North Bay Business Journal

HAY

Trusts enhance options in business succession planning

April 16th, 2012

When that succession plan involves passing a business to the next generation, North Bay professionals in the field said that one mechanism – a trust – can allow a well-controlled ownership transition to occur earlier and open up further options for tax planning.
Need a tax extension? Request one on the IRS website

April 16th, 2012

As the April 17 federal income tax filing deadline approaches, the Internal Revenue Service has reminded taxpayers that filing for a six-month extension is a simple process.
Correction: Innovative Business Solutions in Payroll Services list

April 16th, 2012

Innovative Business Solutions of Santa Rosa is the largest provider of payroll services in the North Bay. Last week’s list [Payroll Services, p. 7] contained inaccurate information.
State tax agents checking licenses, permits in north Santa Rosa

March 9th, 2012

OAKLAND — This month, the Board of Equalization’s Statewide Compliance and Outreach Program teams contacted businesses in the 95403 ZIP code area, which includes north Santa Rosa, the Wikiup-Larkfield-Mark West area and the Charles M. Schulz–Sonoma County Airport industrial parks, about a planned door-to-door check of licenses and permits.
More companies save costs with Web-based accounting software

February 27th, 2012

NORTH BAY – Companies in the North Bay and beyond are increasingly turning to “the cloud” when upgrading their accounting systems, embracing an Internet-based approach that local accounting professionals said can result in a reduction of IT and other costs associated with storing and processing that information in-house.
IRS tweaks nonprofit disclosure requirements for 2011 tax year

February 27th, 2012

The Internal Revenue Service has clarified a handful of provisions related to its form 990 in tax year 2011, the document used in tax filing for nonprofit organizations that was significantly expanded in 2008.
Considering making a large gift? The time is now

February 27th, 2012

The clock is ticking on what may be a unique estate planning opportunity. At the end of 2010, Congress increased the estate and gift tax exemptions to $5 million, effective for two years.
Entrepreneur group, city back business education course

February 27th, 2012

One of the provisions in the current package of favorable gift and estate tax conditions – the ability to take on the exemption of one’s deceased spouse – has received an extended deadline from the Internal Revenue Service. … One of the provisions in the current package of favorable gift and estate tax conditions — the ability to take the exemption of one’s deceased spouse — has received an extension from the Internal Revenue Service.
‘Defective’ trusts may boost 2012 tax exemptions

February 20th, 2012

Keeping a family-based wine or vineyard business alive from one generation to the next is difficult enough, seen in a recent industry survey that one in three vintners wants to get out in coming years, but many small to relatively large family operations may be able to avoid an estate-tax “liquidity crisis” by accelerating transfers of business assets to a multigenerational trust under federal tax law provisions currently set to end this year.
BPM, Long Beach firm call off merger

February 13th, 2012

SANTA ROSA — Accounting and consulting firm Burr Pilger Mayer, which has an office in Santa Rosa, will no longer merge with a Long Beach-based accountancy, a combination that arguably would have created the largest such company based in California.
Favorable tax rates and provisions to expire

January 9th, 2012

A number of favorable tax provisions for top income earners will expire at the end of 2012, and tax professionals in the North Bay said that careful income planning and asset evaluation could allow some individuals to take advantage of current rates and lessen the impact of increased taxes in 2013.
Getting comfortable with making large gifts

January 9th, 2012

We are currently in a unique tax environment allowing for $5 million of lifetime gifts (per individual, $10 million per married couple) to be made tax-free. If no action is taken by the government, the gift tax exemption will return to $1 million beginning Jan. 1, 2013.
Rush expected before estate exemption ends

January 9th, 2012

While experts agree that estate planning is a comprehensive process spanning many facets of an individual’s financial legacy, one element of that planning has dominated the limelight since 2011: a temporary five-fold increase in the value of assets that an individual can gift without a federal tax penalty.
Many tax rates will increase in 2013

January 9th, 2012

Barring action in Congress, a number of favorable tax provisions will expire at the end of 2012.
Succession planning takes center stage at upcoming Business Journal event

January 9th, 2012

NORTH BAY — One of the many headaches caused by the recession has been for business owners who were close to enacting their exit strategy. “There is rarely a pot of gold at the end of the rainbow. Anyone who is selling a business had better have other resources available for retirement — 401(k), savings, etc. — if they plan on retiring comfortably,” said Jim Andersen, a partner in the Consulting & Business Valuation Services Practice of Burr Pilger Mayer in Santa Rosa. Mr. Andersen will join some of the North Bay’s leading succession experts taking part in the North Bay Business Journal’s Jan. 18 event, “Who will take over your business?”
Business Journal succession-planning event set for Jan. 18

January 2nd, 2012

The Business Journal event “Who will take over your business?” will be held Wednesday, Jan. 18, at the Hyatt Vineyard Creek in Santa Rosa. Call for reservations: 707-521-5264.
People news: Week of Jan. 2, 2012

January 2nd, 2012

News about north San Francisco Bay area professionals
End-of-year planning: Consider making large gifts as exemption set to end

December 19th, 2011

With 2011 coming to a close, we would like to take the opportunity to remind you of the unique tax environment which we are in, allowing for $5 million of lifetime gifts (per individual, $10 million per married couple) to be made tax-free. If no action is taken by the government, the gift tax exemption will return to $1 million beginning Jan. 1, 2013.
Auto body chain installs $2 million in solar on three shops

December 12th, 2011

Santa Rosa-based G&C AutoBody is spending $2.09 million installing photovoltaic power arrays on three of its seven locations to write off the whole project cost in one year under a special 2011 tax incentive for capital investments.
Wine industry specialist Ausburn joins BPM as senior manager

December 6th, 2011

SANTA ROSA — Accounting and consulting firm Burr Pilger Mayer announced the hiring of Michelle Ausburn to the firm’s Santa Rosa office today. She joins as a senior manager in the Assurance Services Practice Group, a move that will take effect at the start of 2012.