Business people eating a meal

Meals Expenses Tax Deductibility (50% vs. 100%)

Dear Clients and Friends: Meals can only be deducted as a business expense if they are directly related or associated with the active conduct of a trade or business. There must be valid business purpose to the meal for it to be a deductible…
Different Currency

U.S. Filing Requirement on Foreign Bank and Financial Accounts

Dear Clients and Friends: Each U.S. person (individuals and business entities) who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file a Form TDF…

Year-End Tax Planning Cash vs Accrual Method

Dear Clients and Friends: Does it make sense to pay taxes on money you haven’t collected?  Probably not!  Under current tax laws businesses generally have two methods by which they must report income and expenses, cash and accrual. There…

Deducting Self Rental Losses

Dear Clients and Friends: If you own a building that is rented to your business (self rental) you should consider grouping the two activities together to potentially deduct the self rental losses. If you own 100% of a business as a proprietorship,…
2 People working with paper work

Converting LLCs to S-Corporations

Dear Clients and Friends: The California Limited Liability Company (LLC) fee based on gross California receipts could be costing your company thousands of extra dollars each year.  A California LLC paid the following fees based on California…