California Pass-Through Entity Tax
Federal Deduction For State Income Taxes are Partially Restored On July 16, 2021, California Governor Gavin Newsom signed into state law Assembly Bill 150 (“AB 150”), establishing a new pass-through entity (“PTE”) elective tax. The legislation enables California taxpayers who own PTEs to receive a credit for their share of the PTE-level state and local […]
7.28.21 California Pass-Through Entity Tax
Federal Deduction For State Income Taxes are Partially Restored On July 16, 2021, California Governor Gavin Newsom signed into state law Assembly Bill 150 (“AB 150”), establishing a new pass-through entity (“PTE”) elective tax. The legislation enables California taxpayers who own PTEs to receive a credit for their share of the PTE-level state and local […]
Secure Act 2.0 and Proposed Changes
On May 4, 2021, the House Representatives reintroduced the “Securing a Strong Retirement Act of 2021,” commonly referred to as the SECURE Act 2.0. The original SECURE Act was signed into law by President Trump in late 2019 and was designed to make saving for retirement easier and more accessible. The new Act builds on […]
Protective Refund Claim Update – Affordable Care Act (ACA)
On June 17, 2021, the U.S. Supreme Court upheld the Affordable Care Act in the case brought before the Court, California v. Texas, commonly known as the Affordable Care Act Repeal Lawsuit. In the lawsuit the constitutionality of provisions of the ACA was addressed including the following: Additional Medicare tax of 0.9% on earned income […]
PPP Loan Application Deadline Extension
On March 30, 2021, President Biden signed the PPP Extension Act of 2021, H.R. 1799 into law, providing loan applicants two additional months to apply for a first or second draw PPP loan. The current deadline for PPP loan applications has been extended to May 31, 2021. The PPP loan application deadline extension was made […]
Updates to PPP Loan, Grant Relief and SBA Programs – The American Rescue Plan Act 2021
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021, H.R. 1319 (ARPA), into law, providing $1.9 trillion in additional stimulus, including $7.25 billion in Paycheck Protection Program (PPP) funding for small businesses. The ARPA expands PPP eligibility to most nonprofit entities and internet publishing organizations that meet certain conditions, as […]
IRS and California Postpone 2020 Filing and Payment Deadline to May 17, 2021
On March 17, 2021, the IRS announced that the tax year 2020 federal income tax filing due date for individuals will be postponed until May 17, 2021. Individual taxpayers needing additional time to file may still request an extension on Form 4868 for an extended deadline of October 15, 2021. Individual taxpayers can also postpone […]
New Rules for Electing Residential Rental Property Owner
On December 27, 2020, former President Trump signed the Consolidated Appropriations Act (CAA) This bill contains tax provisions affecting many industries, including the real estate industry, and also provides for a technical amendment under the 2017 Tax Cuts and Jobs Act (TCJA) for residential rental businesses that made the Real Property Trade or Business (RPTB) […]
