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The Buddha’s Light International Association (BLIA) Los Angeles Chapter held its first community lecture series of 2024, titled Taxation Seminar, on February 4, 2024, at the Hsi Lai Temple Conference Room. The event was conducted in person and streamed on YouTube, with over 200 participants attending. The BLIA Los Angeles Chapter invited senior professional accountant Mr. Jim C. Chen, who serves as the Chief Financial Officer of the BLIA World Headquarters, to elucidate tax laws and provide the latest information to the public.
The seminar covered topics including tax deductions for clean energy vehicles, California Proposition 19, Employee Retention Credit, Beneficial Ownership Reporting, updates to tax laws in 2023, and a question-and-answer session.
Chen explained that tax deductions for clean energy vehicles are calculated based on the vehicle, with households meeting certain income criteria eligible for up to $7,500 in tax deductions per vehicle. Due to the complexity of the application process and regulations, he advised seeking assistance from vehicle dealers when purchasing a car.
Regarding the retention of original property valuation when transferring real estate to children, Chen clarified that according to California Proposition 19, children must reside in the property left by their parents to retain the original property valuation. If they move out or it ceases to be their primary residence, the property will be reassessed at market value, and children may face increased property taxes, with case studies provided for clarity.
Regarding questions about applying for the Employee Retention Credit, Chen emphasized that the application criteria are very strict and cautioned against believing the exaggerated claims often found in advertisements. If there has been a misreporting, he advised contacting the IRS promptly and returning any improper income.
Chen stressed the severe penalties for violating Beneficial Ownership Reporting requirements and urged shareholders of companies and businesses to contact accountants early and submit reports. For those concerned about personal information disclosure, he suggested using online FinCEN Identifiers at www.fincen.gov/boi to protect personal data.
Chen reminded everyone that tax season is approaching and it is essential to have all necessary tax forms and information ready, filled out clearly, and handed over to accountants promptly to expedite tax processing and save costs.
The president of BLIA Los Angeles Chapter, Alex Wu, stated that filing taxes is everyone's responsibility and obligation. He emphasized that understanding taxation and tax-saving strategies is crucial and hoped that participants would deepen their understanding of taxation. The event concluded with New Year blessings from Venerable Master Hsing Yun, "May You Be Free as Cloud and Water, Auspicious and Joyful."
(Photos Provided by Dora Dong and the BLIA Los Angeles Chapter)
