In our current and uncertain tax and legislative environment, year-end tax planning is a must for individuals, public companies, and private companies.  As the possibility for major tax reform becomes more of a reality, planning before year-end is not only smart, but can save on tax now and in the future. Here are a few … Continued

Now that both chambers of Congress have passed their versions of Tax Reform, a conference committee will endeavor to reconcile the differences between the two bills. One of the areas of divergence in the House and Senate plans relates to tax relief for so-called “pass-through entities.” These provisions apply to business income of individuals from … Continued

Early this morning the Senate accomplished a major step towards this goal by passing its version of Tax Reform. The House passed its Tax Reform plan right before the Thanksgiving Holiday. Now, Congress goes to work reconciling the differences between the two plans. President Trump has asked that Congress deliver a consensus piece of legislation … Continued

Many closely held businesses are set up as S-Corporations to avoid the double taxation of regular “C” corporations. Estate planners have long utilized Electing Small Business Trusts (ESBTs) to allow parents to pass their S-Corporation stock in such businesses to their children and grandchildren. The ESBT is especially attractive for this purpose because it allows … Continued

The recent congressional proceedings relating to Tax Reform efforts have resulted in a focus on the proposed repeal of itemized deductions for state and local taxes (SALT). Specifically, the House plan repeals the SALT deduction but allows a deduction for up to $10,000 of property taxes. The Senate version includes a full repeal of the … Continued

After 3 Years as an Attorney with Well-Respected Family Law Firm Minyard Morris, Jon Returns to Forensic Accounting Career! We are proud to announce that Jonathan Skorheim has returned to Skorheim & Associates to resume his career as a Forensic Accountant. He will also serve as General Counsel for the firm. Jon previously worked for … Continued

We would like to congratulate Jones Day lawyers Richard Grabowski, Steven Zadravecz and Edward Chang for obtaining a $33+ million judgment on behalf of their Orange County medical device client in OC federal court recently. Their client was suing a foreign distributor for breach of a distributorship agreement and for fraud. In a bitterly contested dispute, … Continued