January Newsletter

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The White Nelson Diehl Evans Newsletter for January is now online.

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White Nelson Diehl Evans LLP Newsletter – January 5, 2016

Knowledge Applied - Ready to Use Knowledge for Business & Personal Finance

“Whenever you’re successful you owe that success to the people in the community, because they are the ones buying your product.” Carl Karcher, founder of Carl’s Jr.

Welcome

We are pleased to bring you another issue of KnowledgeApplied. In this issue, we profile one of our Tax Managers, Jenny Kim. As we start the new year, we have several tax related items to share. First, the Protecting Americans from Tax Hikes (“PATH”) Act became law on December 18, 2015 and this is good news for our clients. We’ve also included tax information for small business owners, a tax tip about miscellaneous deductions and a link to our tax guide to help you prepare for the filing of your 2015 returns. Last, as a proud sponsor of RMA Orange County, we share information on an RMA economic forecast event featuring Dr. Christopher Thornberg.

Happy New Year,

Dave Doran
Managing Partner

Manager profile: Jenny Kim

Jenny Kim is a tax manager at WNDE. The industries she services include real estate, manufacturing, restaurants and professional services firms, etc. Her clients include C-Corporations, S-Corporations, partnerships, individuals and foreign corporations. She is fluent in both English and Chinese. She is a member of CalCPA and AICPA.

Jenny joined WNDE in 2009. She likes that the staff at WNDE are a close-knit group and finds the firm’s partners to be very approachable. Before joining WNDE, she worked at Ernst & Young in the St. Louis office for three years. She was on the diversified learning path for a few years and later specialized in international tax. Her clients included large multi-national corporations, and she gained experience on federal, state local and international filings.

Read more >

Protecting Americans from Tax Hikes (“PATH”) Act Becomes Law

Congress passed the Protecting Americans from Tax Hikes (“PATH”) Act of 2015 on December 16, 2015. Originally, the House Ways and Means Committee addressed this potential legislation back in July 2015. The PATH Act was signed by the President on December 18, 2015.

This legislation is good news for our clients and includes a number of individual and business friendly incentives and credits. Included in this act are a number of permanent provisions that in the past have been extended on a yearly basis.

• Enhanced earned income tax credit;

• Research and development credit;

• Enhanced exclusion of gain on the sale of small business stock; and

• Enhanced American opportunity tax credit

Read more >

Where is the Economy Heading in 2016? RMA Orange County Presents 2016 Economic Update

The Risk Management Association, Orange County Chapter is pleased to present a 2016 Annual Economic Forecast by Dr. Christopher Thornberg, founding partner of Beacon Economics, LLC, on Thursday, January 28, 2016, 11:30 a.m. – 1:30 p.m. at The Pacific Club, 4110 MacArthur Blvd., Newport Beach. WNDE is a proud sponsor of RMA Orange County.

Dr. Thornberg is a leading economist in the United States. An expert in economic forecasting, regional economics, employment and labor markets, economic policy, and industry and real estate analysis, he was one of the earliest and most accurate predictors of the subprime mortgage market crash that began in 2007, and of the global economic recession that followed. Since 2006, Dr. Thornberg has served on the advisory board of Wall Street hedge fund Paulson & Co. Inc. Between 2008 and 2012, he was a chief economic advisor to the California State Controller’s Office and served as Chair of State Controller John Chiang’s Council of Economic Advisors, the body that advises the state’s chief fiscal officer about emerging economic issues.

Read more >

For Small Businesses: IRS Raises Tangible Property Expensing Threshold

The Internal Revenue Service simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items.

The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to acquire, produce or improve tangible property that would normally qualify as a capital item.

The new $2,500 threshold applies to any such item substantiated by an invoice. As a result, small businesses will be able to immediately deduct many expenditures that would otherwise need to be spread over a period of years through annual depreciation deductions.

Read more >

Tax Tip: Keep Track of Miscellaneous Deductions

Miscellaneous deductions can cut taxes. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. So if you usually claim the standard deduction, think about itemizing instead. You might pay less tax if you itemize. Here are some IRS tax tips you should know that may help you reduce your taxes:

Deductions Subject to the Limit. You can deduct most miscellaneous costs only if their sum is more than two percent of your adjusted gross income. These include expenses such as:

• Unreimbursed employee expenses.

Read more >

WNDE 2015 – 2016 Tax Planning Guide Available Online

Click Here for WNDE 2015 – 2016 Tax Planning Guide >

Contact Us

White Nelson Diehl Evans LLP
2875 Michelle Drive, Suite 300
Irvine, California 92606
Tel 714.978.1300
Fax 714.978.7893 sjones@wndecpa.com

Need Information on Our Services?
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or to be Contacted.

Jenny Kim

© 2016 White Nelson Diehl Evans LLP

Office Locations:
2875 Michelle Drive, Ste. 300, Irvine, CA 92606
2965 Roosevelt Street, Carlsbad, CA 92008
613 W. Valley Parkway, Ste.330, Escondido, CA 92025
E: sjones@wndecpa.com
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Copyright © 2016, White Nelson Diehl Evans LLP.
All Rights Reserved.

Office Locations:
2875 Michelle Drive, Ste. 300, Irvine, CA 92606
2965 Roosevelt Street, Carlsbad, CA 92008
613 W. Valley Parkway, Ste.330, Escondido, CA 92025

(714) 978-1300
www.wndecpa.com

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