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Tax

Changes in Itemized Deductions for SALT

California business owners have faced limited federal deductions for state and local taxes (SALT) since 2018. The One Big Beautiful Bill Act (OBBBA) brings welcome relief. Starting in 2025, the SALT deduction cap may rise to $40,000, up from $10,000, offering meaningful savings for taxpayers who itemize. Although details await official IRS guidance, this temporary

Whittaker

November 6, 2025

Advisory|Strategic Guidance|Value Building

Does the PTE Payment Still Make Sense?

Why Making a California PTE Payment Still Makes Sense After OBBBA The One Big Beautiful Bill Act (OBBBA) raised the state and local tax (SALT) deduction cap from $10,000 to $40,000 for married filing jointly through 2029. At first glance, this might seem to reduce the need for California business owners to make a Pass-Through

Whittaker

October 22, 2025

Financial Reporting|Strategic Guidance

R&D credits changes from OBBBA

Understanding the OBBBA R&D Expensing Changes The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, brings major relief for businesses that invest in research and innovation. For tax years beginning after December 31, 2024, companies can once again fully deduct domestic research and experimental (R&E) costs in the year incurred. This shift restores

Whittaker

October 15, 2025

Uncategorized

The New Charitable Giving Rules

The Clock Is Ticking on Pre-OBBBA Charitable Giving Rules The One Big Beautiful Bill Act (OBBBA), passed in 2025, reshapes the way individuals and corporations deduct charitable contributions. For donors and business owners, December 31, 2025, marks the final opportunity to give under the old, more favorable rules. This isn’t just about taxes — it’s

Whittaker

October 1, 2025

New Depreciation Rules with the Passing of OBBBA

Tax

What do I need to know about medical expense deductions?

Understanding Medical Expense Deductions from a Tax Perspective Medical expense deductions can help lower your taxable income if you have significant healthcare costs. However, not all medical expenses qualify, and certain thresholds must be met. Here’s what you need to know when considering medical expense deductions for tax purposes. 1. The 7.5% AGI Threshold For

Whittaker

January 15, 2025

Strategic Guidance|Tax

How Can I Use Income Splitting to Pay Less Taxes???

Tax planning is an integral part of financial management One effective strategy to minimize your tax liability is income splitting. This process involves redistributing your earnings among family members in a way that leverages lower tax rates or takes advantage of tax credits available to certain individuals. In this blog you will learn about

Whittaker

October 25, 2023

Family Business: How to Navigate Compensation

Advisory|Financial Reporting|Strategic Guidance

Uncategorized

Family Business: How to Navigate Compensation

Introduction Family businesses are the backbone of economies worldwide, representing a significant portion of global enterprises. However, one of the most challenging aspects of running a family business is managing compensation, as it often involves the intersection of professional performance and familial dynamics. In this blog post, we’ll explore the complexities of compensation in family

Whittaker

October 18, 2023

Strategic Guidance|Tax

The Augusta Tax Loophole: A Unique Opportunity for Tax Savings

Introduction In the world of taxation and wealth management, there exists a little-known gem that could significantly benefit homeowners and small business owners alike: the Augusta Tax Loophole, also known as the Augusta Rule IRS exemption. Named after Section 280A(g) of the Internal Revenue Code, this loophole allows homeowners to exclude up to 14

Whittaker

October 11, 2023

Advisory|Strategic Guidance|Value Building

Understanding Key Performance Indicators (KPIs)

In the dynamic landscape of business management, keeping track of your progress and performance is essential for achieving your goals. This is where Key Performance Indicators (KPIs) come into play. KPIs are integral tools that help businesses measure their success and effectiveness in achieving specific objectives. KPI’s are great because they can be used to

Whittaker

August 23, 2023

Advisory|Strategic Guidance

Who can be owners of an S-Corp? Why does this matter?

Who Can Be an Owner? An S-Corporation (S-Corp) is a type of business entity in the United States that offers certain tax benefits, like a partnership or LLC, while maintaining some of the limited liability features of a traditional corporation (C-Corp). However, S-Corps have specific ownership requirements to maintain their favorable tax treatment. Individuals: Generally,

Whittaker

August 16, 2023

Advisory|Strategic Guidance|Value Building

How to Leverage Tax Planning to Increase Your Wealth

Background What I want to offer in this article is a conversation about how to think about reducing your taxes and creating family wealth with that savings. The fact of the matter is that nobody enjoys paying taxes and we would all appreciate a zero-tax bill. I have over thirty years of experience as

Whittaker

August 9, 2023

What is the Difference Between an Audit, Review, and Compilation

Advisory|Strategic Guidance|Value Building

Financial Reporting|Strategic Guidance

What is the Difference Between an Audit, Review, and Compilation

Audit, review, and compilation are three different levels of services provided by accountants or auditors when examining financial information. Each level offers a varying degree of assurance regarding the accuracy and reliability of financial statements. Let’s explore the differences between an audit, review, and compilation. Compilation A compilation is the simplest and least extensive of

Whittaker

August 2, 2023

Advisory|Strategic Guidance|Value Building

What is the Right Accounting Fit For Me?

When it comes to choosing an accounting firm for your business, making the right decision is crucial. Entrusting your financial matters to professionals who understand your unique needs and can help you achieve your goals is essential. In this blog post, we will explore the top questions that should be asked when selecting a new

Whittaker

July 26, 2023

Advisory|Tax

What is section 1202 stock and how does it apply to my business?

As a business owner, it’s essential to stay informed about the various tax provisions that can impact your company’s growth and financial success. Section 1202 of the Internal Revenue Code, commonly known as the “qualified small business stock” is one of them. What is Section 1202 Stock? Section 1202 was introduced as part of the

Whittaker

July 19, 2023

Advisory|Strategic Guidance|Value Building

What is A Buy-Sell Agreement? Why is it Important?

If you are a business owner, then chances are you have heard of a buy-sell agreement. What most people don’t understand is what it really is, or why it is important. Simply put, they are exit strategies for business owners. To fully understand what it is, you must know what they entail. What Is It

Whittaker

July 12, 2023

Advisory|Tax

What is Double Taxation, and How Does it Apply to C-Corporations?

How does it work when a C-Corporation has double taxation? When we say that a C-corporation is subject to double taxation, it refers to the fact that the corporation’s profits are taxed twice. Once at the corporate level and again at the individual shareholder level when the profits are distributed as a dividend. Here’s a

Whittaker

July 5, 2023

How to Handle IRS or other Tax Agency Notices

Financial Reporting|Strategic Guidance

Strategic Guidance|Tax

How to Handle IRS or other Tax Agency Notices

Receiving a notice from the Internal Revenue Service (IRS) or any other tax agency can be a stressful experience for most individuals. However, it’s essential to approach these notices calmly and systematically. Just because you have received a notice doesn’t mean you are in trouble. Understanding the Purpose of Tax Agency Notices Tax agency notices

Whittaker

June 28, 2023

How do I know if my tax return is correct?

Advisory|Financial Reporting|Strategic Guidance

Advisory|Tax

Strategic Guidance|Tax

How do I know if my tax return is correct?

This is not a question that we hear often, but I want to address it because it has led to many people seeking our services and occasionally client frustrations. I would preface this with the fact that when you are signing your tax return or authorizing your CPA to electronically file your tax return, you

Whittaker

June 21, 2023

Advisory|Tax

Strategic Guidance|Tax

Are there different types of CPA’s?

A Certified Public Accountant (CPA) who prepares tax returns and a CPA who focuses on tax planning have distinct roles and responsibilities. While both are knowledgeable in tax matters, their primary areas of expertise and the services they provide differs. CPA That Prepares Tax Returns A CPA who prepares tax returns is primarily focused on

Whittaker

June 14, 2023

Advisory|Strategic Guidance

Cash Cycle Vs. Operating Cycle

Intro Financial metrics are very important when it comes to analyzing how efficient your business is. Both cash cycle and operating cycle are a great way to measure your businesses financials. Often people think they are the same thing. While they are very similar, they have small differences that make them each very useful. What

Whittaker

June 7, 2023

What is the Difference: Amended Tax Return and a Net Operating Loss Carryback?

Advisory|Tax

Strategic Guidance|Tax

Tax

What is the Difference: Amended Tax Return and a Net Operating Loss Carryback?

What is the difference between an amended tax return and a net operating loss carryback? During recent years with the ever-changing tax laws and updates related to COVID we have seen a dramatic uptick in the number of clients filing amended tax returns and net operating loss (NOL) carryback claims. This post explains the difference

Whittaker

May 31, 2023

Advisory|Strategic Guidance|Value Building

Should I hire a CFO or Controller

Should I hire a CFO or Controller? When it comes to managing the finances of a company, two roles that often come up are that of a controller and a chief financial officer (CFO). While these two positions may sound similar, they have distinct differences. They differ in terms of their responsibilities and the level

Whittaker

May 24, 2023

Advisory|Strategic Guidance|Value Building

What Does a CPA do Outside of Taxes?

What is a CPA? A Certified Public Accountant (CPA) has a lot of different roles when it comes to their job description. Most people think that CPA’s only do taxes but that isn’t always the case. While tax preparation and planning are common areas of expertise for CPA’s, they possess a wide range of skills

Whittaker

May 17, 2023

Advisory|Tax

What creates income tax nexus for businesses?

When does our business need to file income tax returns in other states? When a business operates in multiple states, it can be challenging to determine its state income tax obligations. One of the most critical concepts to understand is state income tax nexus. This refers to the connection or level of presence that a

Whittaker

May 10, 2023

Advisory|Strategic Guidance

What to do When a Family Member or Business Owner Dies

Dealing with the loss of a loved one or a business owner can be an overwhelming and emotional experience. While you may be struggling to come to terms with your loss, there are several important steps to ensure that the necessary financial arrangements are made. Some of these steps need to be done right away

Whittaker

May 3, 2023

Advisory|Financial Reporting|Strategic Guidance

Advisory|Strategic Guidance

Internal Vs. External Accounting

A Question we often get asked is whether a business should hire an in house accounting team or outsource their accounting work. This can vary depending on the business but there are pros and cons to each option. Outsourcing With some of our clients, we see the business owners are primarily responsible for their accounting

Whittaker

April 26, 2023

Reasonable Compensation for S Corporation Shareholders

Whittaker

February 15, 2023

Advisory|Tax

Strategic Guidance|Tax

Should You Buy Or Lease A Car?

Overview One of the biggest decisions that entrepreneurs and business owners must make is whether to buy or lease a car. Both options have their pros and cons. The decision comes down to several factors, including the business’s financial situation, the intended use of the vehicle, and the tax implications. Buying

Whittaker

February 1, 2023

Advisory|Tax

How Much Can I Reduce My Taxes?

Background What I want to offer in this article is a conversation about how to best think about reducing your taxes and what may be possible. The fact of the matter is that nobody enjoys paying taxes and we would all appreciate a zero-tax bill. I have over thirty years of experience as

Whittaker

January 25, 2023

Advisory|Financial Reporting|Strategic Guidance

Advisory|Tax

California Storm Victims Tax Update

Tax Relief Information As a result of the recent storms in California, the governor declared a state of emergency in many counties affected by the storms. This declaration extended tax payment and tax return filing deadlines to May 15th, 2023, as discussed below. We are notifying you of this recent

Whittaker

January 16, 2023

Advisory|Tax

2023 Standard Mileage rates

Standard Mileage Rates for 2023 At the end of December, the IRS issued the 2023 optional standard mileage rates. The rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The rates for 2023 have increased for normal business and medical purposes. The

Whittaker

January 11, 2023

Advisory|Tax

Important Tax Dates for 2023

With the new year starting it is important to keep all the tax filing deadlines in mind. The dates are similar every year except for holidays or weekends. Here are a few of the important ones. The table below will also be linked at the so that you can download and print it out as

Whittaker

January 4, 2023

Advisory|Tax

The Difference Between Tax and Accounting Depreciation

What is the Depreciation of Assets? As a business owner, you may be considering purchasing a new asset for your business. Maybe you are looking for a refresher on the concept of depreciation and how it will impact your financial statements and income taxes. While deprecation can be a simple concept, it

Whittaker

December 28, 2022

What are the Different Types of Cash Flow?

Advisory

Advisory|Financial Reporting|Strategic Guidance

What are the Different Types of Cash Flow?

What is Cash Flow? When it comes to understanding cash flow there are a couple of different things you need to be aware of. Cash flow specifically refers to the amount of cash going in and out of a business. There are three distinct categories of cash flow that each refer

Whittaker

December 21, 2022

Strategic Guidance|Tax

Tax

How to Qualify for R&D Tax Credits

What is R&D The research and development tax credit is a federal incentive that allows companies to reduce income tax liability in the current year dollar for dollar when they are preforming activities related to the development, design, or improvement of things like products, software, process, etc. Many businesses, especially smaller

Whittaker

December 14, 2022

Advisory|Tax

Strategic Guidance|Tax

Tax

Should I Have an HSA Account?

What is an HSA? Health Savings Accounts, or HSA’s, are essentially personal bank accounts that can be used for medical expenses. Contributions are made tax free as well as withdrawals when they are made for qualified health expenses. People tend to use these accounts alongside their retirement plans to reduce their taxable income.

Whittaker

December 7, 2022

Strategic Guidance|Tax

What is Cost Segregation?

What is Cost Segregation? Cost Segregation is a tax deferral strategy for commercial real estate owners. It allows them to utilize accelerated depreciation deductions to create more cash flow. The aim of a cost segregation study is to identify the personal property components of a building that can be depreciated and

Whittaker

November 30, 2022

What is Basis in an S‐Corp and how does basis work?

Advisory|Tax

Tax

What is Basis in an S‐Corp and how does basis work?

What is Basis? Basis measures the amount that the property’s owner is treated as having invested in the property. In most situations, the basis of an asset is its cost to you. The cost is the amount you pay for the property in cash, debt obligations, and other property or services.

Whittaker

November 23, 2022

What is Partnership Basis and how does basis work?

Advisory|Tax

Tax

What is Partnership Basis and how does basis work?

What is Basis? There are two distinct types of basis that apply to the partnership and to each partner. Outside basis refers to a partner’s interest in a partnership. Inside basis refers to a partnership’s basis in its assets. Generally, basis measures the amount that the property’s

Whittaker

November 16, 2022

Advisory|Strategic Guidance

What Type of Entity Should You Form?

Why Does Entity Type It Matter? When it comes to starting a business, it is crucial to form the right entity. A specific entity can affect many things from tax rates, personal liability, and what it takes to keep up with it. All these including more are important factors to think

Whittaker

November 9, 2022

Advisory|Strategic Guidance|Value Building

What is the Knoster Chart for Managing Complex Change?

Knoster Model For Managing Complex Change If you are trying to implement new changes to your team, as a leader is important that they have the right tools to succeed. Often times we wish there was a plan or formula for success, well when we look at the Knoster chart we are given

Whittaker

October 31, 2022

COVID-19 Resources|Strategic Guidance|Tax

Uncategorized

Is The ERC Real?

What is the ERC? The employee retention credit, better known as ERC is a refundable tax credit designed for businesses who continued to pay their employees during shutdown or decline in gross receipts due to the Covid-19 pandemic. Eligible taxpayers can claim this credit from March 13, 2020, to December 31, 2021[1], on an

Whittaker

October 25, 2022

Advisory|Strategic Guidance

Uncategorized

What Are My Retirement Plan Options?

Overview As a leader of a successful business, you may be in the position that you are looking to create a retirement plan for you and your employees. Maybe you are looking to make sure that you have the right plan for your situation. Well, every year we help clients determine the best plan

Whittaker

October 13, 2022

How Can I Defer Taxes on the Sale of My Residence and Vacation Home?

Advisory|Tax

Uncategorized

How Can I Defer Taxes on the Sale of My Residence and Vacation Home?

How can I defer the taxes on the sale of my residence or vacation home? We recently had a client move out of California and purchase a new residence in another state. They want to sell their California residence AND their vacation house that is also in California. Both properties have taxable gains of more

Whittaker

September 30, 2022

Advisory|Tax

How to Qualify For New Clean Air Vehicle Tax Credit

Will my new car qualify for the New Clean Vehicle Credit? You must be excited. You are either looking for a new vehicle or you have just purchased one. With the passing of the Inflation Reduction Act of 2022 on August 16, 2022, there have been changes to the tax rules around which

Whittaker

September 15, 2022

Will My Used Car qualify for the Clean Air Vehicle Tax Credit?

Advisory|Tax

Uncategorized

Will My Used Car qualify for the Clean Air Vehicle Tax Credit?

Credit of Previously-owned Clean Vehicles If you are in the market for a new to you clean vehicle this may be of interest to you and help you reduce your taxes. With the passing of the Inflation Reduction Act of 2022 on August 16, 2022, there is a new tax credit available for the purchase

Whittaker

September 15, 2022

2021 Tax Return Due Dates and 2022 Tax Estimate Due Dates

Advisory|Tax

Strategic Guidance|Tax

Tax

2021 Tax Return Due Dates and 2022 Tax Estimate Due Dates

Many times throughout the year our clients inquire as to when their tax returns are due or when their estimated tax payments are due. The chart below lists the 2021 filing dates and 2022 estimated tax payment dates for the returns that we frequently encounter. Find the pdf. for the table above here. If you

danw@whittakercocpas.com

August 29, 2022

Advisory|Tax

Tax

Meals & Entertainment Tax Deductions

Prior to 2017, Meals and Entertainment related expenses were typically 50% deductible. In 2017, the Tax Cuts and Jobs Act, what is known as the Trump Tax Laws, changed that. In the image below we’ll walk through the new rules from 2018 through 2023: Prior to 2017 entertainment was 50% deductible. As you can see

danw@whittakercocpas.com

August 15, 2022

Advisory

Advisory|Financial Reporting|Strategic Guidance

Advisory|Tax

Rapid-Fire FAQs – Tax Laws

Throughout the year we get many inquiries on annual changes in tax laws. This post is a summary of the more frequently asked questions around tax laws in a rapid-fire format. IRS Mileage Rate First will be the IRS standard mileage rate for reimbursement. This would typically be how much a business reimburses employees if

danw@whittakercocpas.com

July 29, 2022

Advisory

Financial Reporting|Strategic Guidance

How to read Financial Statements numbers

Clients ask accountants quite often questions around the condition of their numbers. Business owners want to know what their financial statements are saying. There is a desire to understand what is going on with their business numerically, and how to make decisions based around that. Are my numbers good or bad? Do I need to

danw@whittakercocpas.com

July 25, 2022

Advisory

Advisory|Tax

Strategic Guidance|Tax

Tax

What does pass-through entity tax mean for my small business?

You may recall before the 2017 Tax Cut and Jobs Act, you were able to deduct your state and local taxes on your individual tax return. The 2017 Tax Cut and Jobs Act imposed a deduction limit of $10,000 of state and local taxes on your personal tax return. This has been referred to as

danw@whittakercocpas.com

June 30, 2022

Advisory

Advisory|Strategic Guidance|Uncategorized

Advisory|Strategic Guidance|Value Building

Advisory|Tax

Strategic Guidance|Tax

Tax

Uncategorized

What do changes in depreciation rules mean for me in 2022-2023?

Most taxpayers have gotten very used to taking 100% bonus depreciation. Most of the time, people have been getting used to taking 100% bonus and writing off whatever they’re spending on capEx. This has been the case since the Tax Cuts and Jobs Act in 2017 – the Trump tax cuts. You may be thinking

danw@whittakercocpas.com

June 15, 2022

What our rebrand means to your family owned business

Advisory

What a Business Plan Can Do For You (and How to Use It)

Business plans are not only for those just setting out on their journey in the marketplace. They are useful when acquiring a new business, forecasting growth, introducing a new product or service, entering a new market, responding to changes in the market or changing a significant aspect of your business. And like any other map,

Whittaker

February 3, 2022

Advisory|Tax

With Proper Planning, Taxes Can Be a Controllable Business Expense in 2017

Thanks to the tax laws enacted late 2015, your company’s tax liabilities can actually be viewed as a controllable expense, rather than something over which you have no control whatsoever. For the past several years, the uncertainty with regards to tax laws cast a long shadow and hindered our ability to undertake proper, effective tax

Whittaker

February 3, 2022

Uncategorized

Why Tax Planning is Year-Round

https://www.youtube.com/watch?v=7qpm63NdZ7s

Whittaker

February 3, 2022

Uncategorized

Whether you’re manufacturing high-tech parts, distributing food products, or building luxury homes, growing a business is all about relationships. Building and growing your network is so important that “it’s not what you know, it’s who you know” ought to be the official motto of small/medium sized business owners and entrepreneurs everywhere. But the importance placed

Whittaker

February 3, 2022

Job Posting

Senior Accountant (Audit) – 3-5 years experience

Includes primarily auditing/accounting duties with a lot of room to grow. Responsibilities of the position include: Attest Engagements Lead attest engagements such as audit, review and compilation procedures with minimal supervision. Organize and collectively work on engagements as a team. Tax Engagements Become proficient in the preparation of corporate, partnership, individual and fiduciary tax

Whittaker

February 3, 2022

Advisory

How Are You Generating Revenue From Your Customers?

One of my all-time favorite business books, Business Model Generation by Alexander Osterwalder and Yves Pigneur, discusses revenue streams, or the money a company generates from customer relationships and customer segments. When evaluating your company’s revenue streams, there are a few key questions to consider: What do your customers value? What do they currently pay

Whittaker

February 3, 2022

Tax

Year End Tax Planning: Why We’re Big Fans of the PATH Act

For several years now, we’ve been unable to effectively employ our tax planning strategies to our own high standards due to the Government’s late action on tax laws. And this action usually came at a time when most companies should be considering the tax impact of their financial decisions. For example, there are companies who

Whittaker

February 3, 2022

Advisory

What Are the Key Resources That Drive Your Business?

In one of my all-time favorite business books, Business Model Generation by Alexander Osterwalder and Yves Pigneur , they discuss the key resources that drive business. I really enjoy this topic because it speaks not only to the financial assets that a company owns, but also to the non-financial resources as well. Many accountants understand

Whittaker

February 3, 2022

Advisory

What Value Do You Deliver to Your Customers?

I have studied Value Propositions in Michael Porter’s Five Forces framework and in Chan Kim and Renee Mauborgne’s Blue Ocean Strategy. In Blue Ocean Strategy, Kim and Mauborgne suggest moving beyond the bloody waters where the sharks are and developing core differentiators that the marketplace cannot compete with. In one of my all-time favorite books,

Whittaker

February 3, 2022

Advisory

A Better Way to Compensate Salespeople?

A while back, I read an article in the Harvard Business Review titled A Radical Prescription for Sales, exploring the possibility that compensating salespeople with the traditional commission model is based more on tradition than logic, and the model can sometimes do more harm than good to a business by hindering growth and limiting profits.

Whittaker

February 3, 2022

Advisory

What Puts Butterflies in Your Stomach?

Last weekend I was at a swim meet with my daughter. Just before her first event she said, “Dad, I’m nervous, I have butterflies in my stomach.” To put this in perspective, she has been swimming competitively for the last six years, and that would amount to several hundred events over that time period, so

Whittaker

February 3, 2022

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We hope you’ll get started soon. In the meantime,
get some answers here.