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Savvy & Sensible

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by Albin, Randall & Bennett

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20 episodes

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Podcast Overview

Albin, Randall & Bennett presents a series of savvy and sensible tax guidance, ready to assist businesses in making intelligent financial decisions to help their organizations thrive. Join our pragmatic and experienced CPAs for forward-looking ideas about topics critical to your organization's financial health, well-being, and growth.

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Publishing Since

1/28/2021

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Recent Episodes

May 25, 2022

Strategic Planning: Best Practices for Business Owners

“[Strategic planning helps] you get more people engaged. You get people thinking about the future. You get people to look up from their desk or whatever role they play and see where the company could go.” What happens if some of their top people leave? What if there is a major change in the industry? And while it’s definitely a win if your business is growing beyond what you’ve ever imagined, what happens if that growth leads to systems, procedures, and resources that are no longer sustainable? In this episode of Savvy & Sensible, ARB principal, David Jean, and special guest and president of Nu-Yar Consulting, Michelle Neujahr, discuss some strategic planning best practices for business owners. Strategic planning can be intimidating for a lot of business owners. In terms of the deliverable, you want to think about the bigger picture and focus on a few key things. Performing a SWAT analysis can help you determine your strengths and weaknesses and, therefore, where to focus. It's not just about the retreat or the strategic plan deliverable itself. It’s more about the research and pre-work that is done to bring a really solid agenda to the strategic planning event. Involve your entire time. Find out what’s working and what isn’t. Create a list of the strategic priorities based on what's meaningful to the group. The most important piece in your strategic planning efforts is the implementation and communication. Listening circles can help your organization get everyone on board and keep the goals at the forefront. The standard should be set from the top, so leaders have to set the bar and address how to hold the team accountable. And keep in mind, there will be necessary diversions from your initial strategic plan, so flexibility is key. There’s never going to be a more opportune time than the present. You’re always busy! So the best time to start strategic planning is now. If you want to talk about your strategic planning needs, <a href="https://nu-yar.com/contact/">contact Michelle Neujahr</a>. And if you have questions or other business advisory needs, <a href="http://www.arbcpa/david-jea/">contact David Jean</a> today.

April 27, 2022

Using State-Level PTE Tax To Bypass TCJA’s SALT Limitation

"[The PTE tax] really can get a little complicated. You really have to just draw it out, no matter what situation you're in, and put everything to paper and figure out [] how much of a benefit is this, and how much is it for each individual." The pass-through entity (PTE) tax has been a hot topic for many states, and it has evolved significantly over the 2021 tax year. In today's episode of Savvy & Sensible, ARBers discuss the progression of the PTE tax and what partnerships, their partners, S corporations, and their shareholders need to know. In 2017, the Tax Cuts & Jobs Act (TCJA) limited the amount of state and local taxes (SALT) - including income tax, real estate tax, personal property tax, and excise tax - that individuals can deduct against their federal taxable income to $10,000. Since then, many states have developed creative methods to circumvent this limitation. Connecticut was the first state that introduced a workaround whereby the pass-through entity pays a PTE tax that's deductible at the business level; therefore, the partners or shareholders of these pass-through entities can bypass the TCJA's $10,000 limit. The IRS has since issued a notice that essentially states that this is a valid workaround applicable to partnerships and S corporations; however, the notice is not substantial authority, and future official regulations may change the way these workarounds apply. Originally, there were eight states with PTE tax, but by the end of 2021, there were more than 20. In the New England region, that includes Connecticut, Massachusetts, Rhode Island, and the neighboring State of New York. Every state is implementing this differently, so each state's system differs slightly in terms of whether it's elective or required, how it's computed, and how it's potentially credited to the shareholders or partners. Pass-through entities need to look at it on a state-by-state level. Start by looking at the partner/shareholder states of residence to determine if the credit they get for tax paid to other jurisdictions is more valuable than the deduction for federal purposes and whether there is value in the credits for taxes paid to other states. Pass-through entities should also determine if the benefit of the credit outweighs the administrative headaches, as there may be issues related to ownership dynamics or S corporation distributions. And because the SALT limitation is one of many TCJA tax provisions set to sunset after 2025, the PTE deduction may not be an effective long-term solution. <h3>Contact Albin, Randall & Bennett</h3> To determine the best solution, you really have to put everything on paper and figure out how much it will benefit each individual. But it's a great conversation to have because it may be beneficial in your situation. Please feel free to reach out to <a href="https://www.arbcpa.com/john-hadwen/">John Hadwen</a> or <a href="https://www.arbcpa.com/david-jean/">David Jean</a> if you have any questions.

April 13, 2022

The IRS’s New BBA Audit Rules | Options for Partnerships

“It’s really important to have an annual conversation, discussion, with your tax advisor on what is the [] best, you know, route to proceed with [the BBA Rules] because it’s not a one-size-fits-all. [] Businesses are complicated and, certainly, opting out may seem great, but there could be reasons why it doesn’t make sense to do that.” The Bipartisan Budget Act of 2015 (BBA) changed the IRS’s audit rules for partnerships for years beginning January 1, 2018. But with everything else going on in the world and in business, including the Tax Cuts & Jobs Act (TCJA) and other tax reform, these changes have flown a bit under the radar. And even though they may seem like subtle changes on the outside, the new BBA audit rules really have far reaching implications to members of partnerships. The IRS initiated the change in audit procedures for partnerships to streamline the audit and tax collect process. The new BBA rules create a default rule in which the IRS is going to come in and make an assessment, and the partnership is going to pay the tax at the highest marginal rate. The new procedure can be problematic for partnerships because taxes are paid at the highest marginal tax rate. And, when you get down to the individual returns, there are other income deductions and credits that could ultimately reduce that tax liability. One thing the IRS did when they passed these new BBA rules is provide some flexibility that allows partnerships to elect out of the new rules and continue to use the existing partnership audit rules. The election is made on an annual basis. In order to qualify to make the election you need to have fewer than 100 partners. Eligible partners include individuals, C corporations, S corporations, and tax exempt entities. So having partners that are other partnerships, LLCs, or trusts, even if you hold a trust as a revocable trust, disqualifies you from this election. If you do not opt out, it’s equally essential to review and update your operating agreement accordingly. Under the old rules, the tax is collected by the partners of that tax year. So it allows the partners to use other tax attributes at their own personal level to potentially reduce the tax. On the other hand, the default BBA rule is very penalizing, as you could have potential issues where the partnership gets audited and you may have a different set of partners that are paying for the tax. It also restricts your ability to amend returns, kind of old school style, you know, amend the partnership returns issue amended K-1s because you have to go through this new procedure. In a pushout election, there is really no substantial tax savings. The reason you may want to do the pushout election is if you had a different ownership in the year that the audit covers versus the tax year the IRS is auditing. One downside to the pushout election is that, when the partner does pay the tax on their personal return, there is a 2% interest charge with it. Contact Albin, Randall & Bennett Partnerships need to understand the pros and cons of electing out, using the preexisting IRS audit rules, or the pushout provision. The best route to proceed is not a one-size-fits-all solution, but <a href="https://arbcpa.com/business-tax-services/">ARB’s Business Tax Team</a> is here to help. Contact <a href="https://www.arbcpa.com/john-hadwen/">John Hadwen</a> for more information.

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What is Savvy & Sensible?: Albin, Randall & Bennett presents a series of savvy and sensible tax guidance, ready to assist businesses in making intelligent financial decisions to help their organizations thrive. Join our pragmatic and experienced CPAs for forward-looking ideas about topics critical to your organization's financial health, well-being, and growth.
How often does this podcast release new episodes?: This podcast updates daily.
Where can I listen to this podcast?: This podcast is available on 4 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.
Does this podcast accept guests?: Yes, this podcast regularly features guests.

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