IRS Seeks to Limit Valuation Discounts for Family-Controlled Entities: Proposed Section 2704 Regulations

By Drew Grey, CPA, Partner dgrey@srgcpas.com Many sophisticated estate planning techniques include gifts, sales, or other transfers to family members that utilize significant discounts on the value of the assets transferred. These discounts can range from 15 percent to 45 percent, or even higher. As a result, significant wealth can be transferred to the next … Read More »

August 10, 2016 Posted in Estate Tax Planning

BUSINESS ACCOUNTING TRENDS IN 2015

On March 23, 2015, the San Fernando Valley Business Journal turned to some of the leading accountants in the region regarding the current state of business accounting and the various trends that they have been observing, and in some cases, helping to drive. Below is a series of questions the Business Journal posed to Drew … Read More »

June 4, 2015 Posted in Business

New Rules Finalized for Repair and Capitalization of Tangible Assets

If you currently own, purchase or acquire tangible property for business or rental purposes, new regulations issued in 2014 require additional compliance, but also provide additional opportunities for you to generate tax savings. Property affected by these new rules include: buildings, land improvements, equipment, machinery, materials and supplies. Virtually all business will be impacted by … Read More »

February 17, 2015 Posted in Tax

SRG LLP CONGRATULATES DREW GREY & SHERI GROSSBERG ON TRUSTED ADVISORS NOMINATION

The partners and entire staff of SRG, LLP (formerly Solomon Ross Grey) would like to congratulate partners Drew Grey and Sheri Grossberg on their nominations for the San Fernando Valley Business Journal’s 2013 Trusted Advisors Award. This marks the second year in a row for both nominations. SRG prides itself on highly personalized and professional … Read More »

August 5, 2013 Posted in News

Cost Segregation

By Fred Solomon, CPA and Managing Partner and Giancarlo Laguercia, CPA & MST fsolomon@srgcpas.com  and glaguercia@srgcpas.com WHAT IS COST SEGREGATION? If you own real estate you need to know about cost segregation.  Cost segregation is a tax deferral strategy that generates immediate tax savings and thereby increases cash flow for real property owners.   The strategy … Read More »

June 19, 2013 Posted in Tax

Tax Law Changes Effective January 1, 2013

By Brian Gourlay, CPA, Partner bgourlay@srgcpas.com Now that Congress has made up its mind, we can provide a summary of the tax rules that will be in effect for 2013.  We’ll start with the bad news: a summary of the increase in tax rates (Federal and California), broken down by income levels.  Following that is … Read More »

January 2, 2013 Posted in News, Tax

Make the Gift And Keep It Too!

By Drew Grey, CPA, Partner dgrey@srgcpas.com We know that the per person gift tax exclusion, which is $5,120,000 in 2012, is scheduled to decrease to $1,000,000 on January 1, 2013.  We also know that the gift and estate tax rate, currently 35%, is scheduled to increase to 55% on January 1, 2013.  As a result, … Read More »

November 1, 2012 Posted in Estate Tax Planning, Tax

SELF-CANCELLING INSTALLMENT NOTES

By Drew Grey, CPA, Partner dgrey@srgcpas.com As discussed in previous blogs, all gift and estate tax planning involves the transfer of assets from parents to their heirs.  One principal challenge is to determine the technique to use to most effectively accomplish the transfer.  In that analysis a self-cancelling installment note (SCIN) will certainly be considered. … Read More »

October 20, 2012 Posted in Estate Tax Planning, Tax