by Fishman, Block + Diamond, LLP | Jul 29, 2024 | Client Memo, Tax
On June 27, 2024, California enacted a number of corporate and personal income tax changes including following: suspending net operating loss (NOL) deductions for 2024, 2025, and 2026. capping business credits at $5 million per year for 2024, 2025, and 2026....
by Fishman, Block + Diamond, LLP | Jun 6, 2024 | Client Memo, Tax
The energy efficient commercial buildings deduction under Section 179D has been in effect since January 1, 2006, and was made permanent as part of the Consolidated Appropriations Act of 2021. Section 179D was originally designed to incentivize owners of commercial...
by Fishman, Block + Diamond, LLP | Jan 18, 2024 | Client Memo, Tax
On November 24, 2023, the U.S. Treasury Department released proposed regulations (REG-131756-11) that would amend existing regulations under §267 and §707 relating to the disallowance or deferral of deductions for losses and expenses in certain transactions with...
by Fishman, Block + Diamond, LLP | Jan 14, 2024 | Client Memo, Tax
The Corporate Transparency Act (“CTA”) has gone into effect as of January 1, 2024, requiring timely submission of specified information on new or existing companies and their beneficial owners, regardless of industry. These new reporting obligations will impact...
by Fishman, Block + Diamond, LLP | Jan 8, 2024 | Client Memo, Tax
On February 23, 2023, the IRS significantly expanded electronic filing requirements for tax returns. Employers filing 10 or more returns of any type on or after January 1, 2024, must now submit returns electronically instead of via paper filings. The previous...
