How Do Profitable Companies Pay Zero Corporate Tax?

Posted on February 2, 2021February 2, 2021 by Liz Prehn Posted in Tax Planning & Compliance

With tax time rapidly approaching, you’re probably already starting to organize your tax documents from last year. And if you’re like most of us, tax time can be stressful. But for some businesses—including Amazon, General Motors, and Chevron—preparing a return doesn’t necessarily mean owing (or paying) income taxes. Last year,...

The CARES Act, Cost Segregation & Property Owners

Posted on February 2, 2021February 9, 2021 by Liz Prehn Posted in Webinar

About This Webinar The 2020 CARES Act offered business owners a way to generate cash flow through lower taxes and tax refunds from prior years. Although there are many benefits provided to business owners through the CARES Act, two specific items significantly benefit property owners. Learn how Moskowitz LLP utilizes...

Is Your Pension Plan Fully Funded? Plan Your 2021 Retirement Contributions

Posted on January 26, 2021February 2, 2021 by Liz Prehn Posted in Tax Planning & Compliance

Is Your Pension Plan Fully Funded? Plan Your 2021 Retirement Contributions Did you know that there are over twenty-four (24) types of pension plans? Part one of this post will discuss the 2021funding contributions for the most common plans: SIMPLE IRA, 401Ks, and IRAs. Part two of this post will...

What Are the Key Income Tax Filing Dates for 2021

Posted on January 20, 2021January 27, 2021 by Liz Prehn Posted in Tax Planning & Compliance

Few challenges can seem more daunting than trying to make sense of your tax obligations. But understanding IRS filing deadlines can help you or your business stay on track while avoiding potentially costly fees and penalties. With 2020 coming to a close and the new year quickly approaching, this is...

What to Do If You Receive Notice Of A Tax Audit

Posted on January 12, 2021January 20, 2021 by Liz Prehn Posted in Tax Planning & Compliance

It’s every taxpayer’s nightmare—receiving a tax audit notice from the IRS. If you’re among the less than 1% of filers who receive a tax audit letter each year, don’t panic. An audit notice doesn’t mean you’re being accused of a crime or that you owe additional tax. There are many...

Business Income Tax—How Does It Differ From Personal Income Tax?

Posted on January 5, 2021January 12, 2021 by Liz Prehn Posted in Business Law

Under U.S. tax law, both individuals and businesses must pay tax on earned income. The way in which personal and business income are taxed, however, is very different. Here we’ll look specifically at business income tax, who must pay it, how tax rates are determined, and how business income tax...

Proposition 19. What it means to you.

Posted on December 29, 2020January 5, 2021 by Liz Prehn Posted in Real Estate Law

In November 2020, voters approved Proposition 19 (Prop 19) in California and contained two relevant California property tax changes that may impact your estate planning and ownership of real estate. Lost a home in a natural disaster? Transfer your tax assessment to a new home beginning April 1, 2021 Proposition...

The Lost Art of Tracking Home Improvements

Posted on December 22, 2020January 5, 2021 by Liz Prehn Posted in Real Estate Law

Proper record retention to maximize tax savings One of the more popular provisions in the federal tax code is the $250,000 capital gains exclusion ($500,000 for a married couple) of any profit made when selling your residence. But what happens if you rent out your home? What if you cannot...

I Missed the Tax Filing Deadline – Now What?

Posted on December 17, 2020January 5, 2021 by Liz Prehn Posted in Estate Planning & Taxation, Tax Planning & Compliance

This year has been incredibly uncertain in many personal and financial aspects, and many people missed the tax filing deadline and payments. The most important thing to do is to have your tax return(s) prepared and filed as soon as possible. This is because not only is it unlawful not...

Amend or Not to Amend Your Tax Return?

Posted on December 8, 2020December 17, 2020 by Liz Prehn Posted in Tax Planning & Compliance, Tax Services

Is it always a good idea to amend your tax return if you find an error? There's usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended...

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