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Decoding the Difference: Tax Planning vs. Advisory

CPA Practice

While chestnuts crackle and we gear up for the annual tax preparation season, it becomes clear that the winter holidays bring more than just festivities and time off; they also mark the beginning of the tax preparation party. Tax preparation has its spotlight, tax planning follows a rhythmic beat … and tax advisory ?

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New Jersey Legislation Implements Major Tax Changes, Including Market-Based Sourcing for Partnerships

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New Jersey Gov. The legislation includes significant changes to the state’s Business Tax reform that was originally enacted in 2018, which brought about unitary-combined filing and market-based sourcing for corporations beginning in 2019. Now, such strategies may need to be rethought.

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Baratz & Associates Acquires Fellow New Jersey CPA Firm

CPA Practice

Consisting of more than 65 people, Baratz & Associates has developed a well-established reputation for providing accounting, auditing, business acquisition, health care consulting, litigation support, tax planning, and valuation services to clients. Established in 1992, Renzi Bernardi Suarez & Co.

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Bipartisan Senate Tax Plan Would Expand Credits for Businesses, Children, and Low Income Housing

CPA Practice

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan. Wyden, D-Ore., and Smith, R-Mo.,

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Harvesting Tax Losses

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Tax loss harvesting is an income tax planning strategy that involves selling investments at a loss with the intent to offset capital gain income. This strategy is beneficial to taxpayers who have large capital gain income and are seeking ways to lower their related income tax liability.

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State Income Tax Planning Considerations for a Liquidity Event

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The choice of where to establish one’s residency prior to a liquidity event can have far-reaching implications regarding income taxes and personal financial goals. 1202 Trust planning Compensation vs. Sec. Make sure you are considering the type of income when implementing state income tax planning techniques.

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Trump Pledges ‘Upper Class’ Tax Cut If He Returns to White House

CPA Practice

By Ranjeetha Pakiam, Laura Davison and Hadriana Lowenkron, Bloomberg News (TNS) Donald Trump pledged to double down on tax cuts if he wins a second term as president, drawing a distinction with President Joe Biden who has called for tax hikes on businesses and the richest Americans. ©2024 Bloomberg L.P.

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