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Tag Archive for CA

Clergy Tax Benefits Under Fire

Chuck Woodson, Clergy Benefits Under Fire

Section 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance paid as part of compensation for ministerial services is excludable. The benefit is generally referred to as a parsonage allowance. Thus, a minister can exclude the fair rental value (FRV) of the parsonage from income under IRC Sec. 107(1), or the rental allowance under Sec. 107(2), for income tax purposes. The Sec. 107(2) rental allowance is excludable only to the extent that it is for expenses such as rent, mortgage payments, utilities, repairs, etc., used in providing the minister’s main home, and only up to the amount of the FRV of the home.

However, either type of parsonage allowance is only excludable for income tax purposes and is subject to self-employment taxes, although for years before 2018 and after 2025, the amount subject to self-employment tax can be reduced by the minister of the gospel’s employee business expenses.

Back in October 6, 2017, in the US District Court for the Western District of Wisconsin, Judge Barbara B. Crabb, in Gaylor v. Mnuchin (the treasury secretary), concluded that Section 107(2) of the Internal Revenue Code is unconstitutional. Specifically, she concluded that this code section violates the Establishment Clause of the First Amendment because it does not have a secular purpose or effect and because a reasonable observer would view the statute as being an endorsement of religion.

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7 Ways To Prepare Your Business For A Sale

William Rogers, 7 Ways To Prepare Your Business For A Sale

For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of course, but if you’re leaning toward a business sale, here are seven ways to prepare:

1. Develop or renew your business plan. Identify the challenges and opportunities of your company and explain how and why it’s ready for a sale. Address what distinguishes your business from the competition, and include a viable strategy that speaks to sustainable growth.

2. Ensure you have a solid management team. You should have a management team in place that’s, essentially, a redundancy of you. Your leaders should have the vision and know-how to keep the company moving forward without disruption during and after a sale.

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Senior Vice President Tax – Family Office (Los Angeles, CA)

VP Tax Job, Tax Executive Search

Our retained search client is a global private family office that actively manages a global diversified portfolio of investments (including private equity and real estate), is seeking to hire a Senior Vice President, Tax. This executive will oversee the company’s global tax function and all matters concerning tax planning and strategy. The Senior VP Tax must have strong pass-through tax experience with M&A experience a plus. This is an exciting position with a direct impact on the success of the family office business operations as a whole.

• Responsible for global tax planning and compliance; reviewing and filing of all domestic and international corporate, personal, partnership and other income and indirect tax returns; implementing and managing company’s income tax and indirect tax compliance activities

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Tax Manager To Partner – Pleasanton, California

The Tax Manager role requires partnership, S corporation, and high-net worth individual tax consulting/compliance experience and the skills to effectively diagnose clients’ needs in order to develop and implement solutions. Primary responsibilities involve providing tax compliance, tax accounting, tax research and planning for partnerships, S corporations and high-net worth individuals for sophisticated clientele. We will build upon your technical strengths in order to expand your expertise in other tax areas. Our firm builds well-rounded tax experts to serve a myriad of client needs which leads to continued professional growth. Our culture is to develop trusted tax advisors with sound judgement with the highest ethical standards in the profession.

The Tax Manager/Partnerships will be responsible for a range of projects including:

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Tax Manager/Partnerships (Pleasanton, CA)

The Tax Manager role requires partnership, S corp and individual tax consulting experience and the skills to effectively diagnose clients’ needs in order to develop and implement solutions. Primary responsibilities involve providing tax compliance, tax accounting, tax research and planning on partnerships, s corps and individual tax return for sophisticated clientele. We will build upon your technical strengths in order to expand your expertise in partnership, s corp and individual taxation. Read more

Tax Manager – Mergers & Acquisitions (San Francisco, CA)

Mergers & Acquisitions, M&A, Tax Manager, Tax Jobs, Silicon Valley, CA, Moss Adams, TaxConnections

As a member of our team, you’ll be involved with working closely with private equity firms, public and privately held companies, advising them on tax structuring matters, financial and tax due diligence, and assistance with closing M&A transactions.

Responsibilities:

  • Develops, grows and serves as a firm technical resource for the U.S. income tax aspects of financial due diligence and mergers and acquisitions (M&A)
  • Leverages technical knowledge and experience to provide effective project management and practice development; delivering timely and responsive services and products that meet and/or exceed client expectations

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Senior Tax Manager – Mergers & Acquisitions (Los Angeles, CA)

Kat Jennings, Tax Jobs, Tax Hire, TaxConnections

As a member of our team, you’ll be involved with working closely with private equity firms, public and privately held companies, advising them on tax structuring matters, financial and tax due diligence, and assistance with closing M&A transactions.

Responsibilities:

  • Develops, grows and serves as a firm technical resource for the U.S. income tax aspects of financial due diligence and mergers and acquisitions (M&A)
  • Leverages technical knowledge and experience to provide effective project management and practice development; delivering timely and responsive services and products that meet and/or exceed client expectations

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Focus On New Hampshire Tax

Monika Miles, San Jose, CA, Tax Advisor, Tax Blog, TaxConnections

This month, we travel to the New England region of United States to New Hampshire. Known as the Granite State, it is defined by its quaint towns and large expanses of wilderness.

New Hampshire is a state with some mighty history. In January 1776, it became the first of the British North American Colonies to establish a government independent of the Kingdom of Great Britain’s authority, and it was the first to establish its own constitution. Six months later, it became one of the original 13 states that founded the United States of America, and in June 1788 it was the ninth state to ratify the Constitution, bringing that document into effect. Read more

Tax Senior – Private Client Services (Silicon Valley, CA)

Tax Senior, Private Client Services, Silicon Valley, CA, Tax Hire, Tax Jobs, Moss Adams, TaxConnections

Qualifications:

  • Bachelor’s degree in Accounting or related field required; Master of Tax preferred
  • Minimum 2 years of related experience
  • Previous experience in a public accounting firm preferred
  • Tax experience involving Partnerships, Individuals/High Net Worth or Closely Held Businesses preferred
  • CPA preferred
  • Must meet educational requirements to sit for the CPA exam as outlined by the Board of Accountancy in the state of your preferred office location

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Tax Advisors – Work Smart With New Client Acquisition Strategy

Kat Jennings, Tax Blog, CA, TaxConnections

You have a tax practice and want to build clientele! What do you do?

What you must do is develop a smarter marketing strategy. The first step in any marketing development strategy is to place yourself in the mindset of a prospective client; start thinking like one!

Where would you go to find a tax advisor? You think a prospective client will go to FaceBook or LinkedIn to find a tax advisor? It is unlikely yet so many tax professionals are still wasting time and money on sites that yield no new clients for them. I know tax advisors who have spent thousands of dollars advertising and posting on sites and have never gained one new client. Read more

Olympians May Earn More Than Just A Medal: Tax Implications For PyeongChang Medalists

Blake Chrisian, Tax Advisor, Tax Blog, Long Beach, CA, TaxConnections

With the South Korean Winter Olympics just a week away, thousands of athletes are beginning to converge on the PyeongChang region and of participants from around the world are finalizing their physical and mental preparations. 2018 will bring out a projected 2,925 athletes from 92 countries into South Korea.  The 2018 U.S. Olympic Team is comprised of 242 athletes (135 men, 107 women).  For a number of reasons, including snow-deficiencies in the majority of countries (let’s ignore the Jamaican bobsled teams for the moment), the Winter Olympics are just as exciting, but a bit smaller-scale than the Summer Games.  Compared to the 2016 Rio Summer Olympics, the Winter Games will feature about 70% less athletes from less than half as many countries.   Read more

New Tax Law Gives Pass-Through Businesses A Valuable Deduction

William Rogers, Tax Advisor, Ranchoi Santa Fe, CA, Tax Blog, TaxConnections

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through” entities may see some major — albeit temporary — relief in the form of a new deduction for a portion of qualified business income (QBI). Read more

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