The Tax Cuts and Jobs Act, signed at the end of 2017, included an important provision called Section 199A that offered a deduction for passthrough entities and sole proprietors. Since corporations were given a very generous tax cut by decreasing the tax rate from 35% to 21%, Section 199A provided some tax relief for smaller passthrough entities and sole proprietor-types of businesses. There is a lot to digest on the Section 199A deduction so please hang in as we break it down for you.
The process and the aftermath of divorce touch not just the individuals involved, but also to the children, family friends and employees of the divorcing couple. Divorce not only has a traumatic emotional impact but a financial impact as well. Consider professional advice from financial experts before stepping into divorce.
As a small business owner, access to changes in labor law are sometimes missed or are inaccessible and not knowing can result in unnecessary litigation and costly avoidable legal fees.
Unless otherwise stated, the following key changes will take effect January 1, 2018.
Parental Leave for Small Business
Employers with 20 or more employees are required to provide new parents with up to 12 weeks of unpaid leave. This is down from the 50 or more employees.
Changes to Hiring Practices
The long awaited proposed overhaul of the U.S. tax code by the House Republicans was released last week. Titled “Tax Cuts and Jobs Act”, the 429 pages included proposed changes to the current system and the hope is that it will pass by Thanksgiving. Although, I’m not holding my breath on this one. House Ways and Means Committee Chair Kevin Brady said the bill would add $1.51 trillion to the federal deficit over the next ten years. Key proposed changes include ...
New Individual tax brackets
Our favorite time of year is upon us at PacWest. Another year almost complete and tax planning is in full swing. Not knowing what was in store for us on the tax reform front, it is now safe to assume changes are coming and we know - more or less - where we are going with it all.
With the proposed tax reductions (when more income is taxed at lower rates) and with the elimination of many itemized deductions, we now have some great planning opportunities.
So, you have hit the road past start up and you’re at the point where you think, this is going to work. Things are going in the right direction but now you are faced with hiring needs, equipment purchases, and business expansion along with the accompanying debt. Now the issue is how to finance it all with consideration for your future growth. Should you walk into a bank requesting a loan or line of credit? Should you just look to an investor to cut that needed check?
Financial forensics or forensic accounting is a specialty area required for actual or anticipated disputes or litigation. In the course of business there are those occasions when forensic accounting is absolutely essential. The need may arise from divorce, pending sale, some form of litigation or dispute. Third party forensic accountants or forensic auditors, as they are sometimes labeled, audit review, analyze and produce reports for the court or other action.