Ronald O. Samaco, CPA

California taxpayers have been benefitting from the passthrough entity tax credit (PTET) since 2021. However, California's unique rule has hindered some entities from taking full advantage, but a proposed change might soon make it easier for taxpayers to benefit. Read the full EisnerAmper article to learn more. https://okt.to/jtKM7v #PTET #taxupdates #California

2

As of Jan. 1, purchasing certain electric cars in America has just become much more affordable. Thanks to a new federal electric vehicle tax credit, car buyers can request up to $7,500 off the price of certain new EVs, or $4,000 off of used EVs, as an upfront discount. Previously, buyers had to wait until tax season to get their money. This year, however, dealerships that have signed up to offer the discount can simply take the money off the top. Learn more about which cars qualify and which dealerships offer the discount.

10

From the CFO War Stories & Executive Insights Blog, The Consistent Inconsistency by Mike Kovar: https://bit.ly/MKBlog2. "While the accounting profession tends to think of itself as one focused on the long term, its history of regulation and change disputes that notion. The rate, frequency and in­ consistency of regulatory and standard changes indicate a re­actionary focus to external events. Because of this frequently dramatic changing landscape, the skills needed for today’s fi­nancial executives bear little resemblance to those needed 15 years ago, and perhaps this is the major reason for such high levels of turnover at the chief financial officer level." READ MORE HERE: https://bit.ly/MKBlog2 #AccountingIndustryChanges #MikeKovar #CFO

8

Is your business prepared for potential changes in California's business tax environment? 🏛️ Considering California's proposed changes to NOL deductions, tax credit limits, and apportionment rules, it's crucial for businesses to stay informed and proactive. California plans to suspend NOL deductions for incomes over $1M, cap business tax credits at $5M, and retroactively amend apportionment rules to address substantial budget gaps. These changes could lead to significant tax liabilities for affected businesses. Our SALT team is here to help you navigate these complex changes and optimize your apportionment to potentially reduce your California cash tax liabilities. Learn more: https://lnkd.in/gwzC2EzK #SALT #BusinessFinance #TaxCredits

2

Is your business prepared for potential changes in California's business tax environment? 🏛️ Considering California's proposed changes to NOL deductions, tax credit limits, and apportionment rules, it's crucial for businesses to stay informed and proactive. California plans to suspend NOL deductions for incomes over $1M, cap business tax credits at $5M, and retroactively amend apportionment rules to address substantial budget gaps. These changes could lead to significant tax liabilities for affected businesses. Our SALT team is here to help you navigate these complex changes and optimize your apportionment to potentially reduce your California cash tax liabilities. Learn more: https://lnkd.in/gmC23cx8 #SALT #BusinessFinance #TaxCredits

5

Is your business prepared for potential changes in California's business tax environment? 🏛️ Considering California's proposed changes to NOL deductions, tax credit limits, and apportionment rules, it's crucial for businesses to stay informed and proactive. California plans to suspend NOL deductions for incomes over $1M, cap business tax credits at $5M, and retroactively amend apportionment rules to address substantial budget gaps. These changes could lead to significant tax liabilities for affected businesses. Our SALT team is here to help you navigate these complex changes and optimize your apportionment to potentially reduce your California cash tax liabilities. Learn more: https://lnkd.in/dkXZMWdk #SALT #BusinessFinance #TaxCredits

2

Is your business prepared for potential changes in California's business tax environment? 🏛️ Considering California's proposed changes to NOL deductions, tax credit limits, and apportionment rules, it's crucial for businesses to stay informed and proactive. California plans to suspend NOL deductions for incomes over $1M, cap business tax credits at $5M, and retroactively amend apportionment rules to address substantial budget gaps. These changes could lead to significant tax liabilities for affected businesses. Our SALT team is here to help you navigate these complex changes and optimize your apportionment to potentially reduce your California cash tax liabilities. Learn more: https://lnkd.in/gC7N2z7f #SALT #BusinessFinance #TaxCredits

3

Is your business prepared for potential changes in California's business tax environment? 🏛️ Considering California's proposed changes to NOL deductions, tax credit limits, and apportionment rules, it's crucial for businesses to stay informed and proactive. California plans to suspend NOL deductions for incomes over $1M, cap business tax credits at $5M, and retroactively amend apportionment rules to address substantial budget gaps. These changes could lead to significant tax liabilities for affected businesses. Our SALT team is here to help you navigate these complex changes and optimize your apportionment to potentially reduce your California cash tax liabilities. Learn more: https://lnkd.in/g-M8y6ny #SALT #BusinessFinance #TaxCredits

1

The Treasury Department granted automakers a two-year extension regarding the sourcing requirements for critical minerals in electric vehicle (EV) batteries. From 2025, EVs containing materials from entities controlled by U.S. geopolitical foes won't be eligible for up to $7,500 in tax credits. This extension aims to reduce reliance on foreign critical minerals, especially graphite, from such entities. Federal, state, and local tax credits and incentives can dramatically change your business's financial picture. When you partner with Bennett Thrasher, we'll help you maximize your tax savings by taking advantage of tax credits and incentives to align with your company goals. #AutomotiveIndustry #Taxes #ElectricVehicles #TaxCredits https://lnkd.in/eg828eRn

1

Great update today from the AICPA on the nonprofit industry! A few key takeaways… 1.      Processing of ERC refunds is taking at least 12 months or longer. If you filed an ERC claim prior to last September, you can call to check on the status to make sure it was received, but a 12 month wait is pretty common. 2.     Letters mailed to the IRS to request abatement of Form 990 late filing penalties are taking up to 9 months for the IRS to respond. 3.     IRS nonprofit focus of audits and inquiries: a.     Proper worker classification. There has been an increase in IRS audits of nonprofit organizations related to classification of workers as employees vs. independent contractors. b.     Backup withholding procedures. IRS wants to be sure that if a nonprofit is working with a contractor, and the contractor does not provide an appropriate EIN, then the nonprofit needs to withhold backup withholding for the contractor’s taxes. c.     Unrelated Business Income (UBI) is still a hot topic:             i.     If a nonprofit has a new revenue stream, be sure the nonprofit has performed an analysis to make sure the new revenue should not be reported on Form 990-T as UBI.             ii.     Siloing of UBI. Nonprofits that report UBI need to ensure they are reporting the revenues and expenses for each separate source of UBI on a separate Schedule A on Form 990-T.              iii.     Miscellaneous income amounts over $1,000 will be scrutinized as potential unreported UBI. d.     For insider and related party transactions, make sure the nonprofit and the Board have documented why the insider transaction is in the best interest of the nonprofit organization. Ensure this has been clearly documented in Board minutes before entering into the transaction. #nonprofitleadership #nonprofitmanagement

2