legacy luncheon

E&T Partner Marisa Alvarado Panels OCCF’s 2019 Legacy Luncheon

On June 12th, our Estates & Trusts Senior Tax Partner, Marisa Alvarado, and some of WFY’s other Estates & Trusts staff attended Orange County Community Foundation’s 2019 Legacy Luncheon at the Pacific Club with many other philanthropists and professional advisors.

The luncheon consisted of learning about other women in philanthropy and acquiring tips to make the most of their charitable planning.  More than 100 people gathered for the event to listen to a panel discussion about charitable planning which Marisa Alvarado was a panelist.

OCCF is a foundation that works with individuals, families and businesses to match charitable interests to community needs and provide grants and resources to nonprofits and monitor local issues. The foundation has also granted more than $560 million to dreamers and doers motivated by their passion for a wide range of causes and issues.

To learn more about the Legacy Luncheon and OCCF, go to OCFF’s website.

 

law

CA Governor Signed Law to Conform to Federal Tax Law Changes

The California governor signed law AB 91, also known as the “Loophole Closure and Small Business and Working Families Tax Relief Act of 2019” which partially conforms to certain provisions of the Federal Tax Cuts and Jobs Act, some of the significant items are as follows:

  • Small business accounting method reform and simplification
    • Allow businesses with average gross receipts less than $25 million to adopt the cash method of accounting
  • Net operating losses
    • Only allow net operating loss carryforwards

The new California law does not conform to:

  • Opportunity zone gain deferrals and capital gain exclusions
  • Fringe benefit federal deduction limitations
    • Convenience of employer meals
    • Entertainment
    • Parking and transportation

Although the law goes into effect for many of the provisions starting in 2019, certain provisions can be elected to apply to 2018.

To discuss how best to apply these changes to your situation, please contact a WFY tax expert at (949) 910-2727 or info@cpa-wfy.com.

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