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Unused 529 Accounts
What can you do with an unused 529 account? A 529 account is a tax-advantaged savings plan designed to help families save for education expenses. These accounts are named after Section 529 of the Internal Revenue Code. 529 accounts come in two basic types: prepaid tuition plans and college savings plans. Prepaid tuition plans…
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Interview with Coben Tisdadt – Path to Partner
B+Co Partner Coben Tistadt is a life-long learner both professionally and in his personal life. He understands the importance of developing his team, providing thoughtful consultation, and providing advisory services with human intelligence and care. He is dedicated to building strong relationships with his clients and their teams to help them succeed. He knows…
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International Women’s Day
Over the past few decades, more women are entering the accounting field because it is a rewarding profession with countless opportunities for advancement. At B+Co we encourage gender diversity and in honor of International Women’s Day, we want to thank all the women inside our firm who are continuously making a difference. Today at…
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The Inflation Reduction Act of 2022
The Inflation Reduction Act (P.L. 117-169) of 2022 is a landmark United States federal law enacted by the 117th US Congress effective August 16, 2022. It aims to: Curb inflation by reducing the deficit to fight inflation Lower prescription drug prices and extend the expanded Affordable Care Act program to 2025 Invest in domestic…
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Deferring a Tax Hit with a Sec. 1031 Exchange
Do you own commercial or investment real estate that has substantially increased in value? If you sell the property, you may be hit with a huge capital gain tax liability. Possible solution: Consider a Section 1031 exchange (also known as a like-kind exchange) in which you swap qualifying properties while paying zero or little…
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First-Year Bonus Depreciation and Sec. 179 Expensing: Watch Out for the Pitfalls.
Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to following the regular depreciation rules. So it’s critical to look at the big…
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IRS Provides Broad Penalty Relief For Some 2019 and 2020 Returns
The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain returns required to be filed for the 2019 and 2020 tax years. Notice 2022-36 provides systemic penalty relief to taxpayers for certain civil penalties related to 2019 and 2020 returns. Penalty relief is…
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Inflation Reduction Act Becomes Law
President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing legislation intended to address inflation by paying down the national debt, lower consumer energy costs, provide incentives for the production of clean energy and reduce healthcare costs. The bill moved through the legislative process in near-record…
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Interview with Jeff Belingheri – Path to Partner
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California A.B. 150
On July 16, 2021, California enacted A.B. 150, which included the “Small Business Relief Act” providing a pass-through entity (PTE) tax election for the years 2021-2025. What is A.B. 150? Assembly Bill 150 is a new California law that allows partnerships, S-corporations, and LLC’s to make an election to pay state income tax at the…