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IRS Proposes New Regulations to Limit Discounts for Gifts Of Family Owned Entities

For the last few decades, one of the most popular methods for transferring assets to a next generation was the gifting or sale of partnership, LLC or closely held corporate interests, the valuation of which could take advantage of “discounts” due to “lack of marketability” and “lack of control”, and result in the transfer of assets at a significant discount for estate and Read More »

New IRS Estate Tax Regulations Proposed

Consult a tax specialist, Los Angeles CPA

For the last few decades, one of the most popular methods for transferring assets to a next generation was the gifting or sale of partnership, LLC or closely held corporate interests, the valuation of which could take advantage of “discounts” due to “lack of marketability” and “lack of control”, and result in the transfer of assets at a significant discount Read More »

Fraudulent IRS “Collection Calls”

For the third newsletter in a row, we are including some old and some new information on a telephone scam which continues to be a problem, based on the increasing number of calls which we are receiving from our clients.  Previously, the calls were made by a “live” person, claiming to represent the U.S. Treasury or the Internal Revenue Service, Read More »

IRS Security Awareness Tax Tips

IRS Security Awareness Tax Tips, Los Angeles CPA

Following a number of high-profile security scares, the IRS has begun to publish tips for taxpayers to protect personal information from identity theft. One of the most helpful posts is “Seven Steps for Making Identity Protection Part of Your Routine,” published on IRS.gov. Be sure to monitor your financials closely and follow up with us if you have any questions Read More »

Mortgage Interest Deduction for Unmarried Couples

The Ninth Circuit Court of Appeals has recently concluded that the $ 1.1 million home mortgage interest limitation for unmarried co-owners of a qualified residence applies on a per-taxpayer basis. This reverses an earlier tax court decision, in which the limitation was applied on a per-residence basis. The case involved California domestic partners, who had purchased a home in Beverly Read More »

Year-End Charitable Gift Tips from the IRS

IRS Tips on Charitable Donations. Los Angeles CPA

The IRS has provided tips and reminders to individuals and businesses making year-end gifts to charity. They highlighted the rules for claiming deductions for charitable contributions of clothing and household items along with the guidelines for monetary donations. Clothing and Household Items The IRS reminded taxpayers that donors must get a written acknowledgment from the charity for all gifts of Read More »