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Tax Alerts

Insights 2022 Tax Calendar
February 1, 2022in Insights 0 Comments 0 Likes

2022 Tax Calendar

To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the

by Manny Ramirez
COVID-19 Will Changes to CA’s PPP Loan Bill Affect Your Business?
April 21, 2021in COVID-19 0 Comments 0 Likes

Will Changes to CA’s PPP Loan Bill Affect Your Business?

2020 California PPP Law Explained California enacted a law in late 2020 allowing businesses to exclude PPP loan amounts under the federal CARES Act for state tax purposes, but denying

by Karen Turner
COVID-19 $1.9 Trillion American Rescue Plan Act
March 15, 2021in COVID-19 0 Comments 0 Likes

$1.9 Trillion American Rescue Plan Act

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARPA). This $1.9 trillion stimulus package contains extensions to unemployment, stimulus payments and provisions for small

by Manny Ramirez
Insights Should You File a Protective Refund Claim for ACA-Related Payments?
November 9, 2020in Insights 0 Comments 0 Likes

Should You File a Protective Refund Claim for ACA-Related Payments?

The U.S. Supreme Court has agreed to hear arguments on whether the Affordable Care Act (ACA) is unconstitutional. It is expected that the Supreme Court will not make a decision

by Fernando Jimenez
COVID-19 Tax Alert – Proposition 15 Raises Property Taxes!
October 21, 2020in COVID-19 0 Comments 0 Likes

Tax Alert – Proposition 15 Raises Property Taxes!

Amid an unprecedented economic crisis, special interests are pushing Prop 15 on the November 2020 statewide ballot to begin the process of eroding Propositions 13’s property tax protections. This is

by Manny Ramirez
COVID-19 Payroll Tax Deferral Starts Today – Employer Can Elect In or Out
September 4, 2020in COVID-19 0 Comments 0 Likes

Payroll Tax Deferral Starts Today – Employer Can Elect In or Out

On August 28, 2020, the Department of Treasury and Internal Revenue Service (IRS) issued official guidance for taxpayers on the payroll tax deferral ordered by President Donald Trump on August

by Manny Ramirez and Fernando Jimenez
COVID-19 PPP Loan Extension Gives Small Businesses 5 More Weeks
July 9, 2020in COVID-19 0 Comments 0 Likes

PPP Loan Extension Gives Small Businesses 5 More Weeks

President Trump signed a bill into law on July 4, 2020 that extends the Paycheck Protection Program (PPP) deadline for five more weeks until August 8. The original deadline to

by Manny Ramirez
COVID-19 IRS Guidance Provides RMD Rollover Relief
July 1, 2020in COVID-19 0 Comments 0 Likes

IRS Guidance Provides RMD Rollover Relief

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take

by Karen Turner
COVID-19 New Law Improves PPP Loan Flexibility & Forgiveness
June 29, 2020in COVID-19 0 Comments 0 Likes

New Law Improves PPP Loan Flexibility & Forgiveness

The recently approved Paycheck Protection Program Flexibility Act (PPPFA) provides businesses with much-needed flexibility regarding the use of Paycheck Protection Program (PPP) funds and eases the requirements for full loan

by Karen Turner
COVID-19 IRS Denies Deductions for Expenses Paid by PPP Loans
June 8, 2020in COVID-19 0 Comments 0 Likes

IRS Denies Deductions for Expenses Paid by PPP Loans

The IRS has recently confirmed that they will not allow taxpayers to claim tax deductions for expenses that were paid by PPP loans that were forgiven, even for recurring expenses

by Karen Turner
COVID-19 Good News for Small Businesses as Senate Passes PPP Reform Bill
June 8, 2020in COVID-19 0 Comments 0 Likes

Good News for Small Businesses as Senate Passes PPP Reform Bill

The U.S. Senate passed the House version of the Paycheck Protection Program Flexibility Act on June 3, 2020, easing restrictions on how small businesses can use their PPP loan funds

by Karen Turner
COVID-19 SBA Clarifies Good Faith Certification for PPP Loans
June 8, 2020in COVID-19 0 Comments 0 Likes

SBA Clarifies Good Faith Certification for PPP Loans

On April 23, the Small Business Administration (SBA) issued a warning that businesses with substantial access to liquidity may not qualify for Paycheck Protection Program (PPP) loans. Concerned that their

by Karen Turner
COVID-19 Net Operating Loss
May 31, 2020in COVID-19 0 Comments 0 Likes

CARES Act Alert – NOL Filing Deadline Now June 30, 2020

The CARES Act has loosened the rules around net operating loss deductions (NOLs), in addition to other tax relief. The CARES Act provides a five-year carryback for losses earned in

by Courtney Holst
COVID-19 House Proposes More Flexibility for PPP Program. Will Senate Follow?
May 29, 2020in COVID-19 0 Comments 0 Likes

House Proposes More Flexibility for PPP Program. Will Senate Follow?

The U.S. House of Representatives passed a bill on May 28, 2020 that would make it easier for businesses to have their Paycheck Protection Program (PPP) loans forgiven by reducing

by Karen Turner
COVID-19 Missed or Denied a PPP Loan? Good News, Here Are Some Alternatives
May 5, 2020in COVID-19 0 Comments 0 Likes

Missed or Denied a PPP Loan? Good News, Here Are Some Alternatives

The Paycheck Protection Program (PPP) loan is anticipated to quickly run through its second round of $310 billion in funding due to high demand, which will leave many small business

by Karen Turner
COVID-19 New Funds Now Available for PPP and EIDL Loans
April 27, 2020in COVID-19 0 Comments 0 Likes

New Funds Now Available for PPP and EIDL Loans

On April 24 the Paycheck Protection Program (PPP) Increase Act of 2020 was signed into law. The Act is an interim stimulus plan designed to provide relief to small businesses

by Karen Turner
COVID-19 How to Achieve Maximum PPP Loan Forgiveness
April 24, 2020in COVID-19 0 Comments 0 Likes

How to Achieve Maximum PPP Loan Forgiveness

If you received a Paycheck Protection Program (PPP) loan, you have probably already started thinking about the next step – determining how much of the loan will be forgiven. Qualifying

by Karen Turner
COVID-19 New COVID-19 law makes favorable changes to “qualified improvement property”
April 20, 2020in COVID-19 0 Comments 0 Likes

New COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred

by Karen Turner
COVID-19 The IRS announces new COVID-19-related assistance for taxpayers
April 13, 2020in COVID-19 0 Comments 0 Likes

The IRS announces new COVID-19-related assistance for taxpayers

The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file

by Karen Turner
COVID-19 Answers to questions about the CARES Act employee retention tax credit
April 7, 2020in COVID-19 0 Comments 0 Likes

Answers to questions about the CARES Act employee retention tax credit

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the

by Karen Turner
COVID-19 Coronavirus (COVID-19): Tax relief for small businesses
March 23, 2020in COVID-19 0 Comments 0 Likes

Coronavirus (COVID-19): Tax relief for small businesses

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has

by Karen Turner
COVID-19 What you need to know about the Families First Coronavirus Response Act
March 20, 2020in COVID-19 0 Comments 0 Likes

What you need to know about the Families First Coronavirus Response Act

President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave

by Karen Turner
COVID-19 BREAKING: U.S. Treasury Secretary now says tax filing deadline is moved to July 15
March 20, 2020in COVID-19 0 Comments 0 Likes

BREAKING: U.S. Treasury Secretary now says tax filing deadline is moved to July 15

U.S. Treasury Department Secretary Steven Mnuchin announced that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19)

by Karen Turner
COVID-19 The IRS extends the federal income tax payment deadline
March 20, 2020in COVID-19 0 Comments 0 Likes

The IRS extends the federal income tax payment deadline

After U.S. Treasury Secretary Steven Mnuchin’s announcement that the deadline for paying federal income taxes would be extended, the IRS released guidance on March 18 outlining the details. IRS Notice

by Karen Turner
Insights The IRS provides guidance on meal and entertainment deductions
March 4, 2020in Insights 0 Comments 0 Likes

The IRS provides guidance on meal and entertainment deductions

The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December 31, 2017. Among other things, the proposed regs clear up

by Karen Turner
Insights How business owners may be able to reduce tax by using an S corporation
February 18, 2020in Insights 0 Comments 0 Likes

How business owners may be able to reduce tax by using an S corporation

Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There

by Karen Turner
Insights The SECURE Act likely to affect your retirement and estate plans
February 10, 2020in Insights 0 Comments 0 Likes

The SECURE Act likely to affect your retirement and estate plans

In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the

by Karen Turner
Insights Numerous tax limits affecting businesses have increased for 2020
January 27, 2020in Insights 0 Comments 0 Likes

Numerous tax limits affecting businesses have increased for 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your

by Karen Turner
Insights The SECURE Act changes the rules for employers on retirement plans
January 27, 2020in Insights 0 Comments 0 Likes

The SECURE Act changes the rules for employers on retirement plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of

by Karen Turner
Insights Wayfair revisited — It’s time to review your sales tax obligations
January 6, 2020in Insights 0 Comments 0 Likes

Wayfair revisited — It’s time to review your sales tax obligations

In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote

by Karen Turner
Insights Spending bill extends tax breaks, adds retirement account provisions
December 23, 2019in Insights 0 Comments 0 Likes

Spending bill extends tax breaks, adds retirement account provisions

Spending bill extends tax breaks, adds retirement account provisions With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on

by Pamela Marches
Insights Small Businesses: It may not be not too late to cut your 2019 taxes
December 16, 2019in Insights 0 Comments 0 Likes

Small Businesses: It may not be not too late to cut your 2019 taxes

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: 1. Buying

by Karen Turner
Insights IRS updates rules for using per diem rates
December 10, 2019in Insights 0 Comments 0 Likes

IRS updates rules for using per diem rates

The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance

by Karen Turner
Insights Holiday parties and gifts can help show your appreciation and provide tax breaks
December 2, 2019in Insights 0 Comments 0 Likes

Holiday parties and gifts can help show your appreciation and provide tax breaks

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving

by Karen Turner
Insights Two valuable year-end tax-saving tools for your business
November 26, 2019in Insights 0 Comments 0 Likes

Two valuable year-end tax-saving tools for your business

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related

by Karen Turner
Insights IRS Updates Rules for Mileage-Related Deductions
November 22, 2019in Insights 0 Comments 0 Likes

IRS Updates Rules for Mileage-Related Deductions

The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. IRS

by Karen Turner
In The News California Cannabis Update
November 7, 2019in In The News 0 Comments 0 Likes

California Cannabis Update

California has the largest legal marijuana market in the world and is on track to post a record $3.1 billion in cannabis sales this year, representing a 23% increase over

by Courtney Holst
In The News Pay Zero Tax on Sale of Your Business/Stock/Other Assets!?
February 11, 2019in In The News 0 Comments 0 Likes

Pay Zero Tax on Sale of Your Business/Stock/Other Assets!?

Created by the Tax Cuts and Jobs Act (TCJA), Opportunity Zones were designed to increase investment in low-income communities throughout the country. In June of 2018 over 8,000 communities in

by Courtney Holst
In The News Calculator and pen to do Cost Segregation work
November 5, 2018in In The News 0 Comments 0 Likes

Cost Segregation & Tax Reform – Opportunities for Increased Depreciation and Expensing

With the Tax Reform legislation passed in December 2017 and effective for new and used fixed asset additions, businesses can elect a 100% depreciation deduction for qualified tangible personal property.

by Courtney Holst
In The News Accountant's desk
October 29, 2018in In The News 0 Comments 0 Likes

Could a Change in Accounting Method Save Taxes?

With the 2017 tax filing season at a close, taxpayers and their accountants are now shifting their focus to year-end planning. While most year-end planning conversations include a discussion about

by Courtney Holst
In The News Cryptocurrency (and What it Means for Your Taxes)
August 20, 2018in In The News 0 Comments 0 Likes

Cryptocurrency (and What it Means for Your Taxes)

Bitcoin had a banner year in 2017. Though it’s been around for almost a decade, the explosive growth experienced in 2017 has piqued the interest of investors and the IRS

by Courtney Holst
In The News IRS Loses Third Captive Case
March 20, 2018in In The News 0 Comments 0 Likes

IRS Loses Third Captive Case

On September 21st, 2015 the U.S. Tax Court ruled in favor of an insurance company, R.V.I. Guaranty Co., Ltd. & Subsidiaries v. Commissioner. It is the third major captive insurance

by Courtney Holst
In The News International Tax Strategies – Reduce Your Tax Rate (Orange County Business Journal)
March 20, 2018in In The News 0 Comments 0 Likes

International Tax Strategies – Reduce Your Tax Rate (Orange County Business Journal)

March 20, 2018 Microsoftʼs paying a 7 percent tax rate! How you ask? By utilizing some basic international tax strategies which might apply to you! The fact is, few large

by Courtney Holst
In The News International Tax Strategies – Reduce Your Tax Rate!
March 20, 2018in In The News 0 Comments 0 Likes

International Tax Strategies – Reduce Your Tax Rate!

March 20, 2018 Microsoft is paying a 7 percent tax rate! How you ask? By utilizing some basic international tax strategies which might apply to you! The fact is, few

by Courtney Holst
Tax Alerts H.R.1 Tax Cuts and Jobs Act
March 20, 2018in Tax Alerts 0 Comments 0 Likes

H.R.1 Tax Cuts and Jobs Act

On November 2, 2017, after months of discussion, the U.S. House Ways and Means Committee released its sweeping bill to reform the tax code. Here is a brief summary of

by Courtney Holst
Tax Alerts New Property Capitalization Regulations Effective January 1, 2014
March 20, 2018in Tax Alerts 0 Comments 0 Likes

New Property Capitalization Regulations Effective January 1, 2014

Recently, the Internal Revenue Service issued final tangible property capitalization regulations. These regulations provide clarity to a complex area of tax law for business taxpayers who acquire tangible property or

by Courtney Holst
Tax Alerts American Taxpayer Relief Act of 2012
March 20, 2018in Tax Alerts 0 Comments 0 Likes

American Taxpayer Relief Act of 2012

The tax side of the fiscal cliff has been averted. The US Senate overwhelmingly passed legislation to avert the so-call fiscal cliff on January 1, 2013… American Taxpayer Relief Act

by Courtney Holst
Tax Alerts Prop 30
March 20, 2018in Tax Alerts 0 Comments 0 Likes

Prop 30

Temporary taxes to fund education. Guaranteed local public safety funding. Initiative Constitutional Amendment. Prop-30

by Courtney Holst
Tax Alerts Post-Election Tax Policy
March 20, 2018in Tax Alerts 0 Comments 0 Likes

Post-Election Tax Policy

President Obama secured a second term in office November 6, 2012, in the end winning the Electoral College by a wide margin. The President’s re-election now sets in motion what

by Courtney Holst

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