In this podcast, Chris Madrid from our Family Wealth and Individual Tax Planning Group discusses important modifications the Tax Cuts and Jobs Act made to the income taxation of trusts and estates for 2018 and beyond.
In December of 2017, the Tax Cuts and Jobs Act was enacted by Congress, which gave us the most sweeping and dramatic changes to the Internal Revenue Code in more than 30 years. The Act created the Internal Revenue Code Section 199A deduction which has the potential to help taxpayers reduce their liabilities with a 20% deduction against their “qualified business income”. Section 199A provides individual taxpayers and certain trusts and estates a deduction for qualified business income from a partnership, limited liability company, S-corporation, sole proprietorship, trust or estate. The deduction applies to tax years beginning after December 31, 2017 and before January 1, 2026. (more…)
The Tax Cuts and Jobs Act (TCJA), signed into law in December 2017, made important modifications to the income taxation of trusts and estates for 2018 and beyond. Trust and estate income tax rates and brackets changed, along with deductibility of some estate and trust administrative expenses. Also, a new qualified business income deduction is available, under certain circumstances, that could be as much as 20% of qualified business income. (more…)
San Jose, CA (February 12, 2019) – Abbott, Stringham & Lynch (ASL), one of the largest local CPA firms in Silicon Valley, is proud to announce that Jyothi Chillara has been promoted to Tax Principal, Josh Cross has been promoted to Audit Principal and Chris Madrid has been promoted to Tax Director, effective January 1, 2019.
In making the announcement, Abbott, Stringham & Lynch’s Managing Partner, Ray Scheaffer, said, “We are excited to welcome Josh and Jyothi to the partnership group. In addition, we are pleased to announce Chris’ promotion to Tax Director. Their expertise and exceptional leadership will continue to support and contribute to our firm’s growth and commitment to delivering superior quality and service.” (more…)
When ASC 842 – Leases (“ASC 842”) was first published in 2016, the effective date for non-public entities was scheduled for 2020. The date seemed so far away that most people took the, “we will cross that bridge when we come to it” approach. To be fair, most people were too concerned about the new revenue recognition standard (ASC 606) to worry about anything else. (more…)
As we head into another busy tax season, I am mentally preparing myself to answer questions from my contractor clients on how they stack up within their industry and against their peers. Lucky for me, I have access to industry benchmarking data that makes my client conversations productive and informative. In addition, as a bonus, the benchmarking reports provide a deep insight into the Company’s present and, often, their future. (more…)