Numerous reports of scammers sending fraudulent CP2000 Notices for tax-year 2015 have been received by the IRS, resulting in an investigation by the Treasury Inspector General for Tax Administration.
The notice relates to the Affordable Care Act (ACA) and requests information regarding 2014 coverage. It also includes a request for payment of unpaid taxes. Read more
Renting out your home through services like Airbnb or VBRO can be income tax-free, but consider the caveats.
There is an IRS provision which allows individuals to rent their personal residences for fewer than 15 days per year without reporting the income or expenses on their tax return. However, there are other practical considerations to take into account before deciding to rent out your spare bedroom:
A: Probably. Each city has their own laws for short-term rentals. In order to rent out your space, San Francisco requires you to first register as a business and pay a licensing tax, in addition to remitting transient occupancy tax (TOT).
A new issue that has surfaced recently is whether personal property tax can be levied on artwork, decorations, appliances, and other wares in homes that have been converted to short-term rental properties. The Board of Equalization is considering this issue.
New in 2016, San Francisco is requiring all businesses (including short-term rentals) which collect TOT to file Form 571-R, Business Apartment Statement, to report the assets used in the rental for the purpose of levying personal property tax. It should be pointed out, though, that the tax is relatively small (1.1826% in 2016 which would equate to $118 on $10,000 of assessed property value). The city estimated that an average one bedroom apartment would have $7,500 worth of taxable furnishings. Read more
For the second year in a row, LMGW staff chose to work at Sacred Heart Community Service Center for our annual volunteer day. Sacred Heart makes an incredible impact on individuals and families in our own community who are affected by poverty. Partner, Jennifer Hauck, with the assistance of the LMGW Events Committee and Sacred Heart Staff, organized our team into groups working in the Thrift Shop, helping in the food packing and refrigeration area, and assisting with distribution to service center clients. LMGW staff sorted, packed, and distributed fresh and packaged food, clothing and personal hygiene items to needy families and carried hundreds of pounds of items for disabled and senior citizens.
LMGW staff chose to work with Sacred Heart for our volunteer service day to support Sacred Heart’s mission of helping to build a community free from poverty. In one typical day for Sacred Heart, over 450 families received food and clothing, helping them save money to pay their household bills. The Fourth Annual LMGW Community Volunteer Day was a gratifying event that was appreciated by everyone who participated. We are committed to regularly providing service to less fortunate members of our community.
Advancement and opportunity await at LMGW Certified Public Accountants! LMGW is seeking experienced staff to join our team of growing professionals during this exciting growth phase in our company. Potential candidates must be dedicated to a rewarding and successful long-term career in public accounting and be focused on personal and professional growth.
Applicants will:
LMGW is pleased to announce the acquisition of the practice of Leonard W. Williams, CPA, effective August 1, 2016. Leonard W. Williams, CPA is well known in the accounting community and has been practicing in public accounting since 1962. Len’s decision to retire led him to seek out a firm with the expertise and commitment to client satisfaction that aligned with his own values. Three professionals from Leonard’s practice, Brenda George, EA, Susan Conners, EA, and Kaiden Degas will join LMGW from the acquisition.