Opportunity Zones, Part II: The Tax Benefits of Opportunity Zone Investment

Other Posts in this Series Part I: New Opportunity To Save Taxes While Doing Good Part III: Opportunity Zone Investment Rules Part IV: How to Take Advangage of the Tax Benefits of Opportunity Zone Investment The longer you hold qualified opportunity zone property, the greater the tax benefit. Opportunity Zones...

First Steps to Establishing Your New Business: Know Your Business Taxes!

Other Posts in this Series Choosing the Right Business Structure for You, Part I Choosing the Right Business Structure for You, Part II The Initial Paperwork Other Filings, Other States Management and Risk Your company is responsible for various types of business taxes, and if you don’t comply you could...

First Steps to Establishing Your New Business: Other Filings, Other States

Other Posts in this Series Choosing the Right Business Structure for You, Part I Choosing the Right Business Structure for You, Part II The Initial Paperwork Know Your Business Taxes Management and Risk Establishing a new business is more than just submitting some initial paperwork to register with the state....

IRS Blocks SALT Cap Workarounds

Attempts to Circumvent $10,000 SALT Cap Blocked The U.S. Treasury Department recently issued a new regulation stating that taxpayers cannot claim that they made a charitable contribution if they received a state tax credit in exchange for a “gift” to a state fund. This rule effectively blocks state proposals aimed...

California’s Attempts to Circumvent the New Tax Law’s SALT Limitation

Reports indicate that low-income and middle-class Californians are fleeing the state – most are relocating to Arizona, Nevada, and Texas. The reason? Housing costs and high taxes. The new tax law hasn’t necessarily helped wealthy California homeowners, either. For one thing, the Tax Cuts and Jobs Act (TCJA) capped their...

$125,000 State Tax Problem Fixed by Correcting Previous Years’ Tax Returns

A Moskowitz LLP Success Story A business owner came to us after receiving a Franchise Tax Board (FTB) Notice. The Notice stated that the FTB was disallowing a $1,204,541 million corporate loan to shareholder, and consequently assessed $125,197 in additional state income taxes. There is a long history of IRS...