December 5th, 2024
In this week's Tax Lab session, Veronica Herrera and participants, including Tom Suvansri, David Tunstall, and Marsha Webb, discussed complex tax strategies for high-income individuals and corporations with specific emphasis on alternative investments and state tax nexus issues. The conversation detailed strategies for managing potential tax liabilities, particularly around nexus creation in New York due to economic activities conducted by business owners. They explored investment deductions, the implications of economic nexus standards, and strategies for avoiding state taxes by managing income levels. There was a significant focus on the presentation and explanation of tax strategies to clients, emphasizing transparency and understanding of cash outlays versus potential tax savings.
December 12th, 2024
The Tax Lab session led by Veronica Herrera focused on addressing various tax strategy inquiries submitted by attendees Lisa Marie Odeja and David Tunstall. Lisa shared a scenario involving a potential late S-election and strategies such as maximizing QBI deductions, hiring children, and implementing the Augusta rule for a video production business. David explored retroactive tax deductions for an S-Corp client and discussed strategies for tax compliance and proactive planning, including the accountable plan and ongoing advisory services. Both Lisa and David emphasized the importance of providing value through clear ROI demonstrations and recurring advisory services. The session concluded with reminders about holiday breaks and scheduling future Tax Lab discussions.
December 19th, 2024
In this Tax Lab session, Veronica Herrera, Courtney Holness, and David Tunstall discussed strategies for a client with a business and several tax planning opportunities. The group explored using an S-Corp election to save on self-employment taxes and reviewed possible savings strategies, such as penalty abatement and retirement plan contributions. They also considered adjustments to the client's home office and expenses, including the use of the Augusta Rule and accountable plans. The group focused on determining reasonable compensation and discussed additional deductions that could be claimed. They also touched on strategies for state-level taxes and the impact of distributions on the S-Corp.
December 26th, 2024
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