Category Archives: Advisory|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

What is a Charitable Lead and Charitable Remainder Trust

This article is going to explore two different types of trusts that we utilize with our clients in planning for income taxes and estate taxes.  These two trusts are the Charitable Remainder Trust and the Charitable Lead Trust.  Both trusts are considered “split-interest” trusts because the assets of the trust, and the trust income, are

Tax Deadline Moved to October 16, 2023

As a result of the recent storms in California, the governor declared a state of emergency in many counties affected by the storms. The IRS and California franchise board released information surrounding filing extensions and the recent California Storms. FTB has extended filing and payment deadlines for many individuals and businesses in California. We are notifying

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    

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