Entries by Betty Kim

New per diem business travel rates became effective on October 1

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation […]

California Property Tax Deferment

Property owners in California can apply for property tax deferment for the 2021-2022 tax year. The CA Property Tax Postponement (PTP) Program is administered by the Controller’s Office. It allows qualified homeowners to postpone the property tax on their primary residence. Applicants must be seniors, blind, or have a disability and meet certain income and […]

Selling a home: Will you owe tax on the profit?

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in […]

Is your parent moving into a nursing home?

Long-term care, including nursing home care, can be very expensive. Fortunately, there may be tax breaks if your parent is moving into a nursing home. One of our top, long-time clients is a national leader in developing and managing Class A senior housing communities and we feel very privileged to work with them. Here are […]

Scholarships are usually tax free but they may result in taxable income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct […]