Congrats on your purchase. For tax purposes, a commercial building is depreciable over 39 years (straight line, no acceleration) for the building portion (purchase price plus acquisition expenses, less a value allocated to the land on which it sits). At least that’s true if you don’t do anything to change it. That’s quite a difference compared to the 27 ½ years for residential property. Fortunately, you didn’t buy just a building and its land – unless perhaps you bought a sh

Example: Business owner wants to sell or trade-in a former vehicle for $20,000 and purchase a new or used vehicle for $50,000. The issue we now face under that new tax law is that we have to take income on the business vehicle disposed of – no matter what – whether you convert it to personal use, or you trade it in, or sell it outright (that is, we no longer have a tax-free ‘exchange’ into a new vehicle). Therefore, you take the gain on the former vehicle when it is sold, or

REMINDER: 2020 Use Tax Per the State of California If you bought tax-free items online, in another state, or in a foreign country, you may owe use tax. Use tax applies to out-of-state purchases made by: Phone Internet Mail In-person And both of the following apply: The seller does not collect California sales or use tax. You use, give away, store, or consume the item in this state. For example, you would include purchases of equipment, supplies, and books. Examples of purchas

A corporation is required to record at least annual minutes of Board meetings. ANNUAL CORPORATE MINUTES ARE REQUIRED (LLCs are NOT...

I have received requests to prepare Board Minutes on behalf of some clients' corporations. To do so, I would need some information from you, after you hold the Board Meeting: Provide general info about items discussed in the meeting Some examples are, A change in corporate officers, or directors Setting of officer and key employee salary amounts, or shareholder distributions Whether to mortgage, sell, or lease real estate, and approve loans to or from the corporation Purchas

Employers statewide directly affected by the new coronavirus (COVID-19) may request up to a 60-day extension of time from the EDD to file...

California announced a 60 day extension for individuals to file and to pay their California 2020 tax estimate that is due 4-15-20 – so...

A breakdown of tangible property items and land improvements that allows for a greater depreciation deduction each year. Your rental...

If you forgot to file an extension, or the IRS lost it, or for some other reason your business tax return (LLC or partnership) is deemed...

Hire your kids instead of paying them an allowance!It is quite common to see children actively involved in the family business. Even...

To quote Moss Adams CPAs: "The R&D tax credit is for taxpayers that design, develop, or improve products, processes, techniques,...

Tax-Deductible Business Trips By Scott C Turner, CPA Whenever and wherever you travel you could be traveling on business, and reasonable...

The California Compliance Catalog for employers from www.calbizcentral.com It states even if you have only one employee you must do the...

If you don't keep adequate records and minutes of meetings, you could lose your limited liability protection. As the owner of a...

Certainly, the SIMPLE is the easiest and least costly plan to fund and administer amongst all the other employer-sponsored plan options...

This is your blog post. Great looking images make your blog posts more visually compelling for your audience, so choose media that really...

People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers...

By: Scott Turner Date: December 2019 By now, I am sure you have heard about the new independent contractor legislation signed by Governor...

By Scott C Turner, CPA Hire your kids instead of paying them an allowance! It is quite common to see children actively involved in the...

This information is meant to bring HR matters to your attention that may need handling, and is not meant to be a complete guide for every...