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Int'l Business Times
5 days ago
- Business
- Int'l Business Times
Angie Bhasin Is Changing the CPA Game with Strategic Tax Planning at FinTax
When Angie Bhasin started her career in 2002, she believed, like most CPAs, that she was helping her clients by preparing their tax returns accurately and compliantly. But over time, she realized she wasn't helping them create wealth; she was simply recording history. Angie Bhasin "Traditional CPA work is about putting numbers in boxes," says Bhasin. "We are trained to be historians. But what small businesses and high earners really need is someone to help them create history proactively. It's not just about determining how much tax to pay, but to strategically plan and implement tax saving options to reduce the tax liability." That belief is what led Bhasin to found FinTax CPAs in 2018, a firm that specializes in tax planning and strategy. As one of the few certified tax strategists, in addition to being a CPA, Bhasin works not just to file tax returns but to help clients structure their businesses and financials in ways that legally minimize their tax burden. Her mission is clear: empower entrepreneurs with the same tools big corporations use so they can grow wealth more intentionally. "Billionaires don't just pay less in taxes by chance," she explains. "They have the right advisors, people reading the tax code and looking for opportunities. I believe small and medium-sized businesses deserve that same level of support." FinTax CPAs can help its clients acquire a significant return on investment. That's not a marketing gimmick. It's a bold promise based on real results. As part of the onboarding process, Bhasin conducts a complementary review of a client's previous tax return. "Returns tell a story," she says. "They show me income compositions, deductions, and, more importantly, missed opportunities." In one memorable case, a new client came to FinTax after working with a large, well-known accounting firm. Bhasin's team found a substantial amount in overpaid taxes for two previous years, mistakes that had nothing to do with strategic planning and everything to do with careless compliance. "I used to say anyone can do tax prep," Bhasin says, "but I stopped saying that after seeing how many firms miss critical details. Most firms are focused on compliance because they don't have the time, knowledge, or resources to look outside of the box to find opportunities within the Internal Revenue Code. We take a different approach." That approach is not one-size-fits-all. FinTax CPAs operates as a high-touch firm, working closely with a select number of clients on a quarterly basis. This ensures the strategy is not left until the end of the fiscal year when it's too late to make meaningful changes. "If you are handing over your documents in March and expecting miracles, it's almost always too late," Bhasin says. "Real planning and implementation is done throughout the year." For those who may not yet be a fit for FinTax's one-on-one services, Bhasin created an education platform: SnapIt Tax Boot Camp (STB). The online portal offers subscription-based courses to help business owners, real estate investors, and even other CPAs learn advanced, IRS-compliant tax strategies. The first course, focused on short-term rental strategies, is already live. FinTax CPAs "There are so many entrepreneurs who are hungry for knowledge but don't have access to real, actionable tax planning resources," Bhasin explains. "STB helps bridge that gap. It's my way of scaling education and helping more people benefit from the same principles I use with my clients." Bhasin is also passionate about mentoring fellow CPAs and helping them evolve beyond compliance work. She says, "I mentor CPAs to become tax strategists because our profession needs to change. Our clients deserve more than just paperwork; they need vision and guidance." That drive to lead meaningful change recently earned Bhasin a coveted industry award, The National Tax Planner of The Year, recognizing her as a standout innovator in the tax services sector. But accolades are secondary to impact. "The real reward is seeing a business reinvest the money we have saved them, hiring more staff, launching new products, putting their children through college, saving for retirement, or simply having peace of mind," she says. Not everyone is an ideal prospective client. Bhasin emphasizes a thorough vetting process to ensure alignment of goals, values, and expectations. "If we cannot deliver a substantial ROI, we're not a good fit. We don't want to be a cost to our clients, only an investment," she states. That commitment to both education and elite service is what makes FinTax CPAs a rarity in the tax world. It's not just a firm. It's a movement, a movement that emphasizes that tax filings are the end product of the financial process. Strategic growth starts with the design of the customized tax plan and the implementation thereof. "When I show someone how much they've been leaving on the table, it's not just about dollars," Bhasin says. "It's about dignity. It's about helping them realize that with the right knowledge and guidance, they can keep more of what they earn and build the future they actually want." With FinTax CPAs and SnapIt Tax Boot Camp, Angie Bhasin is proving that tax planning, done right, is about empowerment in addition to the immense savings that can be achieved.
Yahoo
5 days ago
- Business
- Yahoo
TCW Strategic Income Fund Announces Quarterly Distribution
LOS ANGELES, June 16, 2025--(BUSINESS WIRE)--TCW Strategic Income Fund, Inc. (NYSE: TSI) today announced a quarterly distribution of $0.065 per share payable to shareholders of record on June 30, 2025, with the payable date of July 11, 2025. The distribution is based on a policy that was approved by the Board of Directors in December 2013 which was to pay distributions out of the Fund's accumulated net investment income and/or other sources subject to the requirements of the Investment Company Act of 1940, as amended, and Sub-chapter M of the Internal Revenue Code. The Directors will regularly monitor conditions and circumstances relating to the distribution of dividends and make such changes as they, in consultation with the Fund's portfolio managers, deem appropriate. Distribution policy is a matter of Board discretion and may be modified or terminated at any time without prior notice. TSI is a closed-end fund listed on the New York Stock Exchange. The Fund began operations in March 1987 and currently has net assets of approximately $247 million. About The TCW Group TCW is a leading global asset management firm with a broad range of products across fixed income, alternative investments, equities, and emerging markets with over half a century of investment experience. Through its TCW MetWest Funds, TCW Funds and ETF suite, TCW manages one of the largest fund complexes in the U.S. TCW's clients include many of the world's largest corporate and public pension plans, financial institutions, endowments and foundations, as well as financial advisors and high net worth individuals. For more information, please visit Various matters discussed in this news release constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected or contemplated by these forward-looking statements due to a number of factors, including general economic conditions, overall availability of certain types of securities for investment by the Fund, the level of volatility in the securities markets and in the share price of the Fund, and other risk factors outlined in the Fund's SEC Filings. View source version on Contacts Investor Contact:Tel: 800-386-3829Media Contact:Doug MorrisHead of Corporate CommunicationsTel: 213-244-0509 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Axios
13-06-2025
- Business
- Axios
What to know about Trump's "gold card"
President Trump's website for his " gold card" that would enable successful applicants to buy U.S. permanent residency for $5 million went live this week. The big picture: Details on what the program would entail remain scant, and it may require congressional approval. State of play: Trump announced in February his plan to offer the card as a replacement for the existing EB-5 program, which has granted green cards to individuals who invest in the U.S. since 1990. The president launched a website Wednesday to allow people to register their interest in signing up for the " gold card." Successful applicants will be able to buy U.S. permanent residency for $5 million. The site, is currently only for people to register their names, email addresses and the regions they're from. What they're saying: Commerce Secretary Howard Lutnick said on Fox Business Network on Thursday that there is a waiting list and 25,000 people signed up in 15 hours. "At 200,000 people, that's a trillion dollars," Lutnick said. Between the lines: The card will likely require legislative support and face legal challenges if congressional approval isn't sought, immigration attorney Theda Fisher said in an email. An amendment to the Immigration and Nationality Act and the Internal Revenue Code would be required to increase the numbers of immigrant visas issued annually and to have differential tax treatment of certain permanent residents. But congressional approval to change these rules would be required. "I believe the Gold Card can be successful if administered properly as there is a lot of demand for U.S. permanent residency that would exempt an individual from tax on global income," Fisher said. "It is a dream come true for many high-net-worth individuals. Our thought bubble: Congress establishes various legal categories for allowable immigration by statute, and has not created one along these lines. Article I Section 8 of the Constitution is the real authority here. Anybody with $5 million in extra cash sitting around and a clean legal record can probably find a way get a long-term US visa, and eventually citizenship, through other means.
Yahoo
10-06-2025
- Business
- Yahoo
Pasadena man faces prison after paying only $770 in taxes on $1M in income
A Pasadena man is facing up to three years in federal prison after he admitted to hiding his money so that he paid only $770 in taxes on about $1 million in income. Gabriel David Guerrero pleaded guilty on Monday to one count of corruptly obstructing or impeding, or endeavoring to obstruct or impede, the due administration of the Internal Revenue Code, the U.S. Department of Justice said in a news release. Guerrero, who is free on $50,000 bond, works as a commercial real estate broker and made about $1 million in the years 1998-99, 2001-05 and 2012-13, though he 'did not file timely federal individual income tax returns' for those first two periods, the release explained. For 2012-13, Guerrero owed additional taxes. For those years, the IRS sent him 'dozens of notices' in an attempt to collect what the agency was owed, though Guerrero 'took steps to conceal his income and assets from the IRS.' 'For example, he made extensive use of cash and cashier's checks; submitted a false form to the IRS that significantly understated his income; and used a nominee bank account to deposit income,' the DOJ said. For years, his scheme was able to keep tax collectors at bay. 'Despite the IRS's issuance of dozens of levies to bank accounts and brokers with whom Guerrero worked throughout the collection action from October 2013 to November 2017, the IRS obtained only $770 towards Guerrero's tax liabilities for 1998, 1999, 2001 through 2005, 2012, and 2013 despite Guerrero earning approximately $1 million in income from his work as a commercial real estate broker over that same time frame,' the DOJ said. He's scheduled to be sentenced on Sept. 15, and he faces a maximum of three years in federal prison. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
10-06-2025
- Politics
- Yahoo
Bill would allow charitable nonprofits to endorse candidates
SALT LAKE CITY, June 10 (UPI) -- Republican lawmakers have introduced a bill that would amend a provision in the Internal Revenue Code to allow nonprofit entities, including houses of worship, to endorse or oppose political candidates. Under the current provision in the tax code, called the Johnson Amendment, a charitable nonprofit may not participate in, or intervene in -- including publishing or distributing statements -- any political campaign on behalf of or in opposition to any candidate for public office. The Free Speech Fairness Act would change that by permitting statements by organizations that have Section 501(c)(3) tax-exempt status "if such statements are made in the ordinary course of carrying out [their] tax-exempt purpose." Entities with 501(c)(3) status -- including churches, synagogues, mosques and other places of worship -- are exempted from taxation, and donations to them are tax-deductible for the donors. Penalties for violating the Johnson Amendment include revocation of the organization's tax-exempt status. Sen. James Lankford, R-Okla., who, with Rep. Mark Harris, R-N.C., introduced the bicameral legislation March 31, said the act is needed to uphold free speech protections. The Senate bill is in early legislative stages, while the House bill has been referred to the Ways and Means Committee. "Fundamental American values must extend to everyone, including pastors, social workers, or non-profit employees and volunteers," Lankford said in a news release. "Everyone should have their constitutional rights to assembly, free speech, freedom of religion and free press protected." The legislation would affect only the prohibition related to political candidate support or opposition. Nonprofits presently can engage in a limited amount of lobbying and advocacy for or against issues in the political arena, including ballot measures, according to the IRS. Rick Cohen, chief communications officer and chief operating officer of the National Council of Nonprofits, said nonprofits already "can and should and do speak out on issues" within the tax code limits. "All [the Johnson Amendment] is saying is you can't get involved in pushing a candidate for office, and there are plenty of ways to be effective in your work without crossing that line," Cohen said of the Johnson Amendment. The amendment, enacted in 1954, is named for then-Sen. Lyndon Johnson, who championed the law. It does not prevent religious leaders from endorsing candidates outside their position as clergy, such as talking to friends and family or supporting their candidacy on their personal social media pages. There have been attempts throughout the years to eliminate the Johnson Amendment. During his first term, President Donald Trump in 2017 signed an executive order stopping its enforcement, but the law remains on the books. Alessandro Terenzoni, vice president of public policy at Americans United for Separation of Church and State, said the Johnson Amendment protects the integrity of elections and nonprofits. "Repealing or weakening this law would change the character of nonprofits as we know them," Terenzoni said. "It could transform houses of worship into political action committees, flooding our elections with even more dark money." He said polls have repeatedly shown a broad cross-section of Americans, including faith leaders, evangelical Christians and Republicans, do not want houses of worship endorsing or opposing candidates. "Congressional leadership would be wise to remember that when the Johnson Amendment was threatened during Trump's first administration, more than 4,500 faith leaders, 5,500 nonprofit organizations and 106 religious and denominational organizations weighed in to strongly oppose weakening or repealing the current law," Terenzoni said. There is an array of opinions among churches on whether they should be involved in politics or talk about political issues, according to Jeremy Dys, senior counsel for First Liberty Institute, a nonprofit public interest law firm. The houses of worship, not the government, should make the call, he said. "So if you decide you don't want to talk about politics in your church, that's fine," Dys said. "If you decide you do want to talk about politics or what your faith brings to bear upon a political discussion, we support your right to do that, as well." He said Johnson added the amendment language to the IRS code because he had been opposed by Texas churches in his re-election campaign. "That type of restraint on speech has no business in our country that otherwise values freedom of speech," Dys said. "Congress would do well to just simply eliminate the Johnson Amendment." Separate IRS investigations of possible Johnson Amendment violations by two churches represented by attorneys with First Liberty and the Jones Day law firm were closed this spring. In Florida, Jill Woolbright, a candidate running for re-election to the Flagler County School Board, stopped by New Way Christian Fellowship in Palm Coast on a Sunday in 2022 and addressed the congregation during the service about the importance of her faith and why she was running for office. Then, the pastor prayed for her, Dys said. "And that was enough for the IRS to come after the church," he said. The agency sent a letter to the church in June 2024, saying it had information that indicated New Way may have conducted "political campaign intervention activities." Allowing one candidate for office to speak at an event without providing all candidates with the same opportunity could be a violation, the letter said. Dys and John Gore, an attorney at Jones Day, said the basis for the investigation was unconstitutional. "Indeed, government inquiry into a church's exercise and expression of its beliefs during worship services is irreconcilable with the First Amendment's core protections of religious independence and free exercise, free speech and free association," they said in a letter to the IRS. The agency closed its investigation in April, saying it had determined that the church's activities "continue to allow you to be exempt from paying federal income tax." For Grace Church St. Louis in Missouri, it was important its members be involved with their government at every level, Dys said. Its civic engagement group researched websites of candidates running in the 2022 local school board elections, posted the information on the church's website and made a physical copy available at the church, he said. The candidates included church members Linda Henning, who was running for a seat on the Ritenour School Board, and Jeff Mintzlaff, who was running in the Kirkwood School Board race. Their fellow congregants were encouraged by the church to support them for being willing to run for office, which prompted the IRS to start an investigation, Dys said. The lawyers called the examination an improper government intrusion into a church's religious affairs. Ultimately, the agency backed off and affirmed what Grace Church is doing is legal and constitutional and the investigation was closed in May, Dys said. Woolbright, Henning and Mintzlaff all lost their races. A lawsuit filed against the IRS by four nonprofit religious organizations -- the Washington, D.C.-based National Religious Broadcasters; two Texas churches, Sand Springs Church in Athens and First Baptist Church Waskom; and Intercessors for America, a Virginia ministry organization that leads a movement of prayer and fasting for the nation's leaders -- is seeking a declaration that the Johnson Amendment is unconstitutional. The Internal Revenue Code prohibits only nonprofits organized under Section 501(c)(3) from communicating their views about political candidates, according to the suit, which was filed Aug. 28 in U.S. District Court in Tyler, Texas. All for-profit corporations and all nonprofits organized under any other section of the code can speak freely, the suit says. Hundreds of newspapers are organized under Section 501(c)(3), yet many openly endorse political candidates, the suit adds. "Plaintiffs simply contend that they should also have the same freedom of speech," the suit concludes. The National Council of Nonprofits said the suit contributes to the further politicization of the charitable sector and society. "It will be opposed vigorously by the National Council of Nonprofits and all who are committed to serving communities rather than ideologues, self-serving politicians and their political operatives," the national council said. Surveys conducted in 2017 showed 72% of the public supported keeping the Johnson Amendment in place and nearly 90% of evangelical leaders said it is wrong for preachers to endorse candidates from the pulpit, the council said. Cohen said nonprofits prefer to stay above the partisan fray because it helps them do their work effectively no matter who's in office. "We want our houses of worship to be a place where all are welcome and the same applies for all other nonprofits," Cohen said. "All they care about is that if you're donating or volunteering, that you want to help make the world a better place. And when you come through their door, it's about whether you need their services or not, not your political leanings."
