On either side of the fiscal cliff, there will be significant tax law changes for San Diego businesses and business leaders to consider.
It will pay to be familiar with the coming changes.
“We are still in the ‘new normal,’” said Sid Tobiason, Moss Adams partner and CPA. “How do we increase after-tax profitability? That requires careful consideration and strategic planning.”
How the wealthy change their investment strategies in an environment of higher rates also will be important factors for government and businesses to consider, he said. Will there be less spending, more long-term investment or other, natural tax avoidance measures taken?
Tobiason, who was a panelist at the recent San Diego Business Journal’s Economic Trends conference, has been in the taxation practice since 1978. His focus is federal income and estate taxation of automobile dealerships. He leads the firm’s Dealer Services Group tax practice, and has authored several articles on ownership succession, the NADA Management Guide titled “A Dealer Guide to Business Succession Planning,” and other matters pertinent to dealership taxation issues. He also has taught various continuing professional education seminars and college level classes.
The San Diego office of Moss Adams is the seventh largest accounting firm in the San Diego area in 2012, ranked by the number of local professionals. The firm’s tax specialists are recognized as leaders in both the corporate and closely held practice areas. They have a long history of work in certain specialty areas, including international business formation and cross border transaction, alternative energy tax credits, and section 382 ownership changes. The San Diego office provides a variety of more specialized consulting services, including SAS 70 control reports, royalty compliance services, and cost segregation studies. Its full-service wealth services and wealth management practice is geared toward Business Owner Succession Services (BOSS), real estate, and financial planning and wealth management.
Tobiason says an interesting question will be how any new legislation impacts the huge transfer of wealth taking place between generations.
Such changes could affect the passing down of family businesses, farms and wealth.
Moss Adams San Diego partners have also taken an active role in the community, giving their talents and time by serving on the boards or committees of some of San Diego’s most prominent local community organizations, such as the Century Club of San Diego, Jackie Robinson Family YMCA, The San Diego Foundation, San Diego Museum of Art, LEAD San Diego, the Torrey Pines High School Foundation and many other San Diego-based organizations that focus on improving the quality of life for the residents of San Diego.