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
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
Effective 2025, the Employee Benefits Security Administration ESBA launched a website Retirement Savings Lost and Found database that allows to search for unpaid retirement benefits. Note that the retirement plan administrators will provide this information on a voluntary basis (at least, initially) so it is not a comprehensive database in this early stage. There are
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
At the Federal level, receiving a gift or inheritance has different implications if the donor is a US citizen or if the donor is a foreign person. US donor Currently, the exclusion for estates at the Federal level is $13,990,000 per individual and $19,000 for gifts in 2025. Case US donor 1: If the taxpayer
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
