David French & Associates, PLLC

Time to celebrate! David French & Associates is No. 707 on this year’s list. See the full list here: inc.com/inc5000

Inc. 5000 2023: First Look at the Companies Building the Future The founders of these startups are delivering solutions to our nation’s biggest problems–and growing their businesses like crazy doing it.

Firm trip to Cabo!

Let's go you slowpokes! Still waiting on a few of y'all.

Oct 17 - Person & C-Corp Returns Due (Extended)

In order to qualify for the Employee Retention Credit, a business must have experienced one of the following during the COVID pandemic in 2020 or 2021:

-A full or partial suspension of operations because of governmental orders limiting commerce, travel or group meetings due to COVID-19
-A decline in gross receipts in a calendar quarter in 2020 or 2021

The parameter used by the IRS to define “decline in gross receipts” was amended by the Relief Act of 2021 and is now dependent on the calendar quarter for which a business is seeking to apply the credit. The image below shows the breakout.

Don't forget you have up to three years to apply for the ERC retroactively. Learn more and let us know how we can help: https://lnkd.in/ga-wVB6j

When your net worth reaches $5M, it’s a good time to start exploring options beyond traditional life insurance to determine which alternatives are right for you and your loved ones. Our partnership with Heritage Family Offices, LLP provides a full-service team of tax, legal, and insurance professionals with the expertise to help you maximize your policy value and minimize your tax burden.

Learn more and schedule an appointment with us here:

The Best Life Insurance Options for High Net Worth Individuals High net worth individuals have high-value policies so traditional life insurance isn’t always the best option. Here are some alternatives.

Sep 15 - S-Corp / Partnership Returns Due (Extended)

Coming up on September 15th is the extended deadline for S-Corporation and Partnership tax returns.

If you're a client and haven't filed yet, you're in the dog house and we need your information ASAP.

If you're not a client, learn more about one of our favorite Partnership tax return strategies here and let us know if we can help: https://lnkd.in/ejS6nwCJ

Here's your friendly reminder that the Texas Franchise Tax second extension due date is coming up! This is for taxpayers who are required to pay by EFT ($10K+ in prior year Franchise tax). If you are under that, you are safe until November 15th.

If you're a client, we'll need your information ASAP.

If you're not a client, check out our free online calculator to understand your Texas Franchise Tax obligation better and let us know how we can help: https://lnkd.in/gV-y8qEu

We hope summer is bringing you some much needed time with your family, even if you're in this Texas heat!

We are proud to partner with Heritage Family Offices, LLP to offer a full range of services to Texas families looking to generate more wealth in this lifetime, and successfully pass that wealth onto the next generation.

To learn more about these services, visit our website or schedule an appointment with us today: https://lnkd.in/eS26-G94

https://www.linkedin.com/posts/david-french-cpa_we-got-the-crew-together-for-a-lake-weekend-activity-6960299841683959808-PXkq?utm_source=linkedin_share&utm_medium=member_desktop_web

We got the crew together for a lake weekend and had a blast! So great - David French & Associates on LinkedIn We got the crew together for a lake weekend and had a blast! So great to connect in person and meet all the families. Love this squad! Suzanne Newton ...

High net worth individuals can explore a variety of life insurance options to maximize value and minimize tax obligations.

With Premium Financed Life Insurance, money is borrowed from a third-party lender to pay large life insurance premiums instead of investors using their own capital.

What are some of the benefits?

-Investor’s capital is not tied up in insurance premiums and can continue to earn for them
-Not having to liquidate assets to pay for premiums means avoiding capital gains tax
-Loan interest may be tax-deductible for businesses if set up correctly
-Tax-free growth
-Income tax-free payout of death benefit
-Estate tax-free payout if used in conjunction with an Irrevocable Life Insurance Trust

Explore your options with our Family Office team, schedule an appointment here: https://davidfrenchcpa.com/family-office-services/

Purchasing, or being issued, stock options means you are guaranteed the right to buy or sell that stock at an agreed-upon price. As the market fluctuates, you can make decisions about when to exercise that option to maximize your gains.

While stock price is a big factor in exercising stock options, so are taxes. Understanding your tax obligations and alternatives when exercising stock options is important.

Whether you have ISOs or NSOs, learn more about your options here: https://davidfrenchcpa.com/what-to-consider-before-exercising-your-stock-options-this-december/