Tax Blog

Our tax blog is dedicated to CFOs, Tax Directors and Business Owners looking to improve profitability, grow their business or implement a succession plan. At Armanino, we see the tax function as a key strategic tool—as nothing less than a vital means of moving you and your company forward. While we excel in making sure our clients meet regulatory requirements—both domestic and global—that just scratches the surface of what we do.

May 12, 2020

Estate Planning – Gifts You Can Still Access

Married couples with a net worth of $12 million and up should consider this estate planning technique. As you may know, the 2017 Tax Cuts and Jobs Act (“TCJA”) changed the estate and gift tax regime by increasing the amount of assets an individual may pass to their heirs tax-free (referred to as the “lifetime …

May 5, 2020

Tax Alert: Nonprofit Guidance on Self-Funded Unemployment, Main Street Lending Program and Faxing Amended Refund Claims

Last week, there were a number of pronouncements from various government agencies that impact nonprofits.  The U.S. Department of Labor, the Federal Reserve, and the Internal Revenue Service issued guidance for nonprofit organizations regarding the eligibility or impact of certain provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  Here is a summary …

April 14, 2020

Filing Deadlines Are Upon Us … or Are They?

Here, you’ll find a quick reminder and recap of recent events to assist you in your tax extension and payments requirements. The IRS and Treasury Department significantly expanded relief measures for tax return filings and payments in response to the coronavirus pandemic. Notice 2020-23 stipulates all taxpayers with a filing or payment deadline falling on or …

April 2, 2020

Deadline Extended for Filing Gift Tax and Generation Skipping Transfer Tax

July 15, 2020 is now the deadline to file Gift Tax and Generation Skipping Transfer Tax Returns for 2019. Background On March 27, Treasury issued Notice 2020-20, which provides an automatic extension of time until July 15, 2020, to file 2019 Gift Tax and Generation Skipping Transfer (GST) Tax Returns (Form 709) and an extension …

Converting Traditional IRA to ROTH with Charitable Contributions

With traditional IRAs at depressed values, consider converting the IRA to a ROTH IRA in combination with an increase in your charitable contributions. The result could be zero tax on the conversion. Summary A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. …

March 27, 2020

COVID-19 and the Impacts to ASC 740 Income Tax Accounting

Companies affected by the COVID-19 pandemic need to consider the income tax accounting implications resulting from the current economic environment and the anticipated bill likely becoming law before March 31st. For companies with the March quarter ends, they will need to act fast in order to incorporate impacts into their tax provisions. The consideration to …

March 24, 2020

COVID-19: Estate and Wealth Transfer Planning Steps to Consider

During this time of uncertainty, we hope you and your loved ones are staying safe health-wise. In the current environment, there are also some financial planning steps you may want to consider. Estate Planning Documents For anyone who does not currently have any estate planning documents, we highly recommend that you contact an estate planning …

September 25, 2018

Tax Planning for Investments Gets More Complicated

For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in mind the impact of the …

September 18, 2018

The Tax Deduction Ins and Outs of Donating Artwork to Charity

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit …

September 4, 2018

Do You Need to Make an Estimated Tax Payment by September 17?

To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely …

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