Author Archives: admin

May 16, 2012 Dear Clients and Friends: This is a reminder that if you are in the process of a foreclosure or short sale of your personal residence, you may be eligible for a tax break if your lender relieves … Continue reading →

Congratulations to our very own Kahni Bizub and Cheryl Schaffer for being nominated to the 2012 “Women in Business Awards” sponsored by the Orange County Business Journal.  Their hard work, dedication to their clients and employees, as well as contributions … Continue reading →

Dear Clients and Friends: There are many benefits of operating a business as a corporation.  To fully realize these benefits a corporation should strive to have the appearance of a true and legitimate operating corporation separate and distinct from its … Continue reading →

Dear Clients and Friends: With a new year comes a new tax filing requirement.  Under the 2010 HIRE Act, any individual who, during the 2011 tax year, held an interest in a “specified foreign financial asset” must attach to his … Continue reading →

Dear Clients and Friends: Year-end is a good time to engage in tax planning by carefully structuring your capital gains and losses which can result in significant tax savings. This tax planning strategy is sometimes referred to as “harvesting capital … Continue reading →

REAL PROPERTY OWNSHIP IN MEXICO BY A US PERSON AND US TAX RETURN FILING REQUIREMENTS IF YOUR MEXICAN PROPERTY IS OWNED IN A MEXICAN TRUST (“FIDEICOMISO”)

Dear Client & Friends: Tax reporting on the rental of a taxpayer’s residence or vacation home depends on how many days the property is used for rental purposes as opposed to personal purposes. A residence or dwelling is defined as … Continue reading →

Dear Clients and Friends: Beginning with the 2011 tax year, businesses other than those that are primarily engaged in agriculture, extractive business, savings and loans, or banking and financial activities, may make an irrevocable annual election to apportion income to … Continue reading →

October 27, 2011 Dear Clients and Friends: Unused Estate Tax Exemptions Can Be Left To a Surviving Spouse The Tax Relief Act of 2010 provided a new estate tax benefit for married individuals – but it is currently only available … Continue reading →

Dear Client: Generally, you must make estimated tax payments if you expect to owe at least $500 ($250 if married filing separate) in California tax for 2011 (after subtracting withholding and credits), and you expect your withholding and credit to … Continue reading →