Yulia Petrovskaya

About Yulia Petrovskaya

Yulia is a Manager at Bregante + Company LLP providing tax and audit services to a diverse client base composed of closely held companies, high net worth individuals, and non-profit organizations.

Deferral of Stock Options or RSU Income Available Under the Tax Act of 12/22/2017

In the past, non-statutory stock options (non-ISOs or ESPPs) and restricted stock grants/RSUs were considered taxable income at FMV at exercise/vesting, potentially creating a tax problem for an employee of a privately held company, as there would be no avenue for selling some of the shares to cover the related tax liability.   Starting in 2018, a qualified employee of a qualified company can postpone recognition of that income for up to 5 years, but no later than an occurrence of a triggering event (e.g. an IPO).  The newly introduced Section 83(i) of the Internal Revenue Code provides guidance.

For more details click here.

By |June 29th, 2018|Categories: Accounting & Bookkeeping, Business Tax, Individual Tax, IRS|Comments Off on Deferral of Stock Options or RSU Income Available Under the Tax Act of 12/22/2017

Renting Your Vacation Home

If you rent out your vacation house, apartment, mobile home or even a live-in boat, you might need to report rental income on Schedule E of your tax return, and you might be subject to Net Investment Income Tax. Here are some basic facts:
• If you rented out the property for less than 15 days during the calendar year, there is no need to report the income.
• Expenses for the property will need to be divided between “personal use” and “rental use” portions; you can only deduct certain expenses to the extent of the income received on the vacation home rental.
• The “personal use” portion includes the days the property was used by your family and anyone else who paid less than the […]

By |August 5th, 2014|Categories: Individual Tax|Tags: , , |Comments Off on Renting Your Vacation Home

Tax Credit for Summer Camps and Other Childcare Expenses

If you work (as an employee or by being self-employed) and you pay for daytime childcare services for your children under the age of 13, you might be eligible for a Federal tax credit. Here is the list of the basic facts:
• The credit is calculated on up to $3,000 of qualified unreimbursed expenses for one child or $6,000 for two or more children.
• The amount of the credit is 35-20% of those expenses depending on your income.
• If you are filing a joint return with your spouse, both of you must have earned income.
• Summer daytime camps, daycare facilities, nannies, etc. qualify. Overnight camps and summer school tutoring do not.
• Your tax preparer will need the name of the person […]

By |June 16th, 2014|Categories: Individual Tax|Tags: , , , , |Comments Off on Tax Credit for Summer Camps and Other Childcare Expenses

New 1031 Exchange Filing Requirements for California

The Franchise Tax Board (FTB) has created a new annual filing requirement taxpayers who exchange property located in California for like-kind replacement properties located outside California, which takes effect for tax years beginning on or after January 1, 2014. The new information return, referred to as a California 1031 Information Return, remains in development; but the FTB has indicated that it intends to track the following information: the California sourced portion for the taxpayer’s previously-deferred gain or loss when the non-California replacement property is ultimately sold, and such California sourced gain or loss that remains to be recognized by such taxpayers.

See FTB news release here.

By |December 18th, 2013|Categories: Business Tax, Individual Tax|Tags: , |Comments Off on New 1031 Exchange Filing Requirements for California

Q&A on 0.9% Additional Medicare Tax

The IRS has released final regulations on the new 0.9% additional Medicare tax that is imposed on high wage earners starting on Jan 1, 2013.  The tax applies to wages, compensation, and self-employment income above a threshold amount. A newly compiled Q&A page on the additional Medicare tax is available on the IRS website, and it provides comprehensive guidance on the topic including thresholds and multiple examples.

The additional Medicare tax is one of the many tax changes that are happening in the 2013 tax year. If you haven’t yet done so, please contact us regarding your 2013 year end tax planning.

By |December 3rd, 2013|Categories: Business Tax, Individual Tax|Tags: , , , |Comments Off on Q&A on 0.9% Additional Medicare Tax