By Randan Salyers, CPA, Tax Senior
In 2024, if you are the owner of a short-term rental property located in California (including rentals listed on platforms such as Airbnb, VRBO, etc.), you may now be required to report the personal property used in the rental on Form BOE-571-STR, Short-Term Rental Property Statement (see resources below for a link to sample form). This new filing, with your County Assessor, was authorized by the California State Board of Equalization because they consider short-term rentals to be a trade or business. This Statement, designed specifically for short-term rental properties, will be used to report the original cost of personal property used by your short-term rental and allow the Assessor to determine the property tax due. (more…)
As of January 1, 2024, a new rule requires millions of small-to-medium-sized businesses to report detailed personal information about their owners to the U.S. Treasury Department. The rule is expected to affect more than 30 million companies in the U.S., and failure to comply could lead to sizable fines or even jail time. Yet a recent survey shows a majority of the affected businesses were unaware of this new requirement. (more…)
On January 31, 2024, in a strong bipartisan vote, the U.S. House of Representatives approved the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). The Act contains provisions benefitting individuals and businesses. To “pay for” these tax benefits, the Act authorizes the termination of the Employee Retention Credit (ERC) program effective January 31, 2024. If passed by the Senate in its current form, no ERC claims can be filed after the termination date. It is unknown at this time if and when the Senate will discuss this legislation and potentially modify it. If passed by the Senate a retro-active termination date may still apply. (more…)
By Greg Gockel, CPA, Manager, Tax & Advisory
ASL Real Estate Group
Selling your home is not just a transaction, it’s an opportunity to leverage tax strategies that can significantly impact the financial results of the sale. If the sale is correctly planned, using the power of Internal Revenue Code Section 121, you will be able to exclude up to $500,000 (couples) or $250,000 (individuals) of your capital gains. This article will coach you as we dive into some of the rules and exceptions and discuss some strategies to help maximize your tax benefits. (more…)
By ASL Business Valuation Group
The new lease accounting guidance ASC 842 brings previously off-balance sheet operating leases onto a company’s balance sheet. They are now reflected as a “right-of-use” asset and as a corresponding operating lease liability. This can increase a company’s reported assets and liabilities, affecting key financial ratios. The income statement and the statement of cash flow are affected by a lesser degree than the balance sheet. Companies will continue to expense operating leases and the depreciation expense and interest expense may be higher for some companies. (more…)