LLCs and Sole Proprietorships
November 10, 2020 5:08 am 2 CommentsOver the past few years, an increasing number of Bay Area workers have embraced the gig economy and begun operating... View Article
Author Archives for Sean Allaband
Reasonable Compensation for an S Corp Shareholder
September 25, 2020 7:44 pm Leave your thoughtsA Subchapter S corporation (S corp) is a pass-through entity where the company’s income and losses flow through to shareholders... View Article
Will Filing as an S Corporation Reduce the Tax Bill of a Business Owner?
September 6, 2020 12:01 am Leave your thoughtsMy business clients often ask me whether they would see a tax benefit if they converted their business to an... View Article
How to Pay Taxes on a Lawsuit Settlement
August 15, 2020 6:35 pm Leave your thoughtsMany individuals who settle a lawsuit do not stop to consider that they may need to set aside part of their settlement to pay the federal tax that may be due on it.
The Federal Export Incentives Offered IC-DISCs Provide Businesses with Significant Tax Savings
August 8, 2020 11:53 am Leave your thoughtsExport incentives are assistance provided by governments to help businesses sell products in foreign markets. The only federal export incentive... View Article
The Property Tax Government Foreclosure Process
August 7, 2020 3:53 pm Leave your thoughtsLate Payment of Property Tax Bill Results in an Immediate Lien, but Owners have Five Years to Pay Before it... View Article
New Subchapter 5 Bankruptcy Proceeding Makes It Easier For Small Businesses to Reorganize While Continuing Operations
June 29, 2020 6:24 pm Leave your thoughtsThey have received little publicity, but recent changes to the U.S. Bankruptcy Code have made it easier for small businesses... View Article
The Insurance Mandate Isn’t Just About Penalties, California is also Helping Low- to Middle-Income Residents Buy Coverage
June 12, 2020 5:28 pm Leave your thoughtsCalifornia’s new individual health insurance mandate went into effect in January 2020. Under the mandate, Californians who do not maintain the minimum essential coverage (MEC) for themselves and their dependents will be subject to a tax penalty unless they qualify for an exemption under the new law.
Changes to the Tax Law Have Encouraged the Use of the Section 1202 Small Business Stock Gain Exclusion
June 5, 2020 11:15 pm Leave your thoughtsThe U.S. has allowed small business stockholders to exclude profits from stock sales from their income since 1993. However, the... View Article
Bay Area Homebuyers Have State and Federal Options for Low Downpayment Mortgages
May 29, 2020 7:09 pm Leave your thoughtsCalifornia and the federal government have programs that can reduce, and even eliminate, the down payment requirement for middle-to-low-income homebuyers
Federal, State, and Local Programs Offer Assistance to First-Time Homebuyers in the Bay Area
May 13, 2020 4:53 pm Leave your thoughtsWe will break down the programs available to Bay Area homebuyers by looking at such factors as which homebuyers qualify the amount of money available.
Bay Area Small Businesses Have A Variety Of Options For Financial Assistance To Weather The COVID-19 Crisis
May 11, 2020 7:37 am Leave your thoughtsWith much of the media coverage focusing on the funding shortfalls faced by the federal Paycheck Protection Program (PPP), it... View Article
Opportunity Zones Offer Tax Deferrals to Real Estate Investors, But Benefits Should Be Weighed Against Like-Kind Exchanges
May 9, 2020 12:54 am Leave your thoughtsReal estate investors looking to shield their capital gains from tax are often curious about the Opportunity Zones that were... View Article
Despite Recent Changes to Federal Tax Law, Bay Area Homeowners Often Benefit From Itemizing Their Deductions
May 9, 2020 12:38 am Leave your thoughtsThe 2017 federal Tax Cuts and Jobs Act (TCJA) increased the standard deduction for federal taxpayers to the point that... View Article
What are the Tax Consequences of Your Business’s Succession Plan?
April 11, 2020 3:13 am Leave your thoughtsWhen it comes to succession planning, small business owners usually try to address everything from maintaining day-to-day operations to ensuring... View Article
How to Boost Your Credit Score Using Your Rent and Utility Payment History
April 8, 2020 1:57 am Leave your thoughtsIf you have bad credit or own a business attempting to establish credit you have probably been advised that paying... View Article
Pursuing Out-of-State Business Opportunities May Lead to Tax Complications
March 24, 2020 7:39 pm Leave your thoughtsWhether you have invested in a partnership that is looking to invest in rental properties in another state or a... View Article
The Reporting and Tax Implications of Accepting Foreign Funding for Your Business
March 24, 2020 7:35 pm Leave your thoughtsWhen it comes to raising money to grow their business an increasing number of Bay Area entrepreneurs are considering bringing... View Article
Governor Eases California’s 60-Day Notice Requirement for Layoffs Under State’s WARN Act Due to COVID-19 Outbreak
March 20, 2020 3:54 pm Leave your thoughtsCalifornia Governor Gavin Newsom has aided Bay Area businesses struggling to cope with the novel coronavirus (COVID-19) pandemic by easing... View Article
California Businesses Need to Review Classification of Independent Contractors to Ensure Compliance with New Gig Worker Law
March 19, 2020 3:24 am Leave your thoughtsBeginning January 1 of this year, California businesses must comply with new legislation making it significantly more difficult for them... View Article