Campbell, CA (May 4, 2022) – Anu Joshi, CPA, MST, is a Senior Tax Manager and a member of the Family Wealth & Individual Tax Planning Group at Abbott, Stringham & Lynch (ASL). She has over fifteen years of public accounting experience and provides tax compliance and tax planning services for a wide variety of clients. Strong attention to detail coupled with technical knowledge and the skill to identify and resolve tax issues help Anu with her practice focus, which includes high-net-worth individuals and estates and trusts. (more…)
California Voters Pass Proposition 19 - What Happens Next?
By Anu Joshi, CPA, Senior Tax Manager
ASL Family Wealth & Individual Tax Group
California Proposition 19 – Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment (2020) – was approved on November 3, 2020, with a slim margin of 51.1% of voters supporting it. The proposition eliminates two provisions of Proposition 13 that were very beneficial to property owners. The effective date of the changes made by Proposition 19 are:
- For Base-Year Value Transfers – April 1, 2021, and later
- For Parent to Child Transfers and Grandparent to Grandchild Transfers – February 16, 2021, and later
What do these changes mean for property owners? (more…)
2020 Required Minimum Distributions (RMDs) - Waived Under the CARES Act
By Angel Nevis, CPA, Senior Tax Manager; Anu Joshi, CPA, Senior Tax Manager; Chris Madrid, CPA, Tax Director, ASL Family Wealth & Individual Tax Planning Group
ACTION REQUIRED BY AUGUST 31, 2020
If you have taken required minimum distributions from a retirement account in 2020 or are planning to, don’t miss this relief provision and potential tax-saving opportunity.
For the 2020 tax year only, RMDs from retirement accounts are not required. This includes distributions from traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k) plans, 403(b) plans, 457(b) plans, and profit-sharing plans. The waiver was recently expanded to include distributions from inherited IRAs, and also applies to certain taxpayers who reached RMD age in 2019. (more…)
Titling of an Asset Affects Transfer After Death
By Anu Joshi, CPA, Senior Tax Manager
ASL Family Wealth & Individual Tax Group
A common misconception is that once you have a will and a living trust in place, nothing else needs to be done in order for your assets to be distributed at your death according to your wishes. The mere listing of an asset in the trust agreement does not make it a trust asset. Actually, assets have to be held in the name of the trustee, (i.e. the title of the asset has to be transferred to the trustee of the trust,) in order for the asset to be subject to the terms of the trust agreement. At the same time, certain types of assets pass by other means, irrespective of whether or not a will or trust is in place. You will want to understand these differences in order to appropriately title your assets to make sure they are transferred as you intend at death.
Charitable Remainder Trusts Still Create Tax Deductions
By Anu Joshi, CPA, Senior Tax Manager
ASL Family Wealth & Individual Tax Group
As promised during his campaign, on April 26, 2017, President Trump unveiled a new broad tax-cut plan. Besides slashing business and individual tax rates and eliminating the net investment income tax and the alternative minimum tax, the proposal also includes eliminating certain itemized deductions such as the state and local income tax deductions. However, deductions for mortgage interest and charitable giving are expected to stick around. (more…)
Attention Estate Executors: New Tax Basis Reporting Requirements
By Anu Joshi, CPA, Senior Tax Manager
ASL Family Wealth and Individual Tax Group
Executors of taxable estates required to file an estate tax return (Form 706) after July 31, 2015 are now subject to a new tax basis reporting requirement, intended to ensure consistency between the estate and its beneficiaries. (more…)