The following contains a comprehensive view on all the latest proposed tax changes that impact individual, retirement, international and corporate tax law. We have been selective and have only included a portion of the proposed changes…
The California legislature has great news for some business owners: The budget act includes a mechanism that allows S corporations, partnerships, and LLCs to pay a pass-through tax equaling 9.3 percent on qualified net income. In…
When I sift through résumés in search of new employees, I am not looking for smarts. But let’s back up. What does it mean to be smart? Most people say that that people…
A Business Owner's Policy (BOP) includes business income insurance, often called business interruption insurance, which compensates business owners for loss of income should a disaster hit that disrupts operations or forces you to vacate your offices…
Enacted in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit that eligible employers can claim if they hire eligible individuals who have consistently faced stringent barriers to employment. According to the Department…
It can seem exciting to make money in the stock market. But when you do well, the government wants a piece of the action in the form of taxes. Each trade can generate either a taxable…
The new lease standards set forth by the Financial Accounting Standards Board has far-reaching and complex impacts for all companies. This new standard was approved in 2016 but the effective date of the has been pushed…
More good news is coming from the SBA for small business owners and nonprofits: The maximum amount these organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program has increased to $500,000 for 24…
On March 25, Senator Sanders (I-VT) and Senator Whitehouse (D-RI) proposed a bill that would make very sweeping changes to the current estate and gift tax system. A similar bill is likely to be proposed in…
In our last blog, we discussed the basic concepts of ASC 606, the new revenue recognition standard. Today, let’s dig in a little deeper to see what exactly the five-step model of the new standard is…
Can you deduct expenses paid with PPP forgiven loan amounts from your California state taxes? The answer is still: We don’t know. We were hopeful earlier this month when a bill, AB 80, was introduced…
The following only applies to individual returns. So far, all other returns and entities will retain their original due dates. The IRS will be extending the 2020 tax filing due date for individuals to May 17,…
ASC 606, the new revenue recognition standard is something you may have heard a lot about lately. It’s the FASB’s (Financial Accounting Standards Board) answer to keeping revenue evaluations balanced and comparable across different industries. It…
The $1.9 trillion law signed by President Biden last week includes funding for agriculture, nutrition, education, veterans, vaccines, therapeutics, testing, public health, housing, airlines, state and local governments, and, this is where you come in….… help…
The new lease standards set forth by the Financial Accounting Standards Board has far-reaching and complex impacts for all companies. This new standard was approved in 2016 but the effective date of the has been pushed…
The American Rescue Plan Act of 2021 is on its way through Congress, expected to become law by March 14. The bill includes the following for employers: Paid sick and family leave credits Employee retention…
Good news for sole-proprietors, independent contractors and self-employed individuals (Schedule C filers) who still plan on applying for a PPP loan: The SBA announced last week that these individuals can use gross receipts rather than net…
Today the Biden Administration announced that from 9:00 AM EST on Wednesday, February 24 until 5:00 PM EST on Tuesday, March 9, only those small businesses with fewer than 20 employees may apply for and receive PPP…
Recent news of possible COVID relief in the form of the GOP’s $700 billion package to the Democrat’s $1.9 trillion package may obscure the fact that there was a relief package adopted in December. December’s relief…
The CARES Act has affected many things in many ways. We want to take a few moments and focus on a few of the ways it has had an impact on the real estate industry. Just…