Accurate Accounting., Murrieta, Ca

Under our tax code, individuals have the right to "convert" all or part of a traditional plan or IRA to a Roth IRA--at the cost of paying income tax currently on the converted amount. Throughout the 20-year existence of Roth IRAs, the Roth converter has been granted a unique privilege--the option to change his mind and reverse the conversion, right up until the extended due date of his tax return for the conversion year. [ 833 more words ] http://accuacct.com/20//15/tcja-back-door-roth-conversion/

Tax Cuts and Jobs Act (TCJA) Deduction for Qualified Business Income Note: The deduction for qualified business income (a.k.a., the passthrough break) is effective for tax years beginning after December 31, 2017 and ending before January 1, 2026. Description of the Deduction [ 2,406 more words ] http://accuacct.com/2018/01/08/1106/

Bankruptcy Court Holds S Corporation Status Is Not Property for Bankruptcy Purposes A bankruptcy court, in a case of first impression in the Fourth Circuit, held that a Chapter 11 debtor's S corporation status was not property for bankruptcy purposes and that the shareholders' pre-petition revocation of the S election could therefore not be avoided as a fraudulent transfer. The court found that the debtor's S corporation status lacked all of the attributes of a property right except for the right to use it to pass through tax liabilities to shareholders and that feature alone was not sufficient for the S election to be treated as a property interest. [ 999 more words ] http://accuacct.com/2018/01/01/saved-s-election/

Happy New Year http://accuacct.com/2018/01/01/happy-new-year/

Merry Christmas http://accuacct.com/2017/12/25/merry-christmas/

The Senate passed the Tax Bill for 2017 on Tuesday-yesterday. After that a few more changes are made to the language. It is sent down to the House for voting on Wednesday-today. It is expected to pass. Here is the analysis of the new Tax Bill. Explanation of TCJA (Tax Cut & Job Act) Conference Report and Final Version of the Tax Bill [ 20,778 more words ] http://accuacct.com/2017/12/20/tax-bill-2017/

Accurate Accounting and Mr. Nalin Bhatt has been our CPA for about 20 years for our family business and family Trust. Mr. Bhatt helped us tremendously over these years by proper tax planning. We saved tons of taxes from his expert guidance. The firm’s book-keeping, payroll and tax preparation service is second to none. We have several restaurants so we are loaded with all kind of income tax, sales tax and payroll tax issues. The deadlines are constantly bombarded like bullet ...trains. But this firm really take care of their clients’ needs. We have nothing but pleasant experience with this firm. At one time in our business life we had a situation when we had to decide about closing one of the restaurant. Mr. Bhatt gave out of the box strategy and worked out a solution that saved our years of hard work and the lessor was happy at the same time. He does not just process our work as just another number. He really takes interest in our business and extends himself out to the point that he kind of becomes a partners in our business and sometimes so much so that he is a family member. I can probably go on and on. In nut shell: extremely pleased and I strongly recommend this firm to any business owner and professional for book-keeping, payroll and tax services. See more

We have been using the services of this firm for about 20 years now. We are very pleased by the professional services provided by this firm. Our family business benefited tremendously from the tax planning services this firm provided. We sleep better at night knowing that our books, payroll and taxes are handled by this firm. The staff is so friendly that whenever we speak with them, over the phone or in person, we feel like we are speaking to a family member. The fees are very reasonable and spelled out upfront. No surprises or sticker shock. We recommend this firm to everyone we know.

IRS Changes Position on Claiming Childless EIC ( Earned Income Credit) Which means Amended Returns May be in Order The IRS issued proposed regulations which reflect a change in the IRS's position on the interaction of the Code Sec. 152(c)(4) tiebreaker rules, which goes into effect when two or more people can claim a child as a qualifying child for tax purposes, with the Code Sec. [ 806 more words ] http://accuacct.com/2017/02/11/tiebreaker-irs-flip-flop/

21st Century Cures Act Allows Small Employers to Offer Health Reimbursement Arrangements On December 13, 2016, President Obama signed into law the 21st Century Cures Act. The legislation had overwhelmingly bipartisan support, passing the House by a vote of 392-26 and passing the Senate by a vote of 94-5. The Cures Act, which pays for cancer research, mental health treatments, the fight against opioid abuse, also creates a new type of employer-provided health care coverage - qualified small employer health reimbursement arrangements. [ 553 more words ] http://accuacct.com/2016/12/29/929/

We are so glad to support local High School in their coming up Baseball Game publication. Here is our ad printed in the school publication for the Vista Murrieta High School. Go Bronco!! http://accuacct.com//accurate-accounting-supports-vista-m/

How to Reduce Interest Paid to IRS while You are Preparing Your Case (1) a payment; or (2) a deposit. Taxpayers occasionally make deposits to suspend the running of interest on potential underpayments of tax (Code Sec. 6603; Rev. Proc. 2005-18). The procedures for designating a remittance as a deposit, rather than a tax payment, are contained in Rev. Proc. 2005-18. [ 442 more words ] http://accuacct.com/2016/10/20/reduce-interest-paid-irs/

Payment of S Shareholder's Personal Expenses Were Loan Repayments, Not Wages Small business owners occasionally spend money from their own pockets to pay for the corporate expenses and vice-a-versa. A clear cut division of the corporate accounting is sometimes blurred at times. This case provides some very important guidelines on how these payments would be considered and treated for tax purposes. [ 965 more words ] http://accuacct.com/2016/09/18/897/

Excellent, accurate, professional. Very happy with the service, now about 11 years. Both our family trust accounting and family business accounting are with this firm. Never had any issue.