Notes from the practice
Plain-spoken analysis on the tax and accounting topics that actually come up.
The Section 754 Election: A Step-Up in Basis, in One Example
Buy into a partnership or inherit one, and a later sale can tax you on gain that isn't yours. Here's how a Section 754 election and the step-up in basis fix it, with a simple example.
AAA and OAA: How an S-Corp's Two Adjustment Accounts Decide What's Taxable
Your S-corp's Schedule M-2 tracks two accounts: the accumulated adjustments account and the other adjustments account. Which one funds a tax-free distribution, and why leftover C-corp earnings may surprise you.
Is the California PTET Still Worth It in 2026?
California's PTET was set to expire after 2025. SB 132 extended it through 2030, and the new $40,000 SALT cap changes the math. When the election still pays.
Inheriting a Partnership Interest: The Section 754 Election and Basis Step-Ups
A Section 754 election decides whether an inherited partnership interest gets a real basis step-up inside the partnership. What heirs should ask, and when.
You Got an IRS Notice. Here's What Actually Happens Next
An IRS notice is usually a proposal, not a bill. What a CP2000 actually means, the deadlines that matter, and why panic-paying can cost you real money.
FBAR and Form 8938: Who Actually Has to Report Foreign Accounts
FBAR kicks in once foreign accounts top $10,000 combined. Form 8938 has higher thresholds. Who files which form, and what the penalties really look like.
Can a C Corporation Own 100% of a REIT? Captive REITs and the Data-Center Boom
Captive REITs are back in the conversation as data-center spending explodes. How a C corporation can own a REIT, where the tax benefit really is, and isn't.
S-Corp or Not? The Reasonable-Compensation Question
The S-corp election can cut self-employment tax by five figures, or buy you an audit. What a reasonable salary really means, and when the math works.
Multi-State Tax When You Work Remotely or Move Mid-Year
Move mid-year or work remotely across state lines, and two states may both want a return. How residency, the convenience rule, and the other-state credit work.
Understanding Your K-1: What Partnership and Fund Investors Need to Know
You can owe tax on partnership income you never saw in cash. What a K-1 reports, why it's always late, and the traps: basis, states, passive losses.
RSUs, ISOs, and the AMT Trap: A Map for Equity Compensation
RSUs, ISOs, NSOs, ESPP: each is taxed its own way, and employer withholding rarely covers the bill. Where the AMT hides, and how to plan before you exercise.
Year-End Tax Planning for High Earners
Almost every move that lowers a high earner's tax bill expires on December 31. Retirement buckets, charitable timing, loss harvesting, and the 110% safe harbor.