of $800. However, a recent decision by the California Superior Court opens the door for certain pass-through entities to challenge the state’s assertion of economic nexus and, in some instances, be entitled to refunds […]

California Court Limits Application of State’s Franchise Tax on Some Out-of-State Businesses by Karen A. Lake, CPA


Posted on April 11, 2017 by Karen Lake

California law requires corporations “doing business” within the state to file a tax return and pay a minimum annual franchise tax of $800. However, a recent decision by the California Superior Court opens the door for certain pass-through entities to challenge the state’s assertion of economic nexus and, in some instances, be entitled to refunds […]

Not all Charitable Contributions are Deductible by Adam Cohen, CPA


Posted on April 07, 2017 by Adam Cohen

The U.S. tax code allows individuals to claim a deduction on their federal income tax returns when they donate money or products to a charitable, non-profit organizations. The deductible contribution reduces the amount of a taxpayer’s income that is subject to tax.  However, all donations are not treated equally. Following are some tips for taxpayers […]

Not all Charitable Contributions are Deductible by Adam Cohen, CPA


Posted on April 07, 2017 by Adam Cohen

The U.S. tax code allows individuals to claim a deduction on their federal income tax returns when they donate money or products to a charitable, non-profit organizations. The deductible contribution reduces the amount of a taxpayer’s income that is subject to tax. However, all donations are not treated equally. Following are some tips for taxpayers […]

The Joys of Parenthood Include Tax Benefits by Rick Bazzani, CPA


Posted on April 05, 2017 by Rick Bazzani

As individuals prepare to file their 2016 income tax returns, they should remember that if they are the parents of dependent children, they may qualify for certain benefits that can reduce their taxable income. It is important to remember, however, that many of these tax credits and deductions may be limited based upon a taxpayer’s […]

Need More Time to File Your Tax Return? Act Fast! by Adam Slavin, CPA


Posted on April 03, 2017 by Adam Slavin

With the 2016 federal income tax filing deadline coming up soon, individual taxpayers have a short window to estimate whether or not they will need addition time to meet their filing obligations. Those individuals who do need more time can request an automatic six-month filing extension, as long as they do so before April 18, […]