Our Managing partner Victor Garrido has been recognized as one of the 40 under 40 accounting professionals by CPA Practice Advisor. As mentioned in the CPA Practice Advisor, “The 40 Under 40 Awards spotlight the top practicing public accountants, educators and thought leaders who are leading their profession by visibly and incrementally changing the accounting
If you are thinking about purchasing commercial property, there are several items that we discuss often with our clients. These are the three more common items raised during our discussions: Entity structure Different options depending on tax benefits, liability protection, and operational efficiency (usually, LLC or partnership for Real estate investments) Purchasing options (Cash flow)
Back in December 2024, the IRS released IR-2024-310 indicating that billions of dollars were recovered. The IRS indicated that "... The IRS has now recovered $4.7 billion from new initiatives underway. This includes more than $1.3 billion from high-income, high-wealth individuals who have not paid overdue tax debt or filed tax returns, $2.9 billion related
The Qualified Opportunity Zones (QOZs) were established at the Federal level in the Tax Cuts and Jobs Act of 2017. Note that there might be also Opportunity Zones at the State and Local level with different tax advantages, so do not mix them but you could take advantage of several of them. The QOZs were
Today, the U.S. Treasury Department announced the suspension of enforcement for Beneficial Ownership Interest (BOI) against U.S. Citizens and domestic reporting companies. The Treasury Department has confirmed that it will not impose penalties on U.S. citizens or domestic reporting companies for failing to comply with BOI reporting requirements, whether under current regulatory deadlines or future
If you are a business owner, it might be positive to employ your kids or other family members in the business. Especially, if you are already supporting these individuals at your higher tax rate, it might be quite beneficial to have an expense for the business and save on the taxes paid a lower rate
The BOI saga keeps going on – Now requirement is back on with deadline until March 21st, 2025. The daily fine is not updated to $606 (up to $10,000) and two years in prison. Most small businesses required to submit beneficial ownership information (BOI) reports now have until March 21 to comply, following a federal
Brief History First let’s start with a brief history on the Roth IRAs and how paying taxes today might* avoid them at retirement time (distribution). The word might* in the previous sentence is because we never know if Roth IRA will be taxed in the future (i.e. Social Security benefits began to be taxed in
With the increase cost of living (inflation) and other factors, one in five Americans has no retirement savings and over half of them consider that they have not enough for retirement. Based on our experience, we consider that the vast majority of Americans is not ready for retirement as a) cost of healthcare and homecare
As discussed often, the S Corporation requires the officer to have a reasonable salary (w2). The reasonable requires your salary to be: In line with the net profit or losses of the company - A start up company having losses might not have officer salary (neither owner distributions) You should perform a benchmark for your
