From a tax point of view, Real Estate investments can have significant tax advantages if you meet the real estate professional requirement as you might be able to offset active or earned income from one spouse against the active or earned losses of the other spouse. For high earning couples, one can be a high
More and more regulations are added for employers that hire independent contractors, freelancers and other gig economy workers. California (CA) – Freelance Isn't Free Act (AB 2257) back from 2020 plus the Freelance Worker Protection Act (FWPA) that took effect earlier this year. Requires written contracts for certain professions, included in a list such as
If you read our blog, you might be already familiar the Financial Crimes Enforcement Network (FinCen) and some of the tools such as the FBAR (Report Foreign Bank and Financial Accounts when you have an aggregate of $10,000 in foreign accounts), the CTR (Currency Transaction Reports where financial institutions report currency (cash or coin) transactions
In the IRS IR-2025-53 released mid April 2025, the IRS provided details on the multiyear strategy. Per the communication, "... since the inception of the IRS Whistleblower Office in 2007, the Whistleblower Office has made awards of over $1.3 billion based on the collection of more than $7 billion attributable to whistleblower information. In fiscal
Our Managing partner Victor Garrido has been recognized as Best in State CPA by Forbes in its first edition. As mentioned in the Forbes article, “... The Forbes editorial team has devoted the past year to recognizing our first-ever Forbes Best-In-State CPAs. Our sequel to last year’s inaugural Forbes Top 200 CPAs list, this Best-In-State List
We are almost at the end of tax season 2024 and some taxpayers are waiting for their refunds, but what about the government taking that money? There are certain scenarios where the government can take your refund. This process, called a tax refund offset, is managed by the Treasury Offset Program (TOP) and might happen
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
In many couples, there is one spouse that might not be working at a w2 job or being self-employed. The "non working" spouse is usually managing the household ensuring it runs smoothly, which can be a 24/7 job especially if there are children. In many of these cases, the "non working" spouse is supporting cost-saving
