Starting a business and not sure if it’s worth consulting with a professional?

It’s worth it!

Bregante + Company LLP is solidly grounded in the fundamentals of traditional tax and accounting services. However, we believe that our clients especially value our service partnership approach to advising them, and in particular our creative approach to helping protect their interests during certain critical transactions that call for our expertise.

At B+Co, we are able to consult with our clients during the entire life cycle of their businesses; from entity selection and formation (LLC, Corp, Non-Profit), to retirement and business succession planning, and everything in between. Whether a client has one small business or multiple entities involved in diverse business operations, we find that helping our clients focus on long-term considerations and goals results in the […]

By |June 8th, 2021|Categories: BCo Community News, Business Operations, Business Tax|Comments Off on

Further Explanation on 100% of Business Meals Deductibility in 2021 & 2022

On Thursday April 8th, the IRS issued Notice 2021-25 providing further guidance on when the temporary 100% deduction for meals applies and when the 50% limitation continues to apply.  In addition, the IRS explains the term ”restaurant” means a business that prepares and sells food or beverages to retail customers for immediate consumption, regardless of whether the food or beverages are consumed on the business’s premises.

Additional detail is available here:

By |April 19th, 2021|Categories: Business Operations, Business Tax, IRS|Comments Off on Further Explanation on 100% of Business Meals Deductibility in 2021 & 2022

California Supreme Court Ruling Significantly Limits Independent Contractor Classification

The California Supreme Court has established new criteria for classifying workers as Independent contractors.   In Dynamex Operations West, Inc. v. Superior Court, the Court rejected the previous multi-factor test and instead issued a rigid 3-factor test, called the “ABC” test.

Under the ABC test, each of the following three factors must be met in order to classify a worker as an independent contractor:

  1. The worker must be free from the control and direction of the hiring company in performing the work.
  2. The work must take place outside the usual course of the business of the hiring company’s business.
  3. The worker is customarily engaged in an independent established trade, occupation or business.

This ruling will no doubt have a significant impact on gig companies in the Bay Area (Uber, Lyft, and DoorDash, etc.), […]

By |June 6th, 2018|Categories: Accounting & Bookkeeping, Announcements, Business Operations, Business Tax, Individual Tax, IRS, Real Estate, Retirement Planning|Comments Off on California Supreme Court Ruling Significantly Limits Independent Contractor Classification

2018 Tax Reform-Business Tax Changes

The Tax Cuts and Jobs Act (H.R. I; the Act) provides for major changes to business tax law.  Most of the changes are effective January 1, 2018.  The majority of the business provisions do not expire.

The following are a few changes that may save you significant tax dollars this year and in future years:

  • C-corporations: Are now subject to a flat tax of 21% and the special tax rate for personal service corporations is eliminated.
  • Small business deduction: Probably the most revolutionary addition to the tax law is the new deduction for qualified business income from “pass-through entities,” which also applies to sole proprietorships and rental properties. This provision can provide a deduction of up to 20% of your net “qualified business income”. This new law is too complicated to […]
By |February 8th, 2018|Categories: Announcements, Business Operations, Business Tax, IRS, Real Estate|Comments Off on 2018 Tax Reform-Business Tax Changes

2017 Tax Planning Guide

With the end of the year rapidly approaching, we are once again reaching out to share our annual Tax Planning Guide with you.  The 2017/2018 Tax Planning Guide is available here www.webtaxguide.net/Bregante.

Sweeping tax law changes that will impact individuals and businesses are outlined in the proposed Tax Plan released by the House Republicans on November 2, 2017 including:

  • Proposed decreases to certain individual and most business income tax rates
  • Repeal of a number of personal tax breaks including the deduction for state income taxes which can be significant for most California residents, reduction in the amount of new acquisition debt for principal residences that qualifies for the mortgage interest deduction, elimination of the mortgage interest deduction for […]
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