Stevens, Sloan & Shah CPAs
Stevens, Sloan & Shah CPAs
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  • Home
  • Our Firm
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    • Mr. Sloan
    • Mr. Shah
  • Our Team
    • Mr. Shah
    • Michael Shah
    • Neil Shah
    • Dennis Shaler
  • Our Expertise
    • Agriculture & Farming
    • Real Estate & Construction
    • Faith-Based Institutions
    • High Net-Worth Individuals
    • Family Businesses
    • Banks & Financial Institutions
  • Our Services
    • Wealth Creation
    • Consulting
    • Estate Planning
    • Taxation
    • Virtual CFO & Accounting
    • Technology & Systems Implementation
  • Blog
  • Resources
    • Forms & Templates
    • File Share
    • Online Resources
    • Remote Support
  • Contact Us
    • Monterey County
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"THE SSS UPDATE"

To inform and educate

New CA Paid Sick Leave Rules Effective as of January 1, 2015

7/9/2015

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Governor Jerry Brown signed into law AB 1522, which includes mandatory sick leave law that will affect most employers in California. Accrual for sick leave does not need to start until July 1, 2015. However, after that date, employers must comply with the record keeping and accrual requirements of the law. ​

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IRS may issue regulations curbing Estate Planning technique

7/7/2015

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One of the most widely used estate planning strategies for freezing the value of assets may be coming under attack from proposed IRS regulations, which may be released as early as September. Many estate planners suggest the use of Family Limited Partnerships (FLPs) and Family Limited Liability Companies (FLLCs) to get family members involved in the family business or in the family's real estate operations. By using discounts for lack of marketability (DLOM) and discounts for lack of control also known as a minority interest discounts (DLOC), estate valuation experts and appraisers have been able to value percentage interests of assets gifted to heirs at favorable values for estate and gift tax purposes (for DLOM anywhere from 20-35% and for DLOC anywhere from 20-30%). These discounts have allowed families to pass on wealth to the next generation at a minimal estate, gift and generation-skipping transfer tax cost. The discounts have been challenged a plethora of times in court with the taxpayers and the IRS at opposite ends.

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975 West Alisal Street, Suite D, Salinas, CA 93901  ||  1631 Willow Street, Suite 110, San Jose, CA 95125
Serving Salinas, Monterey, King City, Soledad, Carmel, the greater Monterey County Area, Silicon Valley and the Greater Bay Area