Monthly Archives December 2024

Strategic Charitable Giving Methods to Maximize Tax Savings

Ryan Working, CPA, MST Tax Partner   When thinking about charitable giving there are many options and opportunities in addition to donating cash to your favorite charity.  Highlighted here are just a few alternative strategies that may be worth looking into. Donation of Highly Appreciated Stock: The donation of highly appreciated stock allows for the avoidance of having to recognize the capital gain from the sale of the stock, yet you can still receive a charitable deduction at the fair market value of the stock. In order for this to work the stock needs to be donated directly to a
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Categories: Industry News and Newsletter and Updates.

Have You Considered a Backdoor Roth IRA Conversion?

Traditional IRAs are a well-known, tax-deferred retirement saving vehicle. But they come with a major downside: You’re taxed on withdrawals. Roth IRAs eliminate this downside. You can take federal-income-tax-free qualified withdrawals, but the trade-off is that contributions to Roth accounts don’t reduce your current-year taxable income. If you want to jump on the Roth IRA bandwagon, there are two ways to get money into a Roth account. First, you can make annual contributions. However, there are limitations on annual contributions, which leave many high earners in the cold. (See “Can You Make Annual Roth IRA Contributions for 2024 and 2025
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Categories: Industry News and Newsletter and Updates.

WISEPlace Chooses Byron Culp as Spotlight of the Month

This month, WISEPlace chose our Director of Business Development, Byron Culp, as their Board of Directors Spotlight. Byron has been a WISEPlace Board Member since May 2022 and dedicates his time to create awareness of women struggling with homelessness throughout the community. Byron is s passionate about initiatives focusing on children, cancer, hunger and homelessness. He also serves of the Board of Deacons at Second Baptist Church of Santa Ana and is the Chairman of the Benevolence Committee. WISEPlace is an organization that dedicates its efforts to ending homelessness for unaccompanied women through housing solutions and empowering wrap-around services that
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Categories: Company News and Newsletter and Updates.

New Partnership Tax Basis Reporting Requirement for 2024

Albert Yang, CPA Tax Director   The IRS recently released draft Form 7217, Partner’s Report of Property Distributed by a Partnership, and related draft instructions. The purpose of Form 7217 is to report all distribution of property that a partner receives from a partnership. A partner receiving a distribution of property from a partnership in a non-liquidating or liquidating distribution will use the form to report the basis of the distributed property. Type of distribution where Form 7217 IS required: Distribution of property subject to section 732. Types of distributions where Form 7217 IS NOT required: Distributions of money (or
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Categories: Industry News and Newsletter and Updates.