Posts

NEW TAX OFFICE: Mammoth Lakes and Surroundning Areas

/0 Comments/in /by

FEBRUARY 1, 2023

Over the last several years, We have been hard at work developing our personal and Professional Network in the Eastern Sierras focusing on Mammoth Lakes and surrounding areas of Mono County and Inyo County. We had the pleasure of meeting some great businesses, individuals, trusts and nonprofit organizations and we were able to help a lot of people with their taxes and accounting (Save Money and Reduce Taxes!).

On February 1, 2023 we officically launched our first office in the local area of Mammoth Lakes, CA with warm welcome from the local city and county.

Staff In-Office We are here for you! Staff are on-site. Please remember to Schedule All Meetings in advance (preferrably 24-hours minimum); we are meeting by appointment only. Also, please remember to contact us ahead of time so we can help you organize your tax and accounting information for our meeting.

Remote Tax Services If you can not make the trip into our tax office, important note, we offer Remote Tax Prep Services. It is easier than ever; Work with your CPA from the comfort of your home. All you need is a reliable internet connection and a document scanner or camera phone. Ideally you have acess to computer video meetings to speak face to face with your tax preparer.

Meet your New CPA Today – we are now serving clients in or near Mammoth Lakes and surrounding areas:

    City / TownZip Code
    Big Pine93513
    Bishop93514
    Bishop93515
    Bridgeport93517
    Coleville96107
    Death Valley92328
    Independence93526
    Inyokern93527
    June Lakes93529
    Keeler93530
    Lee Vining93541
    Little Lake93542
    Lone Pine93545
    Mammoth Lakes93546
    Olancha93549
    Shoshone92384
    Tecopa92389
    Topaz96133
    Trona93592

    We strongly encourage you to meet with us in-person OR if you prefer we can always setup a video meeting or telephone call.

    Working with Business Owners, Contractors, Rental Property Owners, Tourism Businesses, Restaurants, Hotels, Livestock, Agriculture, Mining & Exploration, Trusts, Nonprofits, etc. We are here for you! Meet your New CPA Today.

    Feel free to call 442-372-2372 or email info@mrarrachecpa.com

    Event: KEYS to a Living Trust | Expert Discussion followed by Q&A

    /0 Comments/in /by

    You’re Invited! KEYS to a Living Trust | Expert Discussion followed by Q&A. Thursday Feb. 17.

    REGISTER now this event will sell out.


    AGENDA Get ready for Keys to Living Trusts:

    -6:00p – Networking*
    -6:30p – Expert Discussion
    -7:00p – Audience Q&A

    Since our last event was such a success, we’ll be opening up to 20 seats for this group talk! 

    Michael Arrache CPA is a Certified Public Accountant and Enrolled Agent with over 15 years representing taxpayers before the IRS. Michael works primarily with closely held Businesses, Individuals and Trusts. 

    Jonathan Alexander Esq has been a practicing California Attorney for over 16 years, helping Families just like yours with Estate Planning and Asset Protection. Jonathan is an expert in Trusts, Estates and Litigation. EMAIL

    *Light Refreshments & Snacks will be provided
    Parking Validation Available (bring parking ticket to event)

    Taxes Next Week, Next Month and Next Year

    /0 Comments/in /by

    2021 is coming, dun dun dun….

    For some people that is good news, for some people that is like 4 more years of covid.

    Here’s some tax buzz to look out for in the coming weeks, months, years.

    Read more

    Too many tax clients? Want to sell your tax practice?

    /0 Comments/in /by

     

    Too many tax clients? Want to sell your tax practice? If yes, then I would like to extend to you an invitation to our practitioner network for tax client referrals & tax practice acquisitions – we offer a “dollar per client” or “% of fee”. We have had tremendous success growing organically, but we always enjoy and look forward to working with local tax preparers if for nothing else than to get tax practice tips. To discuss more, you can reach me at (949) 877-3143 or by email at MRarrache@MrSmartTax.com

    Thank you.

     

    Sincerely,

    Michael R. Arrache, CPA, EA

    Owner – Mr. Smart Tax, Inc.

    Economic Troubles Ahead? Clean Up, Save Up, Understand & Review

    /0 Comments/in /by

    Whether you prefer hands on investing or hiring wealth managers, start saving money and protect your portfolio. Healthy cash reserves cover 12-24 months of living expenses, but 6 month reserves is a great start. Most importantly keep an eye on your investments and make smart moves with your money.

    John Riley, AIF from Cornerstone Investment Services is worried about the economy. In his recent article published June 2016, he discusses 4 charts that indicate negative economic trends and 4 helpful tips to protect your portfolio .

    Ultimately the key to fortifying your financial position is to clean up, save up, understand & review – Mr. Smart Tax, Inc. is here to help. Schedule your free initial consultation today!

    (800)-425-0570 or email us at contact@MrSmartTax.com

    Read full article by John Riley here…

    Web

     

    Real Estate Inherited From a Deceased Spouse? Step Up Your Tax Knowledge

    /0 Comments/in /by

    mst step up in basisDid you inherit real estate from a deceased spouse? The internal revenue code has special tax treatment for valuing the basis of inherited property regardless if you have estate tax filing requirements and no doubt this will impact you.

    If the inherited property has appreciated in value, the surviving spouse will generally receive a step up in basis of the inherited property to the fair market value (FMV) at:

            1) the date of decedent’s death or

            2) on the alternate valuation date (within 6 month of the date of death).

     

    mst new houseFurther, in community property states (i.e. California, Arizona, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin), married individuals are typically considered to each own 50% of the community property. As such, when either spouse dies, the entire value of the community property, including the part owned by the surviving spouse, receives a step up in basis to the FMV. For this rule to apply at least 50% of the value of the community property must be included in the deceased spouse’s gross estate regardless if the deceased spouse’s estate must file a estate tax return.

    These rules can come in handy when a surviving spouse is in need of liquid capital. It should be noted that this special tax treatment can have adverse consequences if not handled correctly. Consult your tax adviser for more information.

     

    Sources:

    IRC 1014

    IRC 2032

    Publication 551

    Publication 555

     

    TAX DUE DATE – Business & Trust/Estate Taxes – September 15th, 2015 – Are you ready?

    /0 Comments/in /by

    istock_000008670496xsmall1

    September 15, 2015 – This is the last day to file a 2014 calendar year income tax return for your:

    • Corporation
    • Partnership
    • Trust/Estate

    Be aware – This due date applies only if you timely requested a 6-month or 5-month extension. If you did not file an extension then there is even more urgency to file your tax return as soon as possible – expect penalties and interest if this is the case, but contact us immediately and let’s get those penalties abated!

    Also, you must deposit the third installment of estimated income tax for 2015.

    If you need help filing or have questions, feel free to call us today for a FREE initial consultation (800) 425-0570 or email questions to Contact@MrSmartTax.com

    MST_Man_260x600