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Business owners must generally depreciate commercial properties over 39 years using the straight-line method. However, there may be a way to accelerate depreciation deductions and significantly reduce your tax bill. A cost segregation study identifies property components and their costs, allowing you to maximize current depreciation deductions by using 5-, 7- or 15-year rates of depreciation for the qualifying parts of the property. Contact us to determine whether you can benefit with a cost segregation study on real estate and construction projects.
5 To-Dos to Ace the Interview
Katie McConnell, CPA, PHR shares “5 To-Dos to Ace the Interview”
Powers of attorney are critical components of an estate plan. A financial power of attorney appoints someone to make financial decisions on your behalf under certain circumstances. A health care power of attorney appoints someone to make medical decisions on your behalf in the event you become incapacitated. After you’ve executed powers of attorney, it’s important to review them periodically — at least every five years and preferably more frequently — and consider executing new ones. Please contact us to learn the specifics.
Tax Senior / Supervisor - ROSEVILLE, California, United States - GALLINA LLP
Looking to make a move before tax season? Want to join a Top 15 Firm (CalCPA)? Apply to our Tax Senior / Supervisor position in Roseville. #NumberNinjas
We Are One Firm - We Are GALLINA
Flexibility in a workplace is as important to us as it is to you. Our latest blog by team member, Annie Blundell, shows how GALLINA LLP is united as one firm that works together. #NumberNinja
Concerned about your child’s ability to handle your wealth? Consider an incentive trust. But, there’s a fine line between encouraging positive behavior and controlling your child’s life choices. A “principle trust” gives the trustee discretion to make distributions based on certain guiding principles without limiting beneficiaries to narrowly defined goals. Another idea: Make asset distributions large enough to provide a meaningful test run of your child’s financial responsibility while safeguarding the bulk of the nest egg. Contact us for more strategies.
Does your company engage in research and development? You may qualify for a lucrative federal tax break for some qualified research expenses. Many states also offer research tax incentives. The research tax credit is now permanent, thanks to the Protecting Americans from Tax Hikes (PATH) Act of 2015. The law also added new features. For example, the credit can now be used by certain small businesses against the employer’s portion of Social Security tax. Contact us to find out how to maximize the benefits allowed under the law.
Do you qualify for a moving expense deduction? http://bit.ly/2aZmhMy
Audit & Assurance Manager / Senior Manager - ONTARIO, California, United States - GALLINA LLP
Looking to join a Top 100 Firm (Accounting Today) in the Southern California region? Apply to our Audit Manager / Senior Manager opportunity. Apply at https://gallina-openhire.silkroad.com/epostings/index.cfm?fuseaction=app.jobInfo&version=1&jobid=25. #NumberNinjas
Audit & Assurance Senior - ROSEVILLE, California, United States - GALLINA LLP
Are you an experienced Auditor looking to make a meaningful contribution and join a growing firm? Our Roseville office is seeking Audit Seniors to join the team.
Can a boat be real estate? Yes, in certain circumstances. In a private letter ruling, the IRS stated that dockside casino barges and moored riverboats, which a real estate investment trust (REIT) intended to lease to its subsidiary, were inherently permanent structures. This qualifies them as real property and real estate assets. The holding was based on the fact that the items were moored or attached for a stated number of years, connected to land-based utilities, and designed and intended to remain in place until the end of their economically useful lives.
Company president liable for penalty despite taking action upon learning of payroll tax deficiency. The taxpayer took steps to try to raise money to pay the unpaid taxes in the future, such as buying inventory so the company could perform another job. The court concluded that hoping to pay tax in the future wasn’t a defense, and the taxpayer was liable for the trust fund recovery penalty, which applies when a person responsible for collecting, accounting for and paying payroll taxes willfully fails to perform this responsibility (Arriondo, DC TX 7/22/2016).