Weekly Update – June 23rd 2023

This week I attended the amazing CASCPA annual symposium in person.  What a great surprise to see good friends presenting and to meet colleagues of others.  I left home at around 7 AM and was worried about the traffic and parking, and snuck in a bug battle that morning so I forgot one of my prior take-aways “bring business cards to all in person events…”; no problem, I was able to connect via social media.

Selfie with Elaine Yue, CPA and Polina Parusis, esq
Selfie with Elaine Yue, CPA and Polina Parusis, esq

I did remember to bring my surface and took many great notes; I am happy to share some below.  Who knew going to a tax and accounting conference could be the highlight of my week.  Fingers crossed there is not too much collateral damage to my poor abused fig tree, not fun to get sprayed daily (and sometime twice a day) with my vinegar solution.  This morning there were less than 10 Spotted  Lantern Fly Nymphs and I think I spotted a few fig buds.  I am not expecting the bumper crop I had last year, but if this tree could survive hurricane Sandy it should be able to survive my bug attacks.  I do hose the tree down with plain water after each treatment, but the vinegar is still very hard on the leaves…


Fig tree fighting off bugs
Fig tree fighting off bugs

Luckily I have a very hard working pair of bees hanging around my blackberry bush…

Blackberry bush in bloom
Blackberry bush in bloom

It looks like we will get some rain this weekend, good for my garden and an excuse to sleep in and relax, enjoy!

Weekly Take-Away

Maybe I need to make a list of my take-aways and be sure to review them, I forgot to bring my business cards to a professional event yet again, even though it worked out fine.  I am glad I followed my “do the right thing even when it’s hard and you will never regret it” quote.   This week doing the right thing was easy.  I was looking forward to seeing my professional friends and supporting their hard work by attending the day long symposium.  I was rewarded by meeting new people as well as catching up with “old” friends.


Notes on C-Corporations from the Chinese American Society of Certified Public Accountants (CASCPA) Annual Symposium

Thank you Alexander Wang of CBIZ for your great presentation on C-Corporations:

  • C-Corporations are not required to file consolidated tax returns. When the parent company owns 80% or more they must make an election.  Good planning dictates a review of all related companies as it might be beneficial when some have profits and some have losses.  Use IRS form 1122 – the subsidiaries must sign and file this election.  Certain states require the corporation to file a combined State tax return, i.e. NY,  CA, MA
  • Stock bases compensation is a great tool to incentivize and reward employees and founders,  It is critical for the company owners, employees, their attorneys and accountants to communicate and plan for vesting and tax reporting.   Properly and timely filing of the IRS code section 83 (b)  election can be a great tax saving strategy for shareholders.  It is important to understand the differences between the types of stock options and related tax reporting obligations.
  • For a stock based sale/merger IRS code section 338(h)(10) election via IRS form 8023 can be a great option for both the buyer and seller: if you purchase 80% of the company and you make a 338 (h)(10) via IRS form 8023 election by the 15th day of the 9th month the buyer gets a step up in basis and the seller treats the transaction as a sale of stock.  Win Win!
  • A business plan including an exit strategy is critical when starting a company.  Entity selection and understanding tax ramifications can be most critical when you sell.   There are very specific requirements including: original issue C Corppration stock, 5 year or greater holding period, non-corporate owner, active trade or business, domestic C corporation, can  be classified as 1202 stock and benefit from a federal and state exclusion of up to $10 million in capital gains from the sale of the stock.

Temporary Flexibilities End for I-9 Preparation

Thank you Teresa Garzon of Isolved for your LinkedIn post alerting employers to the deadline for I-9 updates:

COVID-19 temporary flexibilities of Form I-9, Employment Eligibility Verification will end on July 31, 2023. Employers will have until August 30, 2023, to complete physical inspections for employees whose documents were inspected remotely during the temporary flexibility.


If Biden’s Student Loan Forgiveness Plan is Struck Down, What is Plan B?

Each passing day brings the country closer to knowing if the Supreme Court will kill President Joe Biden’s student loan forgiveness plan and halt relief for the more than 40 million Americans who could have some of their debt erased. Advocates see another path – if the administration is willing to take it.

Americans Continue Spending as Inflation Cools

Americans are continuing to spend despite a cooling of inflation. Still, there are some troubling economic signs. Mark Strassmann breaks it all down.

Drivers Getting Some Relief at the Pump this Summer

Drivers are getting some relief at the pump this summer due to the drop in oil prices. Though still high, the price of gas is down significantly from what it was a year ago. The national average for a gallon of regular Saturday was $3.58, according to AAA. This time last year, it was more than $5. Michael George has more.

How the Debt Ceiling Impacts Interest Rates

While the impacts of a U.S. debt default has been widely analyzed, there has been little published on how it might impact interest rates on savings accounts at banks and credit unions. Read more about the potential impacts.

Everyone with a Louisiana or Oregon Driver’s License Caught in One of the Largest Data Breaches Ever

The Oregon Department of Transportation (ODOT) and Louisiana’s Office of Motor Vehicles (OMV) are among the many victims affected by a massive data breach resulting from a global hack targeting the data transfer software MOVEit Transfer. This breach has compromised personal information for millions of individuals holding driver’s licenses or IDs in both states.


We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are here for you.

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