News & Resources

Short-Term Rental of Personal Residence

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:

1. Q: Are there special laws or filing requirements for short-term rentals in my city/county?

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

LMGW Continues Its Commitment to Serving our Community with 4th Annual Volunteer Service Day

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.

LMGW Seeks Staff Accountants to Start in Fall of 2017

Advancement and opportunity await at LMGW Certified Public Accountants! LMGW is seeking staff accountants to join our team of growing professionals during this exciting growth phase in our company. Potential candidates must be interested in a rewarding and successful long-term career in public accounting and be focused on personal and professional growth. Staff accountants will have an opportunity to work for a successful accounting firm and will participate in projects such as tax returns, audits, reviews, compilations, litigation support, bookkeeping, and trust accounting.

Applicants will:

• Have a strong desire to make public accounting accounting a career
• Possess a strong sense of confidence in one’s own abilities and a drive to learn
• Understand it takes hard work and discipline to succeed, and look forward to proving oneself
• Recognize the opportunity to be part of the growth and transition of a firm moving to the next level
• Keep the “big picture” view in mind at all times

Read more

LMGW Seeks Interns for Summer 2017

Advancement and opportunity await at LMGW Certified Public Accountants! LMGW is seeking interns to join our team of growing professionals during this exciting growth phase in our company. Potential candidates must be interested in a rewarding and successful long-term career in public accounting and be focused on personal and professional growth. Interns will have an opportunity to see how a successful accounting firm operates and will participate in projects such as tax returns, audits, reviews, compilations, litigation support, bookkeeping, and trust accounting.

Applicants will:

• Have a strong interest in public accounting
• Possess a strong sense of confidence in one’s own abilities and a drive to learn
• Understand it takes hard work and discipline to succeed, and look forward to proving oneself
• Recognize the opportunity to be part of the growth and transition of a firm moving to the next level
• Keep the “big picture” view in mind at all times

Read more

2015 Individual Tax Return Extension Deadline is Approaching

Extended 2015 individual tax returns are due October 17, 2016. No additional extension of time is available. If your return was extended, we must have your information well in advance of this universal deadline in order to complete all returns to permit timely filing.

If you are unsure what information is missing please call now. If there is information that is still unavailable (and beyond your control), please provide all of the information immediately that you are able to obtain. We cannot guarantee that your returns will be available for timely filing if any information is received after September 15, 2016.

Please remember that this is an extension of time to file and not to pay any tax due. If you owe tax for 2015 the taxing authorities will assess interest and penalties. Filing sooner will reduce the interest and penalties. Read more