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 a deduction for expenses paid
$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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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)
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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.
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
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
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
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
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
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
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
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
Prop 30
Temporary taxes to fund education. Guaranteed local public safety funding. Initiative Constitutional Amendment. Prop-30
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
